EL DORADO, Ark., Oct. 12, 2021 (GLOBE NEWSWIRE) — See Company News Release dated May 17th 2021).(“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE: SLI) (FRA: S5L), an innovative technology and lithium project development company, reports the positive results of a Preliminary Economic Assessment (PEA) for the Company’s South-West Arkansas (SWA) Lithium Project (the “Project”; previously called the Tetra Project;
- Pre-tax US$2.83 Billion NPV at 8% discount rate and IRR of 40.5%;
- After-tax US$1.97 Billion NPV at 8% discount rate and IRR of 32.1%;
- 20-year mine-life producing an average of 30,000 tonnes per year of battery-quality lithium hydroxide monohydrate (LHM);
- Operating costs of US$2,599 per tonne of battery quality lithium hydroxide;
- AACE Class 5 Total CAPEX estimate of US$870 Million including conservative 25% contingency of direct capital costs; and,
- SW Arkansas Lithium Project PEA lithium brine resource is updated to consider the potential unitized area of production, leading to an increased total (global) in-situ resource of 1,195,000 tonnes Lithium Carbonate Equivalent (LCE) at the Inferred Category.
Dr. Andy Robinson, President and COO of Standard Lithium commented, “the completion of this PEA for the SWA Lithium Project is an important milestone for Standard Lithium as it begins to showcase the significant potential that is present within the Smackover Formation in southwestern Arkansas. This PEA is the result of a concerted team effort, and we owe considerable thanks to all the team members who have contributed their professional expertise to this study. The ability to showcase this PEA and highlight these attractive project fundamentals is based on the many tens-of-thousands of hours that the broader Standard Lithium team has spent over the past few years proving and derisking our lithium extraction technology at pre-commercial scales. It is because of our large-scale technology proof that we can hope to deploy it, in the future, on our other assets in the region. The attractive potential economics from this PEA support continued effort to de-risk and advance the SWA Project in parallel with the Company’s immediate focus, which is to deliver the first new lithium production facility in North America at the Lanxess facilities.”
The PEA and updated lithium resource estimate are based on a unitized area of future potential production resulting in 36,172 gross mineral acres (14,638 gross mineral hectares). The PEA considers the production of battery-quality lithium hydroxide averaging 30,000 tonnes per annum (tpa) over a 20-year operating timeframe. The PEA also updates the existing inferred mineral resource.
The PEA is preliminary in nature and includes inferred resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and there is no certainty the estimates presented in the PEA will be realized.
Table 1: PEA Highlights
|Average Annual Production (as LiOH•H2O)||tpa||30,000|
|Total Capital Cost (CAPEX)||US$||869,868,000|
|Operating Cost (OPEX) per year||US$/yr||77,972,000|
|OPEX per tonne||US$/t||2,599|
|Initial Selling Price||US$/t||14,500|
|Average Annual Revenue||US$||570,076,000|
|Net Present Value (NPV) Pre-Tax||US$||2,830,190,000|
|Net Present Value (NPV) Post-Tax||US$||1,965,427,000|
|Internal Rate of Return (IRR) Pre-Tax||%||40.5|
|Internal Rate of Return (IRR) Post-Tax||%||32.1|
All model outputs are expressed on a 100% project ownership basis with no adjustments for project financing assumptions
 Metric tonnes (1,000 kg) per annum
 Total production for years 1 to 15 is 30,666 tpa LHM and 28,000 tpa LHM for years 16 to 20
 AACE Class 5 estimate includes 25% contingency on direct capital costs
 Includes all operating expenditures, ongoing land costs, established Royalties, sustaining capital and allowance for mine closure. All costs are escalated at 2% per annum
 Selling price of battery quality lithium hydroxide monohydrate based on an initial price of $14,500/t in 2021, adjusted for inflation at 2% per annum. Sensitivity analysis modelled the starting price between US$12,500-US$16,500/t.
 Average annual revenue over projected 20 year mine-life.
The development plan for the PEA considers the production of battery-quality lithium hydroxide averaging 30,000 tonnes per annum (tpa) over a 20-year operating timeframe. The project contemplates, in broad terms, the extraction of brine from the southern portion of the project where the brine has a higher lithium grade (approximately 400 mg/L) and better reservoir characteristics, and reinjection of the tailbrine into the northern part of the project where the lithium grade is significantly lower (approximately 160 mg/L; additional details are provided below). The lithium extraction process is based on the Company’s proprietary LiSTR technology, and the final conversion to a lithium hydroxide product will use an electrochemical process tailored to lithium hydroxide production. The project is located in an area with significant existing infrastructure such as water, power, gas, road, rail and workforce; plus existing operating oil and gas assets, including wells, collection systems, easements and gas processing facilities. It should be noted that the Company has secured an option to acquire a key parcel of land in the contemplated Project area. This land may be suitable for siting a future brine processing and conversion facility as it is well served by existing infrastructure, utilities and pipeline easements. Development of the project, subject to continuing project definition, due diligence and receipt of future feasibility studies, contemplates production commencing in 2025 from the land package assembled by the Company to date (subject to unitization as described below).
Brine Leases and Future Unitization
The SW Arkansas Lithium Project is based on the Company’s existing brine leases (maintained through an option agreement with Tetra Technologies Inc., a NYSE-listed Company) that have a net lease area of 27,262 acres (11,033 hectares). As the PEA contemplates a future production scenario (subject to ongoing project development and de-risking), it is necessary to model the potentially available resource by aggregating these leases into a single unitized production area; this has the effect of ‘filling in the gaps’ between the lease parcels to generate a single unitized area of 36,172 gross mineral acres (14,638 gross mineral hectares). Note that this ‘unitizing’, or ‘grossing-up’ of the existing leases to a possible future production area is normal for brine production in Arkansas (the Arkansas Brine Statute), and can only be considered when the net holding in the unitized area is greater than 75%. Note also that future aggregation and unitization of the leases is subject to regulatory approval, and will be governed by an existing process that is managed and overseen by the Arkansas Oil and Gas Commission (AOGC).
Brine Production/Injection, Pipelines and Pre-Treatment
Based upon geological and brine chemistry information in the SWA Lithium Project area, the lithium concentrations are anticipated to be consistent within the South and North Resource areas, averaging 399 mg/L and 160 mg/L, respectively. A network of 23 brine supply wells would produce from the Smackover Formation in the higher-grade South Resource area averaging about 1,715 m3/day per well for an aggregated total production of 39,452 m3/day (1,644 m3/hr or 7,238 US gallons per minute). The average brine supply well production rate is similar to the two existing bromine operations located immediately to the east of the Project. Brine from the supply wells would be conveyed to a lithium extraction and lithium hydroxide production facility by a network of underground fibreglass pipelines totalling approximately 18.3 km (11.4 miles) in length. The brine entering the production facility would be pre-treated to remove hydrogen sulphide gas (H2S), suspended solids and hydrocarbons, prior to processing by the Company’s proprietary direct lithium extraction process (LiSTR). After LiSTR processing, the lithium depleted brine is returned to the lower-grade North Resource area by a pipeline system 20.3 km (12.6 miles) in length to a network of 24 brine injection wells completed in the Smackover Formation. All extraction and reinjection would occur in the single unitized area to maintain reservoir pressures (as is the practice elsewhere in southern Arkansas).
Direct Lithium Extraction by LiSTR
The proprietary LiSTR lithium extraction process uses a fine-grained, solid, inorganic adsorbent to selectively adsorb lithium ions from the brine. The LiSTR process produces a concentrated lithium chloride solution. This process is currently being successfully tested by the Company at their Demonstration Plant in Union County, Arkansas (see December 03, 2020 news release). This Demonstration Plant has been successfully operating at a pre-commercial scale since May 2020.
Lithium Hydroxide Production
The concentrated lithium chloride solution from LiSTR is further concentrated by high pressure reverse osmosis and impurities are removed through ion exchange (as also successfully proven at the Company’s Demonstration Plant). The further concentrated and purified lithium chloride solution is processed by electrolysis to form a highly pure lithium hydroxide solution. This solution is crystalized into a solid, battery-quality lithium hydroxide monohydrate.
At full build-out, with estimated average production over 20 years of 30,000 tonnes per annum of lithium hydroxide, the direct capital costs are estimated at US$532 million, with indirect costs of US$205 million. A contingency of 25% was applied to direct costs (US$133 million) to yield an estimated all-in capital cost of US$870 million. A summary of the capital costs is provided in Table 2 below.
Table 2: Capital Cost Summary
|Description||Direct Costs Million US$ ||Indirect Costs Million US$ |
|Extraction and Reinjection Wellfield||204.9||2.3|
|Lithium Extraction (LiSTR)||135.0||103.8|
|Lithium Hydroxide Conversion||90.9||39.9|
|CAPEX TOTAL||US$869.9 million|
 Direct costs were estimated using either vendor-supplied quotes, and/or engineer estimated pricing (based on recent experience) for all major equipment. Major equipment prices were scaled using appropriate AACE Class 5 Direct Cost Factors (provided by the relevant QP) to derive all direct equipment costs
 Indirect costs were estimated using AACE Class 5 Indirect Cost Factors multiplied by the direct costs. Indirect costs include all contractor costs (including engineering); indirect labor costs and Owner’s Engineer costs
 Exceptions to above costing estimate methodology were the wellfield and pipelines, which were based on HGA’s recent project experience in the local area
 AACE Class 5 estimate includes 25% contingency on direct capital costs
The operating cost estimate includes both direct costs and indirect costs, as well as allowances for mine closure. The majority of the operating cost comprises reagent usage required to extract the lithium from the brine, as well as conversion to lithium hydroxide monohydrate and electricity consumption. Out of this, the greatest amount is related to acid and base consumption (hydrochloric acid and ammonium hydroxide) and was estimated using information from the operating Demonstration Plant located in Union County, Arkansas. The all-in operating cost of $2,599 per tonne of lithium hydroxide is one of the lowest reported in the industry owing to two key factors which are location-specific. DLE processes are reagent intensive; in the case of the LiSTR process, the principal reagent cost is hydrochloric acid. A large portion (approximately 50%) of the acid required is produced on-site as a by-product of the electrochemical conversion of lithium chloride to lithium hydroxide. This can result in significant cost-savings during the lithium extraction step. The electrochemical conversion uses a large quantity of electricity, which would normally (in most jurisdictions around the world) result in a cost disbenefit; however, bulk electricity pricing in southern Arkansas is favorable (<6 cents/kWh), and hence results in overall lower-than-normal operating costs.
Table 3: Operating Cost Summary
|Description||Operating Cost US$/tonne Lithium Hydroxide|
|Reagents and Consumables||836|
|Indirect Operational Costs||110|
|Royalties and Land/Lease Costs||482|
 Operating costs are calculated based on average annual production of 30,000 tonnes of lithium hydroxide
 Approximately 75 FTE positions
 Approximately 40% of electrical energy consumed by wellfield and pipelines; 60% by the processing facility
 Majority of reagent costs are comprised of HCl and NH4OH consumption. As discussed elsewhere, approximately 50% of the required HCl is produced on-site as a by-product of the electrochemical conversion of lithium chloride solution to lithium hydroxide solution, resulting in a significant cost saving. Additional cost savings can be attributed to the on-site production of concentrated NaCl solution, resulting from pre-concentration of the LiCl ahead of conversion. This NaCl solution is used as a regenerant in some of the polishing IX processes. Other reagents and consumables are air, lithium titanate make-up (owing to small losses in the process), membrane replacement, nitrogen and scale inhibitors for pumps/wellheads.
 Assumes that all natural gas is purchased from open market and none is co-produced at the wellheads
 Includes all maintenance and workover costs and is based on experience in similar-sized electrochemical facilities, brine processing facilities and Smackover brine production wellfields
 Indirect costs (insurance, environmental monitoring, community benefits etc.) are factored from other capital and operational costs, except for mine closure, which is based on known well-abandonment costs
 Based on agreed royalties and expected future lease costs. Does not include future lease-fees-in-lieu-of-royalties which are still to be determined and subject to regulatory approval (lease-fees-in-lieu-of-royalties have been determined for bromine and certain other minerals in the State of Arkansas, but have not yet been determined for lithium extraction)
Lithium hydroxide monohydrate battery quality pricing assessment was completed. Project pricing was based upon a current price of $14,500 US/tonne adjusted for inflation to the start of production in 2025. The sensitivity analysis is provided in Table 4 below.
Table 4: Lithium Hydroxide sale price post-tax sensitivity analysis
|LHM Price in 2021 (US$/t)||Post-Tax NPV (US$ Million)||Post-Tax IRR|
 2% annual LHM price escalation from 2021 to the start of production in 2025 was applied.
Mineral Resource Assessment
The resource present in the Smackover Formation below the SWA Lithium Project was updated based on the proposed unitized area encompassing 36,172 gross mineral acres (14,638 gross mineral hectares; see discussion above for disclosure on Unitization process). Using a cut-off criteria of 50 mg/L lithium, the SWA Lithium Project resource estimate is classified as ‘Inferred’ according to the CIM definition standards (see note 4 after Table 5). The total (global) in-situ Inferred lithium brine resource is estimated at 225,000 tonnes of elemental lithium, or 1,195,000 tonnes lithium carbonate equivalent (“LCE”); see Table 5 below for more detail.
Table 5: South-West Arkansas Lithium Brine Project Inferred Resource Estimation
|Upper Smackover Formation||Middle Smackover Formation||Total (and main resource)|
|Parameter||South Resource Area||North Resource Area||South Resource Area||North Resource Area|
|Aquifer Volume (km3)||2.852||4.226||0.704||1.080||8.862|
|Brine Volume (km3)||0.281||0.416||0.071||0.110||0.76|
|Average lithium concentration (mg/L)||399||160||399||160||199|
|Total Li inferred resource (as metal) metric tonnes ||112,000||67,000||28,000||18,000||225,000|
|Total LCE inferred resource
 Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
 Numbers may not add up due to rounding to the nearest 1,000 unit).
 The resource estimate was completed and reported using a cut-off of 50 mg/L lithium.
 The resource estimate was developed and classified in accordance with guidelines established by the Canadian Institute of Mining and Metallurgy (CIM). The associated Technical Report was completed in accordance with the Canadian Securities Administration’s National Instrument 43-101 and all associated documents and amendments. As per these guidelines, the resource was estimated in terms of metallic (or elemental) lithium.
 In order to describe the resource in terms of ‘industry standard’ lithium carbonate equivalent, a conversion factor of 5.323 was used to convert elemental lithium to LCE.
With respect to reconciliation of resources, the updated 2021 SWA Lithium Project resource is 49% larger than the 2019 resource estimate. This difference is directly related to unitization of the resource area. More specifically, the total aquifer volume has increased from 7.66 km3 in 2019 to 8.86 km3 (1.84 mi3 to 2.13 mi3) in this report.
The lithium brine Inferred Resource, as reported, is contained within the Upper and Middle Members of the Smackover Formation, a late jurassic oolitic limestone aquifer that underlies the entire Project. This brine resource is in an area where there is some localised oil and gas with on-property production, and where brine is produced as a by-product of hydrocarbon extraction. The data used to estimate and model the resource were gathered from existing and suspended oil and gas production wells on or adjacent to the Project.
The resource area is split into the northern and southern resource zones, where a fault system is generally interpreted to act as the divide between the two areas (although there is hydrogeological continuity in the resource zone across the fault system). In general, the Smackover Formation is slightly thinner, with lower lithium grades in the northern zone, and slightly thicker with higher lithium grades in the southern zone. The depth, shape, thickness and lateral extent of the Smackover Formation were mapped out using the following data:
- 2,444 wells drilled into the subsurface in the general SWA Lithium Project area. Of these, 2,041 wells were deep enough (2,135 m, or 7,000 feet) to penetrate the Upper Smackover Formation;
- 104 wells had electric logs available within the SWA Lithium Project that included the top of the Upper Smackover Formation;
- 32 wells had electric logs available within the SWA Lithium Project that included the base of the Upper Smackover Formation;
- 19 wells had electric logs available within the SWA Lithium Project that included the base of the Middle Smackover Formation; and,
- 29 wells had density logs and/or porosity logs that could be used to calculate total porosity in the Middle and Upper Smackover Formations. Nineteen of the 29 logs logged the entire Upper Smackover Formation.
In addition, hardcopy prints of 20 proprietary regional seismic lines totaling over 200 line-km (over 125 line-miles) were procured, scanned, rasterized and loaded into Kingdom® seismic and geological interpretation software.
The porosity and permeability data used to model the resource included:
- Historical effective porosity measurements of more than 1,935 Smackover Formation core samples that yielded an average effective porosity of 14.3%;
- Historical permeability data that vary from <0.01 to >5,000 millidarcies (mD) with an average of 338 mD;
- 515 core plug samples from oil and gas wells within the Upper and Middle Smackover Formations at the SWA Lithium Project were analysed for permeability and porosity and yielded an overall average permeability of 53.3 mD and a total porosity of 10.2%; and,
- 3,194 Smackover Formation total porosity values based on LAS density/porosity logs from 29 wells within, and/or adjacent to the SWA Lithium Project that have an average total porosity of 9.2%.
Representative in-situ brine geochemistry was assessed using eight lithium brine samples taken from wells re-entered by the Company in 2018 and was supplemented by four historical samples. These data yielded an average lithium grade of 160 mg/L in the northern resource zone and 399 mg/L in the southern resource zone. Sample quality assurance and quality control was maintained throughout by use of blanks, duplicates, standard ‘spikes’, and by using an independent and accredited laboratory, with a history of analysing high salinity lithium brines.
The principal recommendation from the PEA is that the project progress to a Pre-Feasibility Study.
Summary of Consultants – Quality Assurance
The PEA was prepared by a multi-disciplinary team of Qualified Persons (“QPs”) that include geologists, hydrogeologists, civil and chemical engineers with relevant experience in brine geology, brine resource modelling and estimation, lithium-brine processing and project development and execution. This was combined with an update of the inferred resource assessment completed by APEX Geoscience Ltd. A National Instrument 43-101 report is required to be filed within 45 days, in conjunction with the disclosure of the PEA in this news release.
The companies involved in completing the PEA include:
APEX Geoscience Ltd (APEX): APEX is geological consulting company headquartered in Edmonton, Alberta. APEX has completed mineral exploration and resource modelling and estimations world-wide for over 25 years including lithium resource evaluations.
ECCI: ECCI is located in Little Rock, Arkansas and was established in 1993 to provide environmental support to engineering and construction projects.
Hunt, Guillot & Associates (HGA): HGA’s headquarters is in Ruston, Louisiana near to the SWA Lithium Project. HGA has extensive engineering and construction expertise in the Gulf Coast region. HGA is a private company founded in 1997 with more than 450 employees.
Matrix Solutions Inc (Matrix): Matrix is a Canadian, privately-owned environmental and engineering company established in 1984 with more than 500 employees.
NORAM: NORAM is a Vancouver-based private company active in a wide range of technologies world-wide including electrochemistry for the production of lithium hydroxide monohydrate. NORAM was founded in 1988 and has more than 100 employees.
METNETH2O Inc (METNETH2O): METNETH2O is a Canadian company in Peterborough, Ontario that provides hydrometallurgical solutions including pilot plant design and data analysis to companies world-wide.
News Release Quality Assurance
The scientific and technical information contained in this news release relating to the SWA Lithium Project PEA has been compiled by the above-mentioned companies. All companies have reviewed and approved the presentation of the PEA information in this news release. The final content of this news release has been reviewed by Clive Brereton, a Fellow of the Canadian Academy of Engineering and Vice President of NORAM Engineering and Constructors, and reviewed and approved by Eric Mielke, M.A.Sc., P.Eng., of NORAM. Mr. Mielke is a “Qualified Person” as the term is defined in National Instrument 43-101 and is independent of the Company.
Standard Lithium is an innovative technology and lithium development company. The Company’s flagship project is located in southern Arkansas, where it is engaged in the testing and proving of the commercial viability of lithium extraction from over 150,000 acres of permitted brine operations. The Company has commissioned its first-of-a-kind industrial-scale direct lithium extraction demonstration plant at Lanxess’s south plant facility in southern Arkansas. The demonstration plant utilizes the Company’s proprietary LiSTR technology to selectively extract lithium from Lanxess’s tail brine. The demonstration plant is being used for proof-of-concept and commercial feasibility studies. The scalable, environmentally friendly process eliminates the use of evaporation ponds, reduces processing time from months to hours and greatly increases the effective recovery of lithium. The Company is also pursuing the resource development of over 30,000 acres of separate brine leases located in south west Arkansas and approximately 45,000 acres of mineral leases located in the Mojave Desert in San Bernardino county, California.
Standard Lithium is jointly listed on the TSX Venture and the NYSE American Exchanges under the trading symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.
On behalf of the Board of
Robert Mintak, CEO & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, accuracy of the PEA, including NPV, IRR, capital and operating costs, life of mine production, progression of the project, including to a pre-feasibility study, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
CONTACT: For further information, contact Anthony Alvaro at (604) 240 4793 Contact: [email protected] Twitter: @standardlithium LinkedIn: https://www.linkedin.com/company/standard-lithium/
West High Yield (W.H.Y.) Resources Ltd. Announces Grant of Stock Options
Calgary, Alberta–(Newsfile Corp. – October 22, 2021) – West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") announces…
Calgary, Alberta–(Newsfile Corp. – October 22, 2021) –( ) (“West High Yield” or the “Company“) announces that its board of directors has approved and authorized the grant of 350,000 stock options (the “Options“) to a consultant of the Company effective October 21, 2021. The Options are granted in accordance with the terms of the stock option plan of the Company. All of the Options vest on their date of grant and every one (1) Option entitles the holder thereof to purchase one (1) common share of the Company at a price of CAD$0.34 per common share for a period of five (5) years from the Option grant date.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.
Frank Marasco, President and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: [email protected]
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100621
Scorpio Gold – Arranges Short-Term Credit Facility with Board
VANCOUVER, BC / ACCESSWIRE / October 22, 2021 / Scorpio Gold Corporation ("Scorpio Gold" or the "Company") (TSX-V:SGN) reports that certain of the directors…
VANCOUVER, BC / ACCESSWIRE / October 22, 2021 /(“Scorpio Gold” or the “Company”) ( ) reports that certain of the directors of the Company have agreed to provide the Company with a short- term credit facility in order to maintain its operations over the short-term. The proceeds of the advances made under the credit facility will be used to bridge the Company’s activities until all Goldwedge assays have been announced so that an equity placement can be conducted later in the year.
As announced on September 29, 2021, the pending assays from the Goldwedge underground drill program will be announced upon receipt and analysis. The drill program was focused on defining the on-strike and down-dip continuity of mineralization intersected in the 2020 drilling program (July 27, 2020 news release) as well as testing new areas with the potential to define a mineral resource base.
Future drilling will test the Company’s structural interpretation that mineralization at Goldwedge could connect with mineralization in the West Pit area of the Company’s adjacent and proximal Manhattan Mine project. Goldwedge is a fully permitted underground mine and a 400 ton per day mill facility. The Manhattan Property includes 2 former producing mines, the Reliance Mine, which reportedly produced ~59,000 tons grading 0.435 oz/ton from 1932 to 1941, and the Manhattan Mine East and West pits, which produced ~236,000 oz. from 1974-1990. The deposits lie along the northwest-trending Reliance StructuralZone, which is considered the most predominant ore controlling structure in the region. The Reliance trend continues 4 km southeast to Scorpio Gold’s Keystone-Jumbo project area.
The credit facility is unsecured and interest free for US$500,000 to be drawn in advances at a minimum of US$100,000 over the next few months. All advances must be repaid within the earlier of Scorpio Gold closing a private placement more than C$1,000,000 and January 1, 2022.
ON BEHALF OF THE BOARD
Chief Executive Officer
Tel: (604) 889-2543
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur, and include, without limitation, statements regarding the Company’s plans with respect to the exploration of its Goldwedge and Manhattan mines project. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including risks involved in mineral exploration programs and those risk factors outlined in the Company’s Management Discussion and Analysis as filed on SEDAR. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
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Canstar Adopts Advance Notice By-law
Toronto, Ontario – TheNewswire – October 22, 2021 – CANSTAR RESOURCES INC. (TSXV:ROX) & (OTC:CSRNF) (“Canstar” or the “Company”) announces…
Toronto, Ontario – TheNewswire – October 22, 2021 – () & (OTC:CSRNF) (“Canstar” or the “Company”) announces that its board of directors approved the adoption of an advance notice by-law (the “Advance Notice By-law”), establishing a framework for advance notice of nominations of directors by shareholders of the Company (“Shareholders”). Among other things, the Advance Notice By-law fixes certain deadlines by which Shareholders must submit a notice of director nominations to the Company prior to any annual or special meeting of shareholders where directors are to be elected and sets forth the information that must be included in the notice.
The Advance Notice By-law provides a clear process for Shareholders to follow for director nominations and sets out a reasonable time frame for the submissions of nominees and the accompanying information. The Advance Notice By-law will help to ensure that all Shareholders receive adequate notice of the nominations to be considered at a Shareholder meeting at which directors are to be elected and can thereby exercise their voting rights in an informed manner. The Advance Notice By-law is similar to the advance notice by-laws adopted by many other Canadian public companies.
More specifically, the Advance Notice By-law requires advance notice to the Company in circumstances where nominations of persons for election as a director of the Company are made by Shareholders other than pursuant to a request for a meeting or through a Shareholder proposal, in each case in accordance with the Business Corporations Act (Ontario) (the “OBCA”)
In the case of an annual meeting of Shareholders, notice to the Company must be given not less than 30 or more than 65 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be given not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of Shareholders (which is not also an annual meeting), notice to the Company must be given not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.
The Advance Notice By-law is effective immediately and will be placed before Shareholders for approval, confirmation and ratification at the next annual and special meeting of Shareholders of the Company to be held on November 29, 2021 (the “Meeting”). Pursuant to the provisions of the OBCA, the Advance Notice By-law will cease to be effective unless approved, ratified and confirmed by a resolution adopted by a majority of the votes cast by Shareholders at the Meeting.
Canstar is focused on the discovery and development of economic mineral deposits in Newfoundland and Labrador, Canada. Canstar has an option to acquire a 100% interest in the Golden Baie Project, a large claim package (62,175 hectares) with recently discovered, multiple outcropping gold occurrences on a major structural trend in south Newfoundland. The Company also holds the Buchans-Mary March project and other mineral exploration properties in Newfoundland. Canstar Resources is based in Toronto, Canada, and is listed on the TSX Venture Exchange under the symbol ROX and trades on the OTCPK under the symbol CSRNF.
For further information, please contact:
Rob Bruggeman P.Eng., CFA
President & CEO
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the obtaining of Shareholder approval at the Meeting in respect of the Advance Notice By-law, the expected timing of the Meeting, the Company’s expectation that the Advance Notice By-law will provide the Company’s shareholders, directors and management with a transparent, fair and structured framework under which Shareholders may submit director nominations, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Copyright (c) 2021 TheNewswire – All rights reserved.
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