THUNDER BAY, ON, Nov. 10, 2021 /CNW/ - Clean Air Metals
Inc. ("Clean Air Metals" or the "Company") (TSXV: AIR) (FRA:
CKU) (OTCQB: CLRMF) is pleased to announce that, further to its
press release dated October 12, 2021,
it has made the final payment of CAD $1
Million, for and on behalf of Benton Resources Inc.
("Benton") (TSX:V BEX), directly to Rio Tinto Exploration Canada
Inc. ("RTEC"), pursuant to the terms of the definitive option
agreement (the "Option Agreement") entered into by the Company and
Benton in order to satisfy a
payment requirement of Benton
under its pre-existing option agreement with RTEC dated
October 9, 2019 relating to the
Escape Lake Property (the "Escape Lake Option Agreement") (see
previous press release dated January 6,
2020 and May 14, 2020).
The final payment of CAD $1
Million, not due under the terms of the Escape Lake Option
Agreement until October 9, 2022, was
accelerated at the Company's option. Clean Air Metals has now
fulfilled all of Benton's payment
obligations under the Escape Lake Option Agreement, earning
Benton a 100% right, title and
interest in and to the Escape Lake Property, subject to a 1.0% net
smelter return royalty to be retained by RTEC (the "RTEC Royalty"),
and subject to Clean Air Metals' right to acquire 100% of
Benton's interest in and to the
Escape Lake Property pursuant to the terms of the Option
Agreement.
Clean Air Metals will be entitled to exercise the option to
acquire 100% of Benton's interest
in the Escape Lake Property, subject to a 0.5% net smelter return
royalty from production on the Escape Lake Property to be retained
by Benton, upon completion of the
two remaining payments under the Share Purchase Agreement between
Clean Air Metals and Magma Metals PTY LTD. ( CAD $1.5 Million is due by May
13, 2022, and a further CAD $1.5
Million is due by May 13, 2023
provided that both payments can be accelerated at the discretion of
Clean Air Metals). Upon exercise of its option, Clean Air
Metals will also assume the obligations of the payor in respect of
the RTEC Royalty.
Social Engagement
Clean Air Metals Inc. and its
wholly-owned subsidiary Panoramic PGMs (Canada) Ltd. acknowledge that the Thunder Bay
North Project is on the traditional territories of the Fort William
First Nation, Red Rock First Nation and Biinjitiwabik
Zaaging Anishinabek. The parties together are the Cooperating
Participants in a Memorandum of Agreement dated January 9,
2021.
The Company appreciates the opportunity to work in these
territories and remains committed to the recognition and respect of
those who have lived, traveled, and gathered on the lands since
time immemorial. Clean Air Metals is committed to stewarding
Indigenous heritage and remains committed to building, fostering
and encouraging a respectful relationship with First Nations,
Métis, and Inuit peoples based upon principles of mutual trust,
respect, reciprocity and collaboration in the spirit of
reconciliation.
About Clean Air Metals Inc.
Clean Air Metals' flagship
asset is the 100% owned, high grade Thunder Bay North Project, a
platinum, palladium, copper, nickel project located near
the City of Thunder Bay,
Ontario and the Lac des Iles Mine owned by Impala Platinum.
The Clean Air Metals project hosts the Current Lake Deposit and
magma conduit and the Company is actively exploring the Escape Lake
Deposit, a twin structure to the Current Lake Deposit. Executive
Chairman Jim Gallagher and CEO Abraham
Drost lead an experienced team of geologists and engineers who
are using the Norilsk magma conduit stratigraphic and mineral
deposit model to guide ongoing exploration and development studies.
As the former CEO of North American Palladium Ltd. which owned the
Lac des Iles Mine prior to the sale to Impala Platinum
in December 2019, Jim Gallagher and team are
credited with the mine turnaround and creation of significant value
for shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, Chief Executive
Officer of Clean Air Metals Inc.
Neither the 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.
Cautionary Note
The information contained herein contains "forward-looking
statements" within the meaning of applicable securities
legislation. Forward-looking statements relate to information that
is based on assumptions of management, forecasts of future results,
and estimates of amounts not yet determinable. Any statements that
express predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance are not
statements of historical fact and may be "forward-looking
statements." Forward-looking statements are subject to a variety of
risks and uncertainties which could cause actual events or results
to differ from those reflected in the forward-looking statements,
including, without limitation: political and regulatory risks
associated with mining and exploration; risks related to the
maintenance of stock exchange listings; risks related to
environmental regulation and liability; the potential for delays in
exploration or development activities or the completion of
feasibility studies; the uncertainty of profitability; risks and
uncertainties relating to the interpretation of drill results, the
geology, grade and continuity of mineral deposits; risks related to
the inherent uncertainty of cost estimates and the potential for
unexpected costs and expenses; results of technical studies,
benchmark reports, and the possibility that future exploration,
development or mining results will not be consistent with the
Company's expectations; risks related to commodity price
fluctuations; and other risks and uncertainties related to the
Company's prospects, properties and business detailed elsewhere in
the Company's disclosure record. Should one or more of these risks
and uncertainties materialize, or should underlying assumptions
prove incorrect, actual results may vary materially from those
described in forward-looking statements. Investors are cautioned
against attributing undue certainty to forward-looking statements.
These forward-looking statements are made as of the date hereof and
the Company does not assume any obligation to update or revise them
to reflect new events or circumstances, except in accordance with
applicable securities laws. Actual events or results could differ
materially from the Company's expectations or projections.
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SOURCE Clean Air Metals Inc.