THUNDER BAY, ON, Jan. 13, 2022 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(OTCQB: CLRMF) (FRA: CKU) is pleased to announce that, further to
its news release dated December 1,
2021, the Company has filed a technical report detailing the
Preliminary Economic Assessment of the Thunder Bay North Project
near Thunder Bay, Ontario (the
"PEA").
The technical report was independently prepared for Clean Air
Metals by Nordmin Engineering Ltd. The report, titled "NI 43-101
TECHNICAL REPORT AND PRELIMINARY ECONOMIC ASSESSMENT FOR THE
THUNDER BAY NORTH PROJECT,
THUNDER BAY, ONTARIO" has been
filed on the Company's profile on SEDAR at www.sedar.com as at
January 13, 2022 and is also
available on Clean Air Metals' website at
www.cleanairmetals.ca.
Further to its news release on December
1, 2021, the Company also advises of a change in the
calculation of the future post-tax treatment used for the PEA. As a
result of amended assumptions regarding resource capital pools,
application of Ontario Mining Tax, federal and provincial corporate
tax, the post-tax IRR is amended to 25.2%, post-tax NPV5
is amended to C$293 million and the
post-tax payback period is amended to 2.6 years. Original pre-tax
operating assumptions and PEA project fundamentals have not
changed.
Qualified Person
Mr. Brian Buss, P.Eng., a Qualified Person under National
Instrument 43-101, has reviewed and approved all technical
information referred to in this press release.
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 Thunder Bay North Project hosts the twin magma conduit bodies
which host Current and Escape deposits forming the basis for a
positive preliminary economic assessment around a ramp access
underground mine reported December 1, 2021.
Executive Chair 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
at Thunder Bay North. 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, including statements regarding the potential of the
Thunder Bay North Project and the Escape and Current deposits and
timing of technical studies (include the preliminary economic
assessment) and mineral resource estimates. 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
production and cost estimates and the potential for unexpected
costs and expenses; results of prefeasibility and feasibility
studies, 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 projection.
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SOURCE Clean Air Metals Inc.