VANCOUVER, BC, Feb. 7, 2022 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company") (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) is pleased to announce the addition of
John Goode, P.Eng. an
internationally recognized rare earth element processing expert to
the Defense Metals advisory board.
Mr. Goode has been responsible for design, monitoring, and
interpretation of several programs of beneficiation and
hydrometallurgical testwork, engineering and economic evaluations
of new and existing processing operations for the recovery of rare
earth element (REE), gold, base metals, uranium, and other elements
from ore and other sources. John graduated from the Royal School of
Mines, London University in 1963,
where he obtained a B.Sc. (Chemical Engineering in Metallurgy).
John spent 18 years at Kilborn Engineering, where he attained the
title of Vice President, Mining and Metallurgy and Director,
managing a team of mining and metallurgical engineers responsible
for feasibility and due diligence studies, and the design and
commissioning of REE recovery and separation facilities, gold, base
metal, and uranium plants. He has over 50 years experience as
a metallurgist and has worked on numerous rare earth projects
located in Canada,
USA, China, Australia,
Russia, and elsewhere.
Most recently John worked as a special consultant to SRK Canada
Inc. providing design and capital and operating expenditure
estimates for metallurgical processes in the recent positive
Wicheeda REE Project preliminary economic assessment
(PEA)1. John was instrumental in identifying potential
simplified alternative hydrometallurgical processes for Wicheeda
mill feed that have the potential to yield future process-cost
savings.
Luisa Moreno, President and
Director of Defense Metals commented: "We are extremely pleased
to add John Goode, an
internationally recognized rare earth element processing expert, to
the Defense Metals advisory board. John has already contributed
significantly to metallurgical process development of the Wicheeda
REE Project, and we expect him to continue to bring his
considerable expertise to bear in adding value to the Project as we
advance towards a Pre-Feasibility Study."
About the Wicheeda REE Property
The 2,008-hectare Wicheeda REE Property, located approximately
80 km northeast of the city of Prince
George, British Columbia, is readily accessible by
all-weather gravel roads and is near infrastructure, including
power transmission lines, the CN railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 PEA that
demonstrated an after-tax net present value (NPV@8%) of
$517 million, and 18%
IRR1. A unique advantage of the Wicheeda REE Project is
the production of a saleable high-grade flotation-concentrate. The
PEA contemplates a 1.8 Mtpa (million tonnes per year) mill
throughput open pit mining operation with 1.75:1 (waste:mill feed)
strip ratio over a 19 year mine (project) life producing and
average of 25,423 tonnes REO annually. A Phase 1 initial pit strip
ratio of 0.63:1 (waste:mill feed) would yield rapid access to
higher grade surface mineralization in year 1 and payback of
$440 million initial capital within 5
years.
Qualified Persons
The scientific and technical information contained in this news
release as it relates to the Wicheeda REE Project has been reviewed
and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and
Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and
a "Qualified Person" as defined in NI 43-101.
About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration company focused on
the acquisition, exploration, and development of mineral deposits
containing metals and elements commonly used in the electric
power market, defense industry, national security sector and in the
production of green energy technologies, such as, rare earths
magnets used in wind turbines and in permanent magnet motors for
electric vehicles. Defense Metals owns 100% of the Wicheeda Rare
Earth Element Property located near Prince George, British Columbia, Canada.
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 or accuracy of this news release.
Cautionary Statement Regarding "Forward-Looking"
Information
This news release contains "forward–looking information or
statements" within the meaning of applicable securities laws, which
may include, without limitation, statements relating to advancing
the Wicheeda REE Project, the Company's plans for its Wicheeda REE
Project, including a pre-feasibility study, the technical,
financial and business prospects of the Company, its project and
other matters. All statements in this news release, other than
statements of historical facts, that address events or developments
that the Company expects to occur, are forward-looking statements.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ materially from those in the forward-looking
statements. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
the environment in which the Company will operate in the future,
including the price of rare earth elements, the anticipated costs
and expenditures, the ability to achieve its goals, that general
business and economic conditions will not change in a material
adverse manner, that financing will be available if and when needed
and on reasonable terms. Such forward-looking information reflects
the Company's views with respect to future events and is subject to
risks, uncertainties and assumptions, including the risks and
uncertainties relating to the interpretation of exploration
results, risks related to the inherent uncertainty of exploration
and cost estimates, the potential for unexpected costs and expenses
and those other risks filed under the Company's profile on SEDAR at
www.sedar.com. While such estimates and assumptions are considered
reasonable by the management of the Company, they are inherently
subject to significant business, economic, competitive and
regulatory uncertainties and risks. Factors that could cause actual
results to differ materially from those in forward looking
statements include, but are not limited to, continued availability
of capital and financing and general economic, market or business
conditions, adverse weather and climate conditions, failure to
maintain or obtain all necessary government permits, approvals and
authorizations, failure to maintain community acceptance (including
First Nations), risks relating to unanticipated operational
difficulties (including failure of equipment or processes to
operate in accordance with specifications or expectations, cost
escalation, unavailability of materials and equipment, government
action or delays in the receipt of government approvals, industrial
disturbances or other job action, and unanticipated events related
to health, safety and environmental matters), risks relating
to inaccurate geological and engineering assumptions, decrease in
the price of rare earth elements, the impact of Covid-19 or other
viruses and diseases on the Company's ability to operate, 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,
loss of key employees, consultants, or directors, increase in
costs, delayed drilling results, litigation, and failure of
counterparties to perform their contractual obligations. The
Company does not undertake to update forward–looking statements or
forward–looking information, except as required by law.
____________________________________
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1
Independent Preliminary Economic Assessment for the Wicheeda Rare
Earth Element Project, British Columbia, Canada, dated January 6,
2022, with an effective date of November 7, 2021, and prepared by
SRK Consulting (Canada) Inc. is filed under Defense Metals Corp.'s
Issuer Profile on SEDAR (www.sedar.com)
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SOURCE Defense Metals Corp.