VANCOUVER, BC, Jan. 11,
2023 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company") (TSXV: DEFN) (OTCQB: DFMTF)
(FSE: 35D) is pleased to announce the appointment of Len Clough to the board of directors.
Craig Taylor, CEO of Defense
Metals commented:
"Len Clough
brings a wealth of capital markets experience to Defense Metals and
we look forward to working with him as we continue to advance the
Wicheeda Rare Earth Elements project."
Mr. Clough began his career at RBC Dominion Securities in 1998
and spent 13 years in investment management. In 2013, he founded
Toro Pacific Management, a capital markets advisory firm focusing
on high growth, early stage companies looking to access the
Canadian capital markets. Mr. Clough has extensive public company
management experience and has worked in senior management roles
including CEO and as a director of several issuers. Toro Pacific
Management has an extensive financial network and has been directly
involved in the capital formation exceeding $100m in aggregate across various sectors.
Mr. Clough commented:
"It is with great pleasure that I join
Defense Metals Corp. at such a significant point of inflection.
With rare earth elements being so integral to the new era of
electrification, I see a great opportunity with the Wicheeda Rare
Earth Elements Project, especially as the Western world looks to
diversify its REE sources away from China."
Concurrent with his appointment, the Company has granted
incentive stock options to Mr. Clough to purchase up to 400,000
common shares of the Company at a price of $0.24 per common share for a period of three (3)
years. The Company also granted incentive stock options to certain
of its consultants to purchase an aggregate of up to 400,000 common
shares of the Company having the same terms. The options fully
vested on the date of grant.
The Company also wishes to thank Max
Sali, who did not seek re-election at the recently held
annual general and special meeting of shareholders, for his
services and contribution to Defense Metals since inception. We
wish Max continued success in his current and future endeavors.
About the Wicheeda REE
Property
The 100% owned 4,244-hectare Wicheeda REE Project, 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 preliminary
economic assessment technical report (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. Mr. Raffle
verified the data disclosed which includes a review of the
sampling, analytical and test data underlying the information and
opinions contained therein.
About Defense Metals
Corp.
Defense Metals Corp. is a mineral exploration and development
company focused on the acquisition, exploration and development
of mineral deposits containing metals and
elements commonly used in the electric power markets, 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 Deposit
located near Prince George, British
Columbia, Canada. Defense Metals Corp. trades in
Canada under the symbol "DEFN" on
the TSX Venture Exchange, in the United
States, under "DFMTF" on the OTCQB and in Germany on the Frankfurt Exchange under
"35D".
For further information, please contact:
Todd Hanas, Bluesky Corporate
Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca
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.
_________________________________
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).
|
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 the
expected outcomes and benefits of the appointment of Mr. Clough as
a director, the Wicheeda project, 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 personnel, 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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SOURCE Defense Metals Corp.