VANCOUVER, BC, April 10,
2023 /CNW/ - Defense Metals Corp. ("Defense
Metals" or the "Company"; (TSXV: DEFN) (OTCQB: DFMTF)
(FSE: 35D) announces that Defense Metals has joined the
Vancouver-based Discovery Group
led by Mr. John Robins and Mr.
Jim Paterson. In addition, Mr.
Dale Wallster has been appointed to
the Company's board of directors.
John Robins, Co-Founder and
Principal of Discovery Group commented:
"We are excited to welcome Defense Metals
into Discovery Group. In my opinion, Defense represents a
world-class opportunity in the rare earth / critical metals space.
Viewed as being one of the highest grade deposits globally, and led
by a strong management and technical team, Defense has all the
attributes we look for in a Discovery Group company. The addition
of Defense to our roster of companies, will round out the Discovery
Group portfolio and will elevate the exposure of all our member
companies, as we continue to educate and inform shareholders about
market opportunities that exist with high quality junior mining
explorers."
Craig Taylor, CEO of Defense
Metals commented:
"We are pleased to welcome Dale Wallster to the Board. He brings a wealth
of mineral exploration and 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. The Company is
also pleased to have joined Discovery Group, an alliance of public
companies focused on the advancement of mineral exploration and
mining projects with a proven track record of generating
shareholder value. We look forward to a close working relationship
with the team at Discovery Group."
Dale Wallster is a prospector and
geologist with over 40 years' experience in North American mineral
deposit exploration. As President and founder of Roughrider
Uranium Corp., which was acquired by Hathor Exploration Limited in
2006, Dale and his team are widely credited for the discovery
of Hathor's Roughrider deposit. In January of 2012 Rio Tinto plc
acquired Hathor for CAD$650
million.
Mr. Wallster commented:
"In the recent explosion of strategic,
geopolitical and investment interest in North American Critical
Minerals, rare earth element companies represent the "Rodney
Dangerfield" of the class; they are getting "no respect". Given
their importance in the electrification of the world I expect this
to change soon and Defense Metals, with its Wicheeda Project
pre-feasibility study expected in 2024, is leading the
pack."
About Discovery Group
Discovery Group is an alliance of public companies focused on
the advancement of mineral exploration and mining projects with a
proven track record of generating shareholder value through
responsible, sustainable, and innovative development.
Founded in 2005 by John Robins
and Jim Paterson, two respected
entrepreneurs in the Canadian mining industry, Discovery Group has
generated over $500M in direct and
indirect expenditures resulting in over $2.6 billion in M&A activity, with
the most recent success being the sale of Great Bear Resources Ltd.
to Kinross Gold Corporation for $1.8
billion. For more information, visit
www.discoverygroup.ca.
Qualified Person
The scientific and technical information contained in this news
release has been reviewed and approved by Kristopher J. Raffle,
P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of
Edmonton, Alberta, who is a
director of Defense Metals and a "Qualified Person" as defined in
National Instrument 43-101.
About the Wicheeda REE Property
Defense Metals 100% owned, 4,262-hectare (~10,532-acre) Wicheeda
Light REE property is located approximately 80 km northeast of the
city of Prince George, British
Columbia; population 77,000. The Wicheeda REE Project is
readily accessible by all-weather gravel roads and is near
infrastructure, including hydro power transmission lines and gas
pipelines. The nearby Canadian National Railway and major highways
allow easy access to the port facilities at Prince Rupert, the closest major North
American port to Asia.
The 2021 Wicheeda REE Project Preliminary Economic Assessment
technical report ("PEA") outlined a robust after-tax net present
value (NPV@8%) of $517 million and an
18% IRR1. This PEA contemplated an open pit mining
operation with a 1.75:1 (waste:mill feed) strip ratio providing a
1.8 Mtpa ("million tonnes per year") mill throughput producing an
average of 25,423 tonnes REO annually over a 16 year mine life. 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.
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 Light 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.
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 expected benefits and outcomes of
working with the Discovery Group, completion of a PFS and the
expected timelines, 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 and metallurgical results, risks
related to the inherent uncertainty of exploration and development
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, metallurgical 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 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.