TSX V PGP, Pink Sheets CBBWF
TORONTO, March 5, 2019 /CNW/ - Power Group Projects
Corp. ("Power Group") (TSX V PGP) is pleased to
announce the following changes; the portfolio of cobalt assets will
now be held in a 100 % wholly owned subsidiary named Cobalt Power
Group Ltd. (Cobalt Power) The subsidiary will be guided by its own
Board of Directors.
The Board of Directors of Power Group have named Brian Stecyk, with a strong experience in
small-cap company management as well as a background in in
corporate communications. Glenda
Kelly, a current director, corporate secretary of Power
Group (see press March 12, 2018) is
also appointed as board members of Cobalt Power to provide
stewardship for the continued Cobalt exploration program in 2019.
The Company is now reviewing Cobalt Power proposals regarding
planning the 2019 exploration season for its cobalt assets. The
proposal includes significant work to be done this season:
- The 2019 exploration plan will be announced but includes
identifying targets from Helicopter-borne magnetometer and
VLF: A total of 3653.1 line-km of survey was flown by Eagle
Geophysics. The survey covered all of the Cobalt area properties not included in the
2016 survey and also included the Blueberry and Little Trout Lake
properties. The final report was received on October 25 and is currently being interpreted by
renowned geophysicist, Blaine
Webster of Golden Mallard Corp.
- Field observations from mapping and sampling at the historic
McMahon showing have been very
encouraging.
- There is renewed excitement in area centering around increased
exploration of diamond kimberlites (DeBeers) and the airborne data
review includes an extra layer of interpretation of the geological
data.
The Company would like to announce the resignation of Mr.
Chris Healey, P.Geo and VP
Exploration from the Board of Directors. Mr. Healey was
instrumental in leading the exploration in the Cobalt Mining Camp
and we wish him success on his future endeavours.
About Power Group Project Corp.
Power Group Projects Corp. is a publicly traded Canadian
exploration company listed on the TSX-Venture Exchange and U.S.
Pink Sheets (TSX-V: PGP, OTC Pink: CBBWF) focused on energy metals.
The Company has made a series of strategic property acquisitions
over the past two years seeking cobalt mineralization near
Cobalt, Ontario, a region with a
long history of silver and associated cobalt production, and now in
the Athabasca basin of
Saskatchewan. The Cobalt
Properties are held in a 100% wholly owned subsidiary named Cobalt
Power Group Ltd. with holdings totalling approximately 19,826
hectares (48,991 acres) in contiguous and strategic claim blocks.
There are several historic mining operations on the properties that
are potentially accessible, including the Smith Cobalt shaft and
its underground workings.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
We seek safe harbour.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
CAUTIONARY STATEMENT:
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking information that
involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of Power Group Projects Corp.
Forward-looking statements include estimates and statements that
describe Power Group Projects Corp.'s future plans, objectives or
goals, including words to the effect that Power Group Projects
Corp. or its management expects a stated condition or result to
occur. Forward-looking statements may be identified by such terms
as "believes", "anticipates", "expects", "estimates", "may",
"could", "would", "will", or "plan". Since forward-looking
statements are based on assumptions and address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Although these statements are based on information
currently available to Power Group Projects Corp., Power Group
Projects Corp. provides no assurance that actual results will meet
management's expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward- looking
information. Forward looking information in this news release
includes, but is not limited to, Power Group Projects Corp.
objectives, goals or future plans, statements (including the terms,
conditions and objectives of the Transaction), details of the
exploration results, potential mineralization, the company's
portfolio, treasury, management team and enhanced capital markets
profile, the receipt of regulatory approvals for the Offering, the
receipt of regulatory approvals of the Transaction, the estimation
of mineral resources, exploration and mine development plans,
timing of the commencement of operations and estimates of market
conditions. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, failure or inability to complete the Transaction
and the Offering on the terms as announced or at all, regulatory
approval processes, failure to identify mineral resources, delays
in obtaining or failures to obtain required governmental,
regulatory, environmental or other project approvals, political
risks, inability to fulfill the duty to accommodate First Nations
and other indigenous peoples, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry, and those risks set out in Power Group
Projects Corp. public documents filed on SEDAR. Although Power
Group Projects Corp. believes that the assumptions and factors used
in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. Power Group Projects Corp.
disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, other than as required
by law.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/power-group-projects-corp-announces-board-of-directors-for-subsidiary-300806435.html
SOURCE Power Group Projects Corp.