Highlights:
- Winsome Resources Managing Director appointed to Board of Power
Metals Corp
- Expands on recent acquisition of shares and offtake agreement
from former Chinese owner Sinomine Rare Metals Resources
- Terms also being finalised for future collaboration on multiple
projects
VANCOUVER, BC, Dec. 8, 2022
/CNW/ - Power Metals Corp. ("Power Metals" or the
"Company") (TSXV :PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is
pleased to announce that Winsome Resources' (ASX: WR1) ("Winsome")
Managing Director Chris Evans has
been appointed to the Board of Directors.
Mr. Evans' appointment follows Winsome's recent acquisition from
Chinese company Sinomine Rare Metals Resources of 5.72% of Power
Metals' shares, an equal number of Warrants priced at CAD$0.40 and the rights to offtake from its Case
Lake cesium, lithium and tantalum project in Ontario. Mr. Evans will replace a resigning
Sinomine director.
Power Metals aims to work with Mr. Evans, given his previous
experience, and that of the broader Winsome team, to fast-track
development of the Case Lake project, which hosts proven high-grade
mineral occurrences.1
Mr. Evans served as COO of Altura Mining, during development of
its Pilgangoora mine in Western
Australia, now owned by Pilbara Minerals and targeted to be
one of the world's largest hard rock lithium mining operations.
At the same time, Power Metals and Winsome are setting out terms
under which both companies can cooperate and combine assets to
develop Case Lake and other projects into the future. These terms
will be defined in a formal Collaboration Agreement, expected to be
finalized in early 2023.
Chris Evans, Managing Director of
Winsome Resources said, "I am honored to accept this role on the
Board of Power Metals Corp. With Winsome recently becoming a
substantial shareholder in Power Metals and acquiring the rights to
offtake from the Case Lake project, this position is a natural fit
and provides a great opportunity to assist and influence future
directions. Both companies bring significant experience and
opportunity to the table, and it is our intention to leverage the
combined experience and assets as we move forward with development
of Case Lake and other projects held by each company."
Johnathan More, Chairman &
CEO of Power Metals commented, "We welcome Mr. Evans to the Board
of Power Metals. He has done an amazing job to date with
Winsome Resources and his track record is impeccable. Our
next step is to form a formal Collaboration Agreement between our
two companies. This will bring immense value to all of our
shareholders as we will be able to leverage our combined assets and
experience."
Concurrent with this appointment, Power Metals accepts the
resignation of Zhiwei (Frank) Wang
from the Board of Power Metals and wish him the best in his future
endeavors.
About Winsome Resources
Winsome Resources (ASX: WR1) is a Perth-based, lithium focused exploration and
development company with five project areas in Quebec, Canada. Three of Winsome's projects –
Cancet, Adina and Sirmac-Clappier are 100% owned by the Company.
The Company has also expanded its lithium footprint in Quebec, with exclusive option agreements to
acquire and explore 669 claims totalling 385m2 in Decelles and a
further 259 claims totalling 149km2 at Mazerac, located near the
Quebec mining town of Val-dÓr.
The most advanced project – Cancet - provides a shallow, high
grade lithium deposit and is strategically located close to
established infrastructure and supply chains. Winsome is led by a
highly qualified team with strong experience in lithium exploration
and development as well as leading ASX listed companies.
More details: www.winsomeresources.com.au
Case Lake Property
Case Lake Property is located 80 km east of Cochrane, northeastern Ontario close to the Ontario-Quebec border. Case Lake Property consists of
585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake
Mining Division. The Property is 10 km x 9.5 km in size with 14
identified tonalite domes. The Case Lake pegmatite swarm consists
of six spodumene dykes: North, Main, South, East and Northeast
Dykes on the Henry Dome and the West Joe Dyke on a new tonalite
dome. The Case Lake Property is owned 100% by Power Metals Corp. A
National Instrument 43-101 Technical Report has been prepared on
Case Lake Property and filed on July 18,
2017.
About Power Metals Corp.
Power Metals Corp. is a diversified Canadian mining company with
a mandate to explore, develop and acquire high quality mining
projects. We are committed to building an arsenal of projects
in both lithium and high-growth specialty metals and minerals. We
see an unprecedented opportunity to supply the tremendous growth of
the lithium battery and clean-technology industries. Learn more at
www.powermetalscorp.com
ON BEHALF OF THE BOARD,
Johnathan More, Chairman &
CEO
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
the content of this news release.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. The securities
being offered have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws, and may not be
offered or sold in the United
States, or to, or for the account or benefit of, a "U.S.
person" (as defined in Regulation S of the U.S. Securities Act)
unless pursuant to an exemption therefrom. This press release is
for information purposes only and does not constitute an offer to
sell or a solicitation of an offer to buy any securities of the
Company in any jurisdiction.
Cautionary Note Regarding
Forward-Looking Information
This press release contains forward-looking information based
on current expectations, including the use of funds raised under
the Offering. These statements should not be read as
guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements to be
materially different from those implied by such statements.
Although such statements are based on management's reasonable
assumptions, Power Metals assumes no responsibility to update or
revise forward-looking information to reflect new events or
circumstances unless required by law.
Although the Company believes that the expectations and
assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the
forward-looking statements because the Company can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. These
statements speak only as of the date of this press release. Actual
results could differ materially from those currently anticipated
due to several factors and risks including various risk factors
discussed in the Company's disclosure documents which can be found
under the Company's profile onwww.sedar.com.
This press release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. The TSXV has neither reviewed nor approved the
contents of this press release.
________________________
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1 See Power
Metals (TSXV: PWM) Announcements dated 8 September 2022, 13 October
2022 and 19 October 2022
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SOURCE POWER METALS CORP