Metalite Resources Announces Resignation of David Kol from Board of Directors; Commences Strategic Review
Metalite Resources Announces Resignation of David Kol from Board of Directors;
Commences Strategic Review
Toronto, ON, July 2 7, 2023 – Metalite Resources Inc. (CSE: METL) (OTC: JNCCF)
(Frankfurt:5VHA) ("Metalite" or the " Company") announces that David Kol has resigned from
the board of directors. The board is considering winding up its project in Liberia, which the
company acquired through its acquisition of Next Generation Resources Inc. (“NextGen”) which
was completed in February 2023 (see press release dated February 22, 2023) . Prior to the
completion of the acquisition, NextGen raised approximately $1.3 million, from which it ran an
extensive sampling program on the Liberian properties that has led to no tangible results. In
addition, given the lack of financial resources, NextGen has allowed most of its Liberian
concessions lapse and the balance of the concessions are expected to lapse in the near term.
Given the circumstances, the Company is conducting a strategic review to determine where the
Company should best focus its resources. The Company is considering options for securing value
from its remaining Liberian assets as well as reducing its exposure to liabilities in Liberia. The
Company will provide updates regarding this review in the coming weeks.
“We are extremely disappointed with this outcome. While, early stage, we had great hopes for the
properties in Liberia, but without any tangible data, there was little we could do to advance the
projects,” stated CEO David Melling. “We will take all reasonable steps to protect the interests of
Metalite and are considering our options.”
Mr. Melling continued: “At the same time, we are considering several exciting projects in Canada
and other lower -risk, high -value jurisdictions, and we hope to be able to move forward with
additional projects in short order. In addition, due to access issues on several of the Company’s
Australian projects and capital markets limitations the Company has decided to r elinquish its
interest in several of its Australian properties while retaining the Arthurs Seat project.”
About Metalite Resources Inc.
Metalite Resources Inc. is a Canadian junior mineral exploration issuer with battery metals-
focused ground in Liberia, West Africa and a precious metals-focused project in NSW, Australia.
along with various indicator minerals that occur along with these precious metals.
For further information please contact:
Ryan Bilodeau
(416) 910-1440
To learn more, please visit https://www.metaliteresources.com/ .
Forward-Looking Statements
This news release contains certain "forward -looking statements." All statements, other than
statements of historic fact, that address activities, events or developments that Metalite believes,
expects or anticipates will or may occur in the future are forward -looking statements. Forward-
looking statements are often, but not always, identified by the use of words such as "seek,"
"anticipate," "believe," "plan," "estimate, “expect," and "intend" and statements that an event or
result "may," "will," "can," "should," "could," or "might" occur or be achieved and other similar
expressions. These forward -looking statements reflect the current expectations or beli efs of
Metalite based on information currently available to Metalite. Forward -looking statements are
subject to a number of risks and uncertainties that may cause the actual results of Metalite to differ
materially from those discussed in the forward-looking statements, and even if such actual results
are realized or substantially realized, there can be no assurance that they will have the expected
consequences to, or effects on Metalite. Forward looking statements in this press release include
statements regarding the Company's plans for its Liberian assets as well as potential transactions
in other jurisdictions. Factors that could cause actual results or events to differ materially from
current expectations include, among other things, failure to successfully complete financings,
capital and other costs varying significantly from estimates, production rates varying from
estimates, changes in world mineral commodity markets, changes in equity markets, uncertainties
relating to the availability and c osts of financing needed in the future, equipment failure,
unexpected geological conditions, imprecision in resource estimates, success of future
development initiatives, competition, operating performance of facilities, environmental and safety
risks, delays in obtaining or failure to obtain tenure to properties and/or necessary permits and
approvals, and other development and operating risks. Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required by app licable securities laws,
Metalite disclaims any intent or obligation to update any forward -looking statement, whether as
a result of new information, future events or results or otherwise. Although Metalite believes that
the assumptions inherent in the for ward-looking statements are reasonable, forward -looking
statements are not guarantees of future performance and accordingly undue reliance should not
be put on such statements due to the inherent uncertainty therein.
Neither the Canadian Securities Exchan ge nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release