Clean Air Metals Announces Management Changes
Clean Air Metals Announces Management Changes
THUNDER BAY, ON
,
June 12, 2023
/CNW/ - Clean Air Metals Inc. ("
Clean Air Metals
" or the "
Company
")
(TSXV: AIR) (OTCQB: CLRMF) (FRA: CKU) announces that Mr.
Jim Gallagher
has been appointed as
permanent and full time Chief Executive Officer of the Company. In addition, Mr.
Dean Chambers
has been
appointed as non-executive Chair of the Board, replacing Mr. Gallagher who has resigned as Executive Chair of
the Board. Both positions are effective immediately.
Mr.
Jim Gallagher
has served as Executive Chair of the Company since Clean Air Metals began to trade on the
TSX Venture Exchange in early 2020 and on
June 2, 2023
, assumed the role of interim CEO. Mr. Gallagher is a
mining engineer and experienced executive who previously was CEO of North American Palladium with its
principal asset being the Lac des Iles Palladium mine located approximately 90 km north of Clean Air Metals'
Thunder Bay North Critical Minerals Project. Mr. Gallagher assumed the CEO role in 2015 as the company
emerged from a CCAA process and over the next 5 years led an operational and financial turn-around of the
company culminating in the sale to Impala Platinum of
South Africa
at the end of 2019 for just under
C$ 1 billion
.
Mr.
Dean Chambers
has been a director of the Company since 2020 and serves as Chair of the Audit
Committee and of the Governance, Nominations and Compensation Committee. Mr. Chambers is a professional
engineer and financial executive who retired as Executive Vice President and CFO of Sherritt International
Corporation. Mr. Chambers was previously a director and Chair of the Audit Committee at North American
Palladium up until its sale to Impala Platinum in 2019. Mr. Chambers also serves as a Director of Global Atomic
Corporation.
Jim Gallagher
, CEO commented: "I am pleased to fully take the helm as the Company moves forward with the
next phase of its development. The priorities are clear, advance the technical studies for the potential
development of the project based on the recently published resource estimate, advance the down plunge
exploration program, continue with the appropriate environmental and permitting activities and continue to foster
true business relationships with the indigenous communities who's lands, and treaty rights are impacted by our
project.
Based on our current plans, the Company is well financed into late 2024. A key focus will be in attracting
strategic investors who potentially can partner with the Company for the long-term. The Thunder Bay North
resource remains one of the highest-grade, undeveloped Platinum, Palladium deposits outside of
Africa
with
good Copper and Nickel values; all sought after critical minerals. Given its stable jurisdiction, proximity to
reliable infrastructure and market valuation, the Thunder Bay North Project remains a compelling investment
opportunity."
Updated Resource Estimate
On
May 4
th
, 2023, the Company press released an updated Mineral Resource Estimate for the Company's
100% owned Thunder Bay North Critical Minerals project. The Indicated resource of 14 million tonnes contains
1.2 million ounces of Platinum and Palladium (on a one-to-one ratio), 57,000 tonnes of copper and 34,300
tonnes of Nickel. All four of these potentially payable metals are defined as Critical Metals by both the
Provincial and Federal Governments. The Company is near completion with DRA Americas on validating
metallurgical recoveries and potential smelter offtake terms. Technical evaluation of mining options, production
rates and site infrastructure will be ongoing over the next several months and we will continue to advance
environmental studies towards future permit applications.
Exploration
The almost 25,000 m's of infill drilling in 2022 on both the Escape and Current deposits that make up the
Thunder Bay North Critical Minerals project have provided a well-defined resource model above approximately
500 metres in depth which is the basis for the mineral resource estimate. Both deposits are open at depth and
have minimal drilling below 500 meters. Exploration planning and permitting are in progress to fully investigate
the down plunge potential of both deposits.
Social Engagement
Clean Air Metals Inc. and its wholly owned subsidiary Panoramic PGMs (
Canada
) Ltd. acknowledge that the
Thunder Bay North Critical Minerals Project is on the traditional territories of the Fort William First Nation, Red
Rock Indian Band and Biinjitiwabik Zaaging Anishinabek. The parties together are the Cooperating Participants
in a Memorandum of Agreement dated January 9, 2021 (see press release dated
January 11, 2021
) and
Exploration Agreement signed
April 13, 2022
(see press release dated
April 14, 2022
)."
The Company appreciates the opportunity to work in these territories and remains committed to the recognition
and respect of those who have lived, traveled, and gathered on the lands since time immemorial. Clean Air
Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and
encouraging a respectful relationship with First Nations and Métis peoples based upon principles of mutual
trust, respect, reciprocity and collaboration in the spirit of reconciliation.
Qualified Person
Mr.
Mike Garbutt P.Eng
., a qualified person under National Instrument 43-101 and Chief Operating Officer for
the Company has reviewed and approved all technical information in this press release.
About Clean Air Metals Inc.
Clean Air Metals' primary asset is the 100% owned, high grade Thunder Bay North Critical Minerals Project, a
platinum, palladium, copper, nickel project located near the City of Thunder Bay, Ontario and just south of the
Lac des Iles Mine owned by Impala Platinum. The Thunder Bay North Project hosts the Current and Escape
deposits, twin magma conduits that form the basis for the mineral resource estimate reported herein.
CEO and Director
Jim Gallagher
, P.Eng., and COO Mike Garbutt, P.Eng. lead an experienced technical team
studying the economics of a sustainable mining operation at Thunder Bay North.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jim Gallagher"
Jim Gallagher
, Chief Executive Officer
Web:
www.cleanairmetals.ca
Neither 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 this release.
Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable
securities legislation, including statements regarding the potential of the Thunder Bay North Critical Metals
Project and the Escape and Current deposits and timing of technical studies and mineral resource estimates.
Forward-looking statements relate to information that is based on assumptions of management, forecasts of
future results, and estimates of amounts not yet determinable. Any statements that express predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not
statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject
to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in
the forward-looking statements, including, without limitation: political and regulatory risks associated with mining
and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental
regulation and liability; the potential for delays in exploration or development activities or the completion of
feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill
results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of
production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility
and feasibility studies, and the possibility that future exploration, development or mining results will not be
consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and
uncertainties related to the Company's prospects, properties and business detailed elsewhere in the
Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those described in forward-
looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements.
These forward-looking statements are made as of the date hereof and the Company does not assume any
obligation to update or revise them to reflect new events or circumstances, except in accordance with
applicable securities laws. Actual events or results could differ materially from the Company's expectation or
projection.
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SOURCE
Clean Air Metals Inc.
View original content:
http://www.newswire.ca/en/releases/archive/June2023/12/c1443.html
%SEDAR: 00005465E
For further information:
Please contact: Jim Gallagher, CEO and Director of Clean Air Metals Inc., Phone:
705-690-7997, Email: [email protected], Web: www.cleanairmetals.ca
CO: Clean Air Metals Inc.
CNW 07:00e 12-JUN-23