Clean Air Metals Announces the Appointment of Mr. Mike Garbutt, P.Eng. MBA as Chief Operating Officer
Clean Air Metals Announces the Appointment of Mr.
Mike Garbutt, P.Eng. MBA as Chief Operating Officer
Thunder Bay, ON, May 10, 2022 - Clean Air Metals Inc. (" Clean Air Metals " or
the " Company") (TSXV: AIR) (FRA: CKU) (OTCQB: CLRMF) is pleased to
announce the appointment of Mike Garbutt, P.Eng. MBA as Chief Operating
Officer for the Company, effective immediately.
Mr. Garbutt is a senior mining engineer most recently employed as Deputy General
Manager on a major mine build in norther n Ontario. He is well experienced in mine
operations having held senior leadership roles as General Manager and Mine
Manager. Mike also brings a solid base of mine engineering and study experience to
the team, supported by strong business acumen, financial modelling capabilities and
due diligence experience. He is Lean/Six Sigma Black Belt trained and has led
significant business improvement engagements over multiple organizations. He is
experienced in the successful transition from capital projects to ope rations
implementing Operational Excellence as a foundation and is an active Board Member
of the Ontario Mining Association.
Jim Gallagher, P.Eng. Executive Chair of the Board of Directors stated "Clean
Air Metals is fundamentally committed to being a leader and innovator in ESG
principals and implementation as we progress the Thunder Bay North project from
exploration into feasibility studies and environmental permitting. Mike is capable of
leading that process and ultimately construction of a successful mine development at
Thunder Bay North. We are fortunate to have attracted an individual of his caliber.”
In accepting the COO position, Mr. Garbutt stated “It is clear that the team here at
Clean Air Metals is well positioned for success. I am looking forward to working with
the group to advance our flagship Thunder Bay North project.”
Pursuant to Mr. Garbutt’s appointment, the Company has granted 1,000,000 incentive
stock options under the Company's Stock Option Plan, subject to regulatory approval.
The stock options are exercisable at a price of $0.22 per share, for a term of 5 years
from the date of issue.
COVID Policy
Clean Air Metals continued to apply COVID -19 avoidance and personal protection
measures for its geological staff, drilling contractor and service suppliers during the
third quarter and has had zero occurrences of COVID -related illness year to da te.
Personnel are required to maintain physical distance, use Personal Protective
Equipment (PPE), self -monitor and self -isolate or elect to work from home. The
Company follows provincial government COVID protocols.
About Clean Air Metals Inc.
Clean Air Metals' flagship asset is the 100% owned, high grade Thunder Bay North
Project, a platinum, palladium, copper, nickel project located near the City of
Thunder Bay, Ontario and the Lac des Iles Mine owned by Impala Platinum. The
Thunder Bay North Project hosts the twin magma conduit bodies which host Current
and Escape deposits forming the basis for a positive preliminary economic
assessment (PEA) around a ramp access underground mine filed January 12, 2022.
The Thunder Bay North project PEA envisions a 10- year mine life at 3600 tonnes
per day with a fully discounted pretax NPV5 of C$425 million and an IRR of 31%
against initial capital of $367 million. The commodity mix at Thunder Bay North fits
well with the recently announced Ontario Critical Minerals Strategy.
Executive Chair Jim Gallagher and CEO Abraham Drost lead an experienced
technical team to guide preparation for prefeasibility studies of a low -carbon,
sustainable mining operation at Thunder Bay North. As the former CEO of North
American Palladium Ltd. which owned the Lac des Iles Mine prior to the sale to
Impala Platinum in December 2019, Jim Gallagher and team are credited with the
mine turnaround and creation of significant value for shareholders.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, M.Sc., P.Geo., Chief Executive Officer
Ph: 807-252-7800
www.cleanairmetals.ca
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 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 Project and
the Escape and Current deposits and timing of technical studies including prefeasibility studies and updated
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 whic h 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 inter pretation 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, pr operties 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 ref lect new events or circumstances, except in accordance with applicable securities laws.
Actual events or results could differ materially from the Company's expectations or projection.