Defense Metals Corp. Announces Appointment of new Director to the Board
Defense Metals Corp. Announces Appointment of new Director
to the Board
VANCOUVER, BC
,
Jan. 11, 2023
/CNW/ - Defense Metals Corp. ("
Defense Metals
" or the "
Company
") (TSXV: DEFN) (OTCQB:
DFMTF) (FSE: 35D) is pleased to announce the appointment of
Len Clough
to the board of directors.
Craig Taylor
, CEO of Defense Metals commented:
"
Len Clough
brings a wealth of capital markets experience to Defense Metals and we look forward to working with him as we
continue to advance the Wicheeda Rare Earth Elements project."
Mr. Clough began his career at RBC Dominion Securities in 1998 and spent 13 years in investment management. In 2013, he founded
Toro Pacific Management, a capital markets advisory firm focusing on high growth, early stage companies looking to access the
Canadian capital markets. Mr. Clough has extensive public company management experience and has worked in senior management
roles including CEO and as a director of several issuers. Toro Pacific Management has an extensive financial network and has been
directly involved in the capital formation exceeding
$100m
in aggregate across various sectors.
Mr. Clough commented:
"It is with great pleasure that I join Defense Metals Corp. at such a significant point of inflection. With rare earth elements
being so integral to the new era of electrification, I see a great opportunity with the Wicheeda Rare Earth Elements Project,
especially as the Western world looks to diversify its REE sources away from
China
."
Concurrent with his appointment, the Company has granted incentive stock options to Mr. Clough to purchase up to 400,000 common
shares of the Company at a price of
$0.24
per common share for a period of three (3) years. The Company also granted incentive
stock options to certain of its consultants to purchase an aggregate of up to 400,000 common shares of the Company having the same
terms. The options fully vested on the date of grant.
The Company also wishes to thank
Max Sali
, who did not seek re-election at the recently held annual general and special meeting of
shareholders, for his services and contribution to Defense Metals since inception. We wish Max continued success in his current and
future endeavors.
About the Wicheeda REE Property
The 100% owned 4,244-hectare Wicheeda REE Project, located approximately 80 km northeast of the city of
Prince George, British
Columbia
, is readily accessible by all-weather gravel roads and is near infrastructure, including power transmission lines, the CN
railway, and major highways.
The Wicheeda REE Project yielded a robust 2021 preliminary economic assessment technical report (PEA) that demonstrated an after-
tax net present value (NPV@8%) of
$517 million
, and 18% IRR
1
. A unique advantage of the Wicheeda REE Project is the production of
a saleable high-grade flotation-concentrate. The PEA contemplates a 1.8 Mtpa (million tonnes per year) mill throughput open pit mining
operation with 1.75:1 (waste:mill feed) strip ratio over a 19 year mine (project) life producing and average of 25,423 tonnes REO
annually. A Phase 1 initial pit strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher grade surface mineralization in
year 1 and payback of
$440 million
initial capital within 5 years.
Qualified Persons
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Project has been reviewed and
approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of
Edmonton, AB
, a director of
Defense Metals and a "Qualified Person" as defined in NI 43-101. Mr. Raffle verified the data disclosed which includes a review of the
sampling, analytical and test data underlying the information and opinions contained therein.
About
Defense Metals Corp.
Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development
of mineral deposits containing metals and elements commonly used in the electric power markets, defense industry, national security
sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent
magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Deposit located near
Prince
George, British Columbia
, Canada. Defense Metals Corp. trades in
Canada
under the symbol "DEFN" on the TSX Venture Exchange, in
the United States
, under "DFMTF" on the OTCQB and in
Germany
on the Frankfurt Exchange under "35D".
For further information, please contact:
Todd Hanas
, Bluesky Corporate Communications Ltd.
Vice President, Investor Relations
Tel: (778) 994 8072
Email:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release.
_________________________________
1
Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada, dated January 6, 2022, with an effective date of November 7, 2021, and prepared by SRK Consulting (Canada) Inc. is filed
under Defense Metals Corp.'s Issuer Profile on SEDAR (www.sedar.com).
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains "forward–looking information or statements" within the meaning of applicable securities laws, which may
include, without limitation, statements relating to the expected outcomes and benefits of the appointment of Mr. Clough as a director,
the Wicheeda project, the technical, financial and business prospects of the Company, its project and other matters. All statements in
this news release, other than statements of historical facts, that address events or developments that the Company expects to occur,
are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially
from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present
and future business strategies and the environment in which the Company will operate in the future, including the price of rare earth
elements, the anticipated costs and expenditures, the ability to achieve its goals, that general business and economic conditions will not
change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-
looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions,
including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of
exploration and cost estimates, the potential for unexpected costs and expenses and those other risks filed under the Company's profile
on SEDAR at
www.sedar.com
. While such estimates and assumptions are considered reasonable by the management of the Company,
they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Factors that could
cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of
capital and financing and general economic, market or business conditions, adverse weather and climate conditions, failure to maintain
or obtain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First
Nations), risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance
with specifications or expectations, cost escalation, unavailability of personnel, materials and equipment, government action or delays in
the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and
environmental matters), risks relating to inaccurate geological and engineering assumptions, decrease in the price of rare earth
elements, the impact of Covid-19 or other viruses and diseases on the Company's ability to operate, an inability to predict and
counteract the effects of COVID-19 on the business of the Company, including but not limited to, the effects of COVID-19 on the price
of commodities, capital market conditions, restriction on labour and international travel and supply chains, loss of key employees,
consultants, or directors, increase in costs, delayed drilling results, litigation, and failure of counterparties to perform their contractual
obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required
by law.
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CNW 09:00e 11-JAN-23