Defense Metals Joins Discovery Group and Appoints a New Director
Defense Metals Joins Discovery Group and Appoints a New
Director
VANCOUVER, BC
,
April 10, 2023
/CNW/ - Defense Metals Corp. ("
Defense Metals
" or the "
Company
"; (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) announces that Defense Metals has joined the
Vancouver
-based Discovery Group led by Mr.
John Robins
and Mr.
Jim Paterson
. In addition, Mr.
Dale Wallster
has been appointed to the Company's board of directors.
John Robins
, Co-Founder and Principal of Discovery Group commented:
"We are excited to welcome Defense Metals into Discovery Group. In my opinion, Defense represents a world-class
opportunity in the rare earth / critical metals space. Viewed as being one of the highest grade deposits globally, and
led by a strong management and technical team, Defense has all the attributes we look for in a Discovery Group
company. The addition of Defense to our roster of companies, will round out the Discovery Group portfolio and will
elevate the exposure of all our member companies, as we continue to educate and inform shareholders about market
opportunities that exist with high quality junior mining explorers."
Craig Taylor
, CEO of Defense Metals commented:
"We are pleased to welcome
Dale Wallster
to the Board. He brings a wealth of mineral exploration and 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. The Company is also pleased to have joined Discovery Group, an alliance of public
companies focused on the advancement of mineral exploration and mining projects with a proven track record of
generating shareholder value. We look forward to a close working relationship with the team at Discovery Group."
Dale Wallster
is a prospector and geologist with over 40 years' experience in North American mineral deposit exploration. As
President and founder of Roughrider Uranium Corp., which was acquired by Hathor Exploration Limited in 2006, Dale and his
team are widely credited for the discovery of Hathor's Roughrider deposit. In January of 2012 Rio Tinto plc acquired Hathor for
CAD$650 million
.
Mr. Wallster commented:
"In the recent explosion of strategic, geopolitical and investment interest in North American Critical Minerals, rare
earth element companies represent the "Rodney Dangerfield" of the class; they are getting "no respect". Given their
importance in the electrification of the world I expect this to change soon and Defense Metals, with its Wicheeda
Project pre-feasibility study expected in 2024, is leading the pack."
About Discovery Group
Discovery Group is an alliance of public companies focused on the advancement of mineral exploration and mining projects with
a proven track record of generating shareholder value through responsible, sustainable, and innovative development.
Founded in 2005 by
John Robins
and
Jim Paterson
, two respected entrepreneurs in the Canadian mining industry, Discovery
Group has generated over
$500M
in direct and indirect expenditures resulting in over
$2.6
billion in M&A activity, with the most
recent success being the sale of Great Bear Resources Ltd. to Kinross Gold Corporation for
$1.8 billion
. For more information,
visit
www.discoverygroup.ca
.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle,
P.Geo. (B.C.), Principal and Consultant of APEX Geoscience Ltd. of
Edmonton, Alberta
, who is a director of Defense Metals
and a "Qualified Person" as defined in National Instrument 43-101.
About the Wicheeda REE Property
Defense Metals 100% owned, 4,262-hectare (~10,532-acre) Wicheeda Light REE property is located approximately 80 km
northeast of the city of
Prince George, British Columbia
; population 77,000. The Wicheeda REE Project is readily accessible by
all-weather gravel roads and is near infrastructure, including hydro power transmission lines and gas pipelines. The nearby
Canadian National Railway and major highways allow easy access to the port facilities at
Prince Rupert
, the closest major North
American port to
Asia
.
The 2021 Wicheeda REE Project Preliminary Economic Assessment technical report ("PEA") outlined a robust after-tax net
present value (NPV@8%) of
$517 million
and an 18% IRR
1
. This PEA contemplated an open pit mining operation with a 1.75:1
(waste:mill feed) strip ratio providing a 1.8 Mtpa ("million tonnes per year") mill throughput producing an average of 25,423
tonnes REO annually over a 16 year mine life. 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.
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 Light 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.
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 advancing the Wicheeda REE Project, the expected benefits and
outcomes of working with the Discovery Group, completion of a PFS and the expected timelines, 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 and metallurgical results, risks
related to the inherent uncertainty of exploration and development 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, metallurgical 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 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.
______________________
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
).
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CO: Defense Metals Corp.
CNW 09:00e 10-APR-23