Pure Energy Minerals Appoints Joseph Mullin as President and CEO and Grants Options
Pure Energy Minerals Appoints Joseph Mullin
as President and CEO and Grants Options
Vancouver, British Columbia--(Newsfile Corp. - October 5, 2023) -
Pure Energy Minerals Ltd. (TSXV:
PE) (OTCQB: PEMIF)
("Pure Energy" or "the Company") is pleased to announce the appointment of
Mr. Joseph E. Mullin as President and Chief Executive Officer, effective immediately. Mr. Mullin initially
joined the Board of Directors of Pure Energy Minerals Ltd. in November of 2020.
Mr. Mullin has over 25 years of experience in corporate finance, private equity, restructuring, and early-
stage mineral exploration.
Mr. Mullin is the President and CEO of Rise Gold Corp., the Managing
Member of Mount Arvon Partners LLC, and is currently an independent director of FireFox Gold Corp.
He was previously the President of Virginia Energy Resources Inc. and led its sale to Consolidated
Uranium Inc. Prior to that he served as CEO of QuestEx Gold & Copper Ltd. for two and one half years
leading up to its sale to Skeena Resources Ltd.
He began his career as a financial analyst at Goldman
Sachs, and subsequently worked at Invesco Ltd. and Millennium Global Investments Ltd.
Mr. Mullin has
been involved in metals and mining in the U.S., Canada, Brazil, and Europe and received his B.A.
diploma from Harvard University.
"We are very pleased that Joe Mullin will be stepping into the President and CEO role at Pure Energy
during this important time as the Company and its partner, SLB Corp., move the Clayton Valley lithium
brine project and DLE Pilot Plant forward.
Joe brings to the Company a strong background in financial
markets, the ability to position the Company for future opportunities, and prior experience managing
mineral exploration companies," stated Pure Energy Director, Mary Little.
The Company's Board of Directors has granted 1,214,820 incentive share purchase options ("the
Options") to officers, directors and consultants, in concordance with the Company's TSXV-approved
Incentive Share Purchase Plan. Each Option entitles the holder to acquire one common share of the
Company at an exercise price of $0.83 per common share until October 4, 2028.
Following the grant of
Options, the Company now has a total of 2,371,486 Options issued representing 7% of the Company's
outstanding shares.
As part of his compensation, the Company will offer Mr. Mullin stock options and
incentive performance bonuses.
About Pure Energy
Pure Energy Minerals is a lithium resource developer that is driven to become a low-cost supplier for the
growing lithium battery industry.
Pure Energy has consolidated a pre-eminent land position at its Clayton
Valley Project in the Clayton Valley of central Nevada for the exploration and development of lithium
resources, comprising 950 claims over 23,360 acres (9,450 hectares), representing the largest mineral
land holdings in the valley.
Pure Energy's strategic partner, SLB, is operator of the Clayton Valley Project. In May of 2019, Pure
Energy and SLB signed an Earn-In agreement over the CV Project which requires significant investment
by SLB at the Project, to include the design and construction of a pilot plant capable of processing
lithium-bearing brines for high-quality lithium hydroxide monohydrate ("lithium hydroxide" or "LiOH∙H2O")
and/or lithium carbonate products at a specified rate.
For further details regarding SLB's participation,
please refer to Pure Energy's Annual General and Special Meeting Management Information Circular
dated April 4, 2019, available on
SEDARPLUS.ca
.
On January 3, 2019, the Nevada Division of Water Resources ("NDWR") approved and granted a Finite
Term Water Right to Pure Energy, through its wholly-owned subsidiary Esmeralda Minerals LLC, for the
extraction of up to 50 acre-feet of brine during a 5-year period from the CV properties. This water right is
deemed sufficient for brine testing requirements and SLB's future the pilot plant facility. In July of 2020,
the CV-09 well was completed pursuant to the Finite Term Water Right and results of initial sampling
were published by Pure Energy on October 14, 2020. On March 28, 2023, Pure Energy announced that
all permits were in place for the construction and operation of the DLE Pilot Plant, and SLB confirmed
that construction was underway.
On behalf of the Board of Directors,
"
Mary L. Little
"
Director, Pure Energy Minerals Ltd.
CONTACT:
Pure Energy Minerals Limited (
www.pureenergyminerals.com
)
Email:
Telephone - 604 608 6611
Cautionary Statements and Forward-Looking Information
The information in this news release contains forward-looking statements that are subject to a number of
known and unknown risks, uncertainties and other factors that may cause actual results to differ
materially from those anticipated in our forward-looking statements. Factors that could cause such
differences include: changes in world commodity markets, equity markets, costs and supply of materials
relevant to the mining industry, change in government and changes to regulations affecting the mining
industry. Forward-looking statements in this release may include future exploration and development on
the Clayton Valley Project. Although we believe the expectations reflected in our forward-looking
statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity,
performance or achievements.
The Company does not undertake to update any forward-looking information, except as required by
applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
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https://www.newsfilecorp.com/release/182980