Power Group Projects Corp. Announces Board of Directors for Subsidiary TSX V PGP, Pink Sheets CBBWF
Power Group Projects Corp. Announces Board of Directors
for Subsidiary
TSX V PGP, Pink Sheets CBBWF
TORONTO
,
March 5, 2019
/CNW/ - Power Group Projects Corp.
("Power Group") (TSX V PGP)
is pleased to announce the
following changes; the portfolio of cobalt assets will now be held in a 100 % wholly owned subsidiary named Cobalt Power Group
Ltd. (Cobalt Power) The subsidiary will be guided by its own Board of Directors.
The Board of Directors of Power Group have named
Brian Stecyk
, with a strong experience in small-cap company management as
well as a background in in corporate communications.
Glenda Kelly
, a current director, corporate secretary of Power Group (see
press
March 12, 2018
) is also appointed as board members of Cobalt Power to provide stewardship for the continued
Cobalt
exploration program in 2019.
The Company is now reviewing Cobalt Power proposals regarding planning the 2019 exploration season for its cobalt assets. The
proposal includes significant work to be done this season:
The 2019 exploration plan will be announced but includes identifying targets from Helicopter-borne magnetometer and VLF: A
total of 3653.1 line-km of survey was flown by Eagle Geophysics. The survey covered all of the
Cobalt
area properties not
included in the 2016 survey and also included the Blueberry and Little Trout Lake properties. The final report was received on
October 25
and is currently being interpreted by renowned geophysicist,
Blaine Webster
of Golden Mallard Corp.
Field observations from mapping and sampling at the historic
McMahon
showing have been very encouraging.
There is renewed excitement in area centering around increased exploration of diamond kimberlites (DeBeers) and the airborne
data review includes an extra layer of interpretation of the geological data.
The Company would like to announce the resignation of Mr.
Chris Healey
, P.Geo and VP Exploration from the Board of Directors.
Mr. Healey was instrumental in leading the exploration in the Cobalt Mining Camp and we wish him success on his future
endeavours.
About Power Group Project Corp.
Power Group Projects Corp. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange and U.S. Pink
Sheets (TSX-V: PGP, OTC Pink: CBBWF) focused on energy metals. The Company has made a series of strategic property
acquisitions over the past two years seeking cobalt mineralization near
Cobalt, Ontario
, a region with a long history of silver and
associated cobalt production, and now in the
Athabasca
basin of
Saskatchewan
. The Cobalt Properties are held in a 100% wholly
owned subsidiary named Cobalt Power Group Ltd. with holdings totalling approximately 19,826 hectares (48,991 acres) in
contiguous and strategic claim blocks. There are several historic mining operations on the properties that are potentially accessible,
including the Smith Cobalt shaft and its underground workings.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
We seek safe harbour.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press release.
CAUTIONARY STATEMENT:
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility
for the adequacy or accuracy of this release.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most
of which are beyond the control of Power Group Projects Corp. Forward-looking statements include estimates and statements that
describe Power Group Projects Corp.'s future plans, objectives or goals, including words to the effect that Power Group Projects
Corp. or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms
as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties.
Although these statements are based on information currently available to Power Group Projects Corp., Power Group Projects
Corp. provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors
involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward- looking information. Forward looking information in this news release
includes, but is not limited to, Power Group Projects Corp. objectives, goals or future plans, statements (including the terms,
conditions and objectives of the Transaction), details of the exploration results, potential mineralization, the company's portfolio,
treasury, management team and enhanced capital markets profile, the receipt of regulatory approvals for the Offering, the receipt
of regulatory approvals of the Transaction, the estimation of mineral resources, exploration and mine development plans, timing of
the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially
from such forward-looking information include, but are not limited to, failure or inability to complete the Transaction and the Offering
on the terms as announced or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or
failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty
to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed
in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral
exploration and development industry, and those risks set out in Power Group Projects Corp. public documents filed on SEDAR.
Although Power Group Projects Corp. believes that the assumptions and factors used in preparing the forward-looking information
in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Power Group
Projects Corp. disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by law.
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%SEDAR: 00029608E
For further information:
Glenda Kelly, Director, Vice-President of Corporate Communication, Corporate-Secretary, Tel: 647 946-
2194
CO: Power Group Projects Corp.
CNW 06:00e 05-MAR-19