Atlas Salt Announces Management Changes
TSXV: SALT
100 New Gower Street, Suite 910
St. John's NL, A1C6K3
Telephone: (709) 754-3186
Fax: (709) 754-3946
AtlasSalt.com
Atlas Salt Announces Management Changes
St. John’s, Newfoundland and Labrador, March 19, 2025 – Atlas Salt Inc. (the
“Company” or “Atlas Salt” – TSXV: SALT; OTCQB: REMRF) announces that through
mutual agreement the services of Mr. Rick LaBelle as CEO and Director will cease effective
March 19, 2025. The Company will immediately commence the recruitment process to hire
a new CEO. In the interim, Mr. Patrick Laracy, Chairman will assume executive management
responsibilities.
Mr. Laracy commented “Rick has transitioned the company from the feasibility stage to
development including environmental clearance, detailed engineering and preconstruction
work. We would like to acknowledge and thank him for his astute management to get us to
the next phase of financing and construction.”
Mr. LaBelle commented “I have assembled a first-rate team to pursue development of the
Great Atlantic Salt deposit and steered the Company through the critical permitting
processes. The project is nearing the start of construction, and the next steps will focus on
the financial components necessary for completion. Its an appropriate time for the transition”.
Looking forward, the Company will continue to progress towards construction and
development with a focus on project financing. In addition to the engagement of Endeavour
Financial (news release December 10, 2024), the Company will undertake marketing
initiatives to communicate the many positive attributes of the Great Atlantic salt project and
its other assets towards enhancing shareholder value.
The Company also reports that its current geotechnical drill program has completed 17 of 20
holes. These holes are designed to trace the route of the twin declines to access the deposit.
Geotechnical analysis of core from these holes will inform the detailed decline excavation
parameters.
The Great Atlantic salt deposit is located in western Newfoundland. The “Technical Report
on the Great Atlantic Salt Project, Newfoundland and Labrador, Canada”, as amended on
May 1, 2024 and prepared by SLR Consulting (Canada) Ltd. is available on our website (
www.atlassalt.com ) and has been filed on SEDAR+ under the Company’s issuer profile (
www.sedarplus.ca ). The report evaluates the salt deposit at a base case of 2.5 million
tonnes per year over a 34-year mine life with an after-tax internal rate of return of 18.5 % and
an after-tax net present value (8% discount rate) of $553 million. The project has many
positive attributes including being at a relatively shallow depth amenable to access by
declines instead of shafts, mine design for electric power optimization resulting in low carbon
emissions, proximity to a deep-water port, positive environmental assessment clearance and
progressive engineering design.
Patrick J. Laracy, P. Geo., Chairman of Atlas Salt, is the qualified person who has reviewed
and approved the technical contents of this news release as defined in National Instrument
43-101.
About Atlas Salt Inc.
Atlas Salt Inc. is developing Canada’s next salt mine and is committed to responsible and
sustainable mining practices. With a focus on innovation and efficiency, the company is
poised to make significant contributions to the North American salt market while upholding
its values of environmental stewardship and community engagement.
For information, please contact:
Patrick Laracy, Chairman
(709) 739-9545
We seek safe harbor.
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press
release includes certain “forward-looking information” and “forward-looking statements” (collectively “forward-
looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other
than statements of historical fact, included herein, without limitation, statements relating to the future operating
or financial performance of the Company, are forward-looking statements. Forward-looking statements are
frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”,
“potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”,
“could”, or “should” occur or be achieved. Forward-looking statements in this press release relate to, among
other things: completion, delivery and timing of project components and requirements, and analysis and
assumptions related thereto. Actual future results may differ materially. There can be no assurance that such
statements will prove to be accurate, and actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the
date the statements are made and are based upon a number of assumptions and estimates that, while
considered reasonable by the respective parties, are inherently subject to significant business, technical,
economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially different from the results, performance or
achievements that are or may be expressed or implied by such forward-looking statements and the parties have
made assumptions and estimates based on or related to many of these factors. Such factors include, without
limitation: the timing, completion and delivery of required permits, contract agreements, supply arrangements
and financing. Readers should not place undue reliance on the forward-looking statements and information
contained in this news release concerning these times. Except as required by law, the Company does not
assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other
factors, should they change.