Atlas Salt Secures $1,000,000 in ACOA Funding for Low Emission Mine Design & Optimization Initiative for Great Atlantic Salt Project
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TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
FOR IMMEDIATE RELEASE
Atlas Salt Secures $1,000,000 in ACOA Funding for Low Emission Mine Design &
Optimization Initiative for Great Atlantic Salt Project
St. John's, Newfoundland and Labrador – February 5, 2025 - Atlas Salt Inc. (“Atlas
Salt” or the “Company”) (TSXV: SALT; OTCQB: REMRF) is pleased to announce that it
has secured a C$1,000,000 conditionally repayable loan from the Atlantic Canada
Opportunities Agency (ACOA) under the Regional Economic Growth through
Innovation (REGI) program. The funding will support the Company’s innovative Mine
Design and Optimization Initiative, which focuses on reducing greenhouse gas (GHG)
emissions and implementing sustainable mining technologies at the Great Atlantic
Salt Project.
ACOA Funding for Low GHG Mine Design Program
In a further step towards the development of the Great Atlantic Salt Project, the
Company has secured a C$1,000,000 conditionally repayable loan from the Atlantic
Canada Opportunities Agency (ACOA) under the Regional Economic Growth through
Innovation (REGI) program. This funding will advance the low GHG Mine Design and
Optimization Program, focusing on battery electric vehicles, mine optimization and
conducting geotechnical and hydrological studies to support future construction.
The initiative is a key part of the Great Atlantic Salt Project, an underground salt mine
being developed on the west coast of Newfoundland and Labrador. Once
operational, it will be the first major salt producer to launch in Eastern North America
in decades and is expected to create up to 300 full-time construction jobs and 170
permanent positions during operations.
Key details of the ACOA loan include:
Amount: C$1,000,000
Repayment Terms: Repayable over five years, starting six months after
commercial sales revenues are achieved.
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TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
Cost Sharing: The program will cover 50% of the eligible costs incurred by the
Company.
This funding from ACOA aligns with Canada’s commitment to fostering sustainable
economic growth and resource development in Atlantic Canada. By advancing next-
generation mining solutions, Atlas Salt is contributing to the region’s long-term
prosperity and environmental leadership.
Richard LaBelle, CEO of Atlas Salt , commented: “This initiative is not just about
innovation, it’s about building a stronger, more sustainable future for Newfoundland
and Labrador. By integrating advanced automation and low-emission mining
technologies, we are creating new economic opportunities while minimizing
environmental impact. Thanks to ACOA’s support, the Great Atlantic Salt Project is
moving one step closer to becoming a world-class operation that will benefit our
province for generations.”
The Honourable Gudie Hutchings, Minister of Rural Economic Development and
Minister responsible for ACOA, said: “This investment from your federal government
is about helping Atlas Salt find new ways to boost our economy here in
Newfoundland and Labrador. Mining has been part of our history for generations;
embracing new technologies, we are setting the stage for an even brighter future
right here at home.”
For further information and ongoing updates, please visit https://atlassalt.com.
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:
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TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
Richard LaBelle, CEO
(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: obtaining financing, 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, 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
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TSXV: SALT
100 New Gower Street, Suite 910
St. John’s, NL A1C 6K3
Telephone: (709) 739-9545
AtlasSalt.com
Company does not assume any obligation to update the forward-looking statements of
beliefs, opinions, projections, or other factors, should they change.