Announces Receipt of Substantial Utah Tax Credit
FOR IMMEDIATE RELEASE
CRYSTAL PEAK MINERALS INC.
ANNOUNCES RECEIPT OF
SUBSTANTIAL UTAH TAX CREDIT
Toronto, June 05, 2017 - Crystal Peak Minerals Inc. (“Crystal Peak” or the “Company”)
(TSXV: CPM, OTCQX: CPMMF) today announced receipt of a Utah High Cost Infrastructure
Tax Credit (“Infrastructure Tax Credit”) issued by the Utah Office of Energy Development. The
non-refundable Infrastructure Tax Credit awarded to Crystal Peak totals approximately
$112,500,000 (USD).
“The State of Utah has once again demonstrated unwavering support for our project,” said Lance
D’Ambrosio, Chief Executive Officer of Crystal Peak . “The value of the incentive represent s
approximately one -third of the project ’s capital expenditures as projected by the Company’s
preliminary feasibility study . In providing this extremely significant tax c redit, the state has
shown how it can partner with companies like Crystal Peak to improve infrastructure and bring
hundreds of jobs to rural Utah.”
The Infrastructure Tax Credit is a post -performance credit issued against state business taxes in
Utah. The purpose of the credit is to support the development of i nfrastructure in underserved
areas and to bring jobs to rural Utah. It provides a n incentive for costs incurred by certain
business types over a twenty-year period for up to 50% of “qualifying infrast ructure” that is put
in place or improved by these businesses. Q ualifying infrastructure is defined as, among other
things, improvements such as e lectric power transmission lines, natural gas transmission lines,
power substations, rail facilities, road improvements, and certain types of water projects.
“We are committed to the responsible development of Utah’s abundant natural resources,” said
Dr. Laura Nelson, the governor's energy advisor and executive director of the Governor's Office
of Energy Development. “Supporting infrastructure investment for projects such as Crystal Peak
is important for delivering on the opportunities for efficient and sustainable development,
providing new jobs and economic growth to communities across the state.”
Steve Styler, Government Relations Director for Crystal Peak and a local attorney in Delta, UT
added; “The Utah Office of Energy Development has been absolutely terrific to work with
during this entire process. Also, the Crystal Peak team, including Blake Measom, Woods
Silleroy, and Dean Pekeski did some amazing work in pursuing and securing this extremely
valuable credit.”
About Crystal Peak Minerals Inc.
Crystal Peak is focused on the production of premium specialty fertilizers. Crystal Peak controls,
directly or through agreement, mineral leases on more than 124,000 acres on its Sevier Playa
property in Millard County, Utah. With a brine mineral resource known to contain potassium,
magnesium, sulphate, lithium, and a suite of other beneficial minerals, Crystal Peak is targeting
the production of specialty fertilizers, initially focused on potassium sulphate ( “SOP”), through
the use of a cost -effective solar evaporation process. SOP and other specialty fertilizers are used
in the production of high value, chloride -sensitive crops such as fruits, vegetables, and tree nuts.
Crystal Peak is currently engaged in engineering and analysis designed to support a feasibility
study, environmental permitting, and ultimately mineral production.
For further information, please contact:
Lance D'Ambrosio
Chief Executive Officer
(801) 485-0223
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 release.
Forward-Looking Information
This news release contains "forward -looking information" within the meaning of applicable
Canadian securities legislation. Forward -looking information includes, but is not limited to , the
feasibility study and the results thereof; the targeting of the deve lopment and production of
specialty fertilizers and associated minerals, including SOP, lithium, and magnesium compounds
through the use of a cost -effective solar evaporation process; and Crystal Peak’s future business.
Generally, forward -looking informati on can be identified by the use of forward -looking
terminology such as "plans", "is expected", "expects" or "does not expect", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
"believes", or variations of such words and phrases ; or terms that state that certain actions,
events, or results "may", "could", "would", "might", or "will be taken", “could occur", or "be
achieved". Forward-looking information is based on the opinions and estimates of management
at the date the information is made, and is based on a number of assumptions and is subject to
known and unknown risks, uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of Crys tal Peak to be materially different from those
expressed or implied by such forward-looking information. Although Crystal Peak has attempted
to identify important factors that could cause actual results to differ materially from those
contained in forward-looking information, there may be other factors that cause results not to be
as anticipated, estimated , or intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place undue reliance on
forward-looking information. Crystal Peak does not undertake to update any forward- looking
information, except in accordance with applicable securities laws.