Power Ore CEO Letter to Shareholders & AGM Details
Power Ore CEO Letter to Shareholders & AGM
Details
TORONTO
,
May 13, 2019
/CNW/ -
PowerOre Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
is pleased to release its 2019 Annual Shareholder Letter from the CEO sent to all shareholders as a
part of the Company's annual meeting materials.
Dear Shareholders,
We have a clear path forward for Power Ore which is to define an economic orebody on our flagship
asset, the Opemiska Copper Mine Complex. We believe we can achieve this in the near term and that
when we do, we'll be in the enviable position of having a copper-gold asset of sufficient size and
grade to stand out from its peer group. Opemiska boasts superior geological merits, but also has
significant infrastructure already in place with easy access, a trait which few base metal projects
share. Opemiska is a unique opportunity, that once defined under the NI 43-101 regime should offer
shareholders significant appreciation in terms of share price and market cap from where we stand
today.
Opemiska was once a major mining operation owned by
Falconbridge
. It was then owned privately
for over 25 years, which resulted in an extensive database that has allowed us to identify the
opportunity to reinterpret what the Opemiska was under
Falconbridge
and into what it can become
under Power Ore. Previously a high grade underground mine complex consisting of two high quality
deposits, we now see it as a near surface bulk tonnage operation that hosts high grade veins and
also disseminated mineralization outside of the veins. What was thought to be waste, now has
potential to be mined as ore. This development is key as disseminated mineralization was not
previously considered based on the economics of underground mining, however, in the context of an
open pit it adds significant value.
With our own geological model on Opemiska now complete and our drill program permitted and
designed, we are fully funded to fast track and publish the project's maiden NI 43-101 resource
estimate.
While Opemiska is our clear focus, I would be remiss not to mention our Mann Mine, which boasts
extremely high grade silver and cobalt. While the cobalt market has cooled since 2018, we remain
bullish on its supply and demand fundamentals given the growth in demand for electric vehicles.
Additionally, there have been interesting developments near the Mann Mine with the announcement of
a processing facility in the region which could make Mann Mine a part of that supply chain.
With the upcoming drill campaign at Opemiska set to begin in just a few days, we look forward to
good deal of news flow as we work towards the goals set out above. In addition to this letter, we
have included a report detailing our investment in Opemiska. Thank you.
I, and our management team, would appreciate your support by voting FOR the matters set out in the
Notice of Meeting and the accompanying Management Information Circular.
Stephen Stewart
, Chief Executive Officer
Power Ore Inc.
416.644.1571
Annual General Meeting Details & Reminder to Vote
Power Ore would like to invite all shareholders and interested parties to the Company's Annual
General Meeting ("AGM") on
May 17
at
11:30am EDT
at 55 University Avenue, Suite 1805 in
Toronto, Canada
. Management encourages shareholders to review annual reports and proxy
materials which have been mailed, including the Annual Shareholder Letter from the CEO and the
Opemiska Copper Mine Complex Memo. Additionally, all information pertaining to the AGM is posted
on
www.sedar.com
.
At the Meeting shareholders will be asked, in addition to routine matters, to approve the potential
creation of a control position in connection with the exercise of the Company's option to purchase the
Opemiska Copper Mine Complex from Explorateurs-Innovateurs De Quebec Inc. ("Explorateurs").
Explorateurs may become a "control person" (as defined in TSXV policies) upon the Company
completing the third and fourth tranches under the option agreement. Under the terms of the option
agreement with Explorateurs the Company is required to appoint
Pierre Gaucher
, an insider of
Explorateurs, as a director of PowerOre within six months of TSXV approval of the transaction.
Shareholders are urged to carefully read the information circular in connection with the Annual
General Meeting. A copy of the information circular in addition to other meeting materials is available
on SEDAR at
www.sedar.com
. Management of PowerOre recommends a vote FOR all proposed
resolutions.
For further information and updates on Power Ore, please visit:
www.powerore.com
And please follow us on Twitter @PowerOre
N
either 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. Certain information in this press release may contain forward-looking statements. This
information is based on current expectations that are subject to significant risks and uncertainties
that are difficult to predict. Actual results might differ materially from results suggested in any
forward-looking statements. Power Ore is a trade name of PowerOre Inc. PowerOre Inc. assumes
no obligation to update the forward-looking statements, or to update the reasons why actual results
could differ from those reflected in the forward looking-statements unless and until required by
securities laws applicable to PowerOre Inc. Additional information identifying risks and uncertainties
is contained in filings by PowerOre Inc. with Canadian securities regulators, which filings are
available under PowerOre Inc. profile at
www.sedar.com
.
SOURCE
Power Ore
View original content:
http://www.newswire.ca/en/releases/archive/May2019/13/c8561.html
%SEDAR: 00045293E
For further information:
To speak to the Company directly, please contact: Stephen Stewart, Chief
Executive Officer, Phone: 416.644.1571, Email: [email protected], www.powerore.com
CO: Power Ore
CNW 08:11e 13-MAY-19