THUNDER
BAY, ON, May 10, 2022 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(FRA: CKU) (OTCQB: CLRMF) is pleased to announce the appointment of
Mike Garbutt, P.Eng. MBA as Chief
Operating Officer for the Company, effective immediately.
Mr. Garbutt is a senior mining engineer most recently employed
as Deputy General Manager on a major mine build in northern
Ontario. He is well experienced in
mine operations having held senior leadership roles as General
Manager and Mine Manager. Mike also brings a solid base of
mine engineering and study experience to the team, supported by
strong business acumen, financial modelling capabilities and due
diligence experience. He is Lean/Six Sigma Black Belt trained and
has led significant business improvement engagements over multiple
organizations. He is experienced in the successful transition from
capital projects to operations implementing Operational Excellence
as a foundation and is an active Board Member of the Ontario Mining
Association.
Jim Gallagher, P.Eng.
Executive Chair of the Board of Directors stated "Clean Air
Metals is fundamentally committed to being a leader and innovator
in ESG principals and implementation as we progress the Thunder Bay
North project from exploration into feasibility studies and
environmental permitting. Mike is capable of leading that process
and ultimately construction of a successful mine development at
Thunder Bay North. We are fortunate to have attracted an individual
of his caliber."
In accepting the COO position, Mr. Garbutt stated "It is
clear that the team here at Clean Air Metals is well positioned for
success. I am looking forward to working with the group to advance
our flagship Thunder Bay North project."
Pursuant to Mr. Garbutt's appointment, the Company has granted
1,000,000 incentive stock options under the Company's Stock Option
Plan, subject to regulatory approval. The stock options are
exercisable at a price of $0.22 per
share, for a term of 5 years from the date of issue.
COVID Policy
Clean Air Metals continued to apply COVID-19 avoidance and
personal protection measures for its geological staff, drilling
contractor and service suppliers during the third quarter and has
had zero occurrences of COVID-related illness year to date.
Personnel are required to maintain physical distance, use Personal
Protective Equipment (PPE), self-monitor and self-isolate or elect
to work from home. The Company follows provincial government COVID
protocols.
About Clean Air Metals
Inc.
Clean Air Metals' flagship asset is the 100% owned, high grade
Thunder Bay North Project, a platinum, palladium, copper, nickel
project located near the City of Thunder
Bay, Ontario and the Lac des Iles Mine owned by Impala
Platinum. The Thunder Bay North Project hosts the twin magma
conduit bodies which host Current and Escape deposits forming the
basis for a positive preliminary economic assessment (PEA) around a
ramp access underground mine filed January
12, 2022.
The Thunder Bay North project PEA envisions a 10-year mine life
at 3600 tonnes per day with a fully discounted pretax NPV5 of
C$425 million and an IRR of 31%
against initial capital of $367
million. The commodity mix at Thunder Bay North fits well
with the recently announced Ontario Critical Minerals Strategy.
Executive Chair Jim Gallagher and
CEO Abraham Drost lead an
experienced technical team to guide preparation for prefeasibility
studies of a low-carbon, sustainable mining operation at Thunder
Bay North. As the former CEO of North American Palladium Ltd. which
owned the Lac des Iles Mine prior to the sale to Impala Platinum in
December 2019, Jim Gallagher and team are credited with the
mine turnaround and creation of significant value for
shareholders.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note
The information contained herein contains "forward-looking
statements" within the meaning of applicable securities
legislation, including statements regarding the potential of the
Thunder Bay North Project and the Escape and Current deposits and
timing of technical studies including prefeasibility studies and
updated mineral resource estimates. Forward-looking statements
relate to information that is based on assumptions of management,
forecasts of future results, and estimates of amounts not yet
determinable. Any statements that express predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance are not statements of historical
fact and may be "forward-looking statements." Forward-looking
statements are subject to a variety of risks and uncertainties
which could cause actual events or results to differ from those
reflected in the forward-looking statements, including, without
limitation: political and regulatory risks associated with mining
and exploration; risks related to the maintenance of stock exchange
listings; risks related to environmental regulation and liability;
the potential for delays in exploration or development activities
or the completion of feasibility studies; the uncertainty of
profitability; risks and uncertainties relating to the
interpretation of drill results, the geology, grade and continuity
of mineral deposits; risks related to the inherent uncertainty of
production and cost estimates and the potential for unexpected
costs and expenses; results of prefeasibility and feasibility
studies, and the possibility that future exploration, development
or mining results will not be consistent with the Company's
expectations; risks related to commodity price fluctuations; and
other risks and uncertainties related to the Company's prospects,
properties and business detailed elsewhere in the Company's
disclosure record. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
in forward-looking statements. Investors are cautioned against
attributing undue certainty to forward-looking statements. These
forward-looking statements are made as of the date hereof and the
Company does not assume any obligation to update or revise them to
reflect new events or circumstances, except in accordance with
applicable securities laws. Actual events or results could differ
materially from the Company's expectations or projection.
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content:https://www.prnewswire.com/news-releases/clean-air-metals-announces-the-appointment-of-mr-mike-garbutt-peng-mba-as-chief-operating-officer-301543334.html
SOURCE Clean Air Metals Inc.