(TheNewswire)
Vancouver, B.C. / TheNewswire / March 22, 2017 - CMC Metals Ltd. (the "Company") is pleased to provide the following Corporate Update.
As previously released (refer NR of January 12, 2017) the Company has delivered its first test batch of approximately 500 tons of bulk sample material from its 50% owned Radcliffe mine property to Klondex Mines Ltd.'s Midas facility in Elko County, Nevada for processing. Owing to unstable weather conditions and heavy snowfall in the area the company has experienced operational delays: these delays impacted operations and led to a shutdown at Radcliff over the past 90 days. These weather conditions which are uncharacteristic for the region have improved, and work has recommenced on the access road with a full start up on the Radcliff property to begin in two weeks time.
The Company has continued to advance the staged purchase of selected equipment for its Bishop mill, and is progressing the baseline parameters of its planned vadose zone monitoring program intended to monitor performance of its lined tailings impoundment facility.
On July 19, 2016 the Company announced it had entered into an agreement to lease its portable Flotation Plant previously used at its Silver Hart project, Yukon (the "Plant"), to MGX Minerals Inc. ("MGX") in return for issuance of 300,000 common shares in MGX. MGX arranged transportation of the Plant at its own cost to Cranbrook, BC to conduct a bulk sample at its Driftwood Creek Magnesium project. MGX further upgraded the Plant at at their own cost. MGX has 6 months from initial shipping to complete use of the plant, after which the Plant will be returned to the Company for deployment for its own projects in California, USA. The Company wishes to advise shareholders that the Company has since sold the 300,000 common shares it received of MGX for total proceeds of approximately C$590,000.
In addition the Company further wishes to announce the appointment of J. Gerard (Gerry) Lenoski to the Board of Directors. With a diverse background in Canadian public affairs, Mr. Lenoski brings to the Company extensive experience in the mining and energy sectors as well as expertise in governmental affairs. He has served as an officer and director in both private and public ventures, including tenure as vice-president at the Lundin Group and at Transglobe Energy. Gerry has also acted as an external counsel to companies specializing in stakeholder/financial communications, corporate governance and government relations.
Lastly the Company website is currently under redevelopment, and will be fully updated shortly as it contained data not representative to current progress.
On behalf of the Board:
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CMC METALS LTD.
For further information please contact Mr. Michael Scholz at Tel: 604-605-0166 email: info@cmcmetals.ca
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.
"This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the next stage of bulk sample operations at Radcliff are expected to commence toward the end of March, weather and access route conditions permitting, and that the company will issue confirmation of progress in the coming weeks comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."
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