Crystal Peak Minerals Announces Signed Record of Decision and Project Update
TORONTO, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Crystal Peak Minerals Inc. (Crystal Peak or the Company) (TSXV: CPM, OTCQX: CPMMF) is pleased to announce receipt of the Record of Decision (ROD) from the U.S. Department of the Interior for its Sevier Playa Project (the Project) located in west central Utah.
- Major milestone in the continued development of CPM – significantly “de-risks” the Project
- On-playa construction is authorized to begin
- Enables Crystal Peak to accelerate financing and offtake arrangements
The Assistant Secretary of the Interior for Land and Minerals Management, Joseph Balash, signed the ROD in a ceremony held Tuesday, August 27th in Salt Lake City, Utah. Mr. Balash’s signature means that the ROD is now in “full force and effect” indicating that playa construction is now authorized. Also attending the ceremony were U.S. Representative Chris Stewart, leadership from the Utah Department of Natural Resources, state, district, and field office personnel from the Bureau of Land Management, Millard County commissioners, and the permitting team for the Company.
John Mansanti, Chief Executive Officer of Crystal Peak, said, “The signing of the ROD is the most important milestone in this company’s history. As one of the few greenfield SOP projects approved in the world, we are absolutely thrilled. Securing the ROD initiates an exciting phase for the Company. We look forward to a number of important announcements in the coming months in relation to financing, offtake, and the Project.”
Project Update
Receipt of the ROD is a significant milestone for the Project and facilitates other key activities. These include:
- In consultation with its advisers and prospective financiers, Crystal Peak has been working on optimization opportunities and engineering required to develop the Project.
- In parallel, the Company is engaged with several off-take candidates with strong North American and global distribution networks.
- Additionally, BNP Paribas continues to advise the Company on securing debt financing for the Project, and the Company is in advanced stages of selecting an advisor to assist with obtaining the required equity finance.
Upon receipt of funding and completion of detailed engineering, the Company will be in a position to begin construction in 2020.
About Crystal Peak Minerals Inc.
Crystal Peak is focused on the production of premium specialty fertilizers. The Company controls, directly or through agreement, mineral leases on more than 124,000 acres on the Sevier Playa in Millard County, Utah. With a brine mineral resource known to contain potassium, magnesium, sulfate, and other beneficial minerals, Crystal Peak is targeting the production of specialty fertilizers and associated products through the use of brine extraction and a cost-effective solar evaporation process. Sulfate of Potash (SOP) and other specialty fertilizers are used in the production of high value, chloride-sensitive crops such as tree nuts, fruits, and vegetables.
For further information, please contact:
Woods Silleroy
Corporate Secretary
(801) 485-0223
woods@crystalpeakminerals.com
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 permitting and construction of the Project, the targeting of the development and production of specialty fertilizers and associated minerals, including SOP, through the use of a cost-effective solar evaporation process; and Crystal Peak’s future business. Generally, forward-looking information 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, including but not limited to the timing of obtaining the necessary permits to proceed with the Project and finalizing the extension of the maturity date of the loan, that may cause the actual results, level of activity, performance or achievements of Crystal 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/087bd727-9f08-453c-8116-f1f338b5988a
Signing Ceremony
