Frontier Lithium Announces Stephen J.J. Letwin as Director
SUDBURY, ON, Sept. 23, 2020 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (the "Company" or "Frontier") is pleased to announce that, effective immediately, it has appointed Mr. Stephen J.J. Letwin to its Board of Directors.
"We welcome Mr. Letwin to Frontier's Board of Directors. He is a grounded person and an appreciable addition with over 30 years of impressive operating and financial experience in the resource industry," stated the Company Chair Reginald (Rick) Walker. "We are looking forward to working with Steve as he will significantly aid Frontier as we work toward building a fully integrated lithium mining and chemical company."
Mr. Letwin commented "I am thrilled to be joining Frontier Lithium's Board of Directors and recognize the Company's quality lithium assets. I am enthused about its potential to supply critical materials required by clean tech and an emerging global energy transition. This is an exciting time."
In February 2020, Mr. Letwin was appointed President and CEO of Mancal Corporation. Prior to Mancal, Mr. Letwin was President and CEO of IAMGOLD Corporation for ten years and was also a member of their Board of Directors. In 2018, Mr. Letwin, was recognized as the North American Mining Executive of the Year at the Mines & Money Outstanding Achievement Awards. Under his leadership, IAMGOLD and Sumitomo Metal Mining Co. was awarded the 2018 Viola R. Macmillan Award from the Prospectors and Developers Association of Canada (PDAC) for demonstrating leadership in the financing and management of one of Canada's largest undeveloped gold projects. Prior to joining IAMGOLD, Mr. Letwin was previously with Enbridge Inc. in Houston, Texas, as Executive Vice President, Gas Transportation & International. He was responsible for natural gas operations including overall responsibility for Enbridge Energy Partners as Managing Director. Before Enbridge, he was President & CEO of TransCanada Energy and CFO of TransCanada Pipelines, Numac (Westcoast Energy), and Encor Energy.
Currently, Mr. Letwin is a Director of Hess Midstream (2018) and of Margaux Resources. Mr. Letwin holds an MBA from the University of Windsor, is a Certified General Accountant, a graduate of McMaster University (B.Sc., Honours), and a graduate of the Harvard Advanced Management Program. Throughout his career Mr. Letwin has made significant contributions to North American resource development and volunteerism whereby some of his achievements have been recognized: Alberta Centennial Award (2006), L'officer de l'ordre national – Burkina Faso (2011), Queen Elizabeth II Diamond Jubilee Medal (2016), and Order of the Yellow Star Medal - Suriname (2018).
Other Matters
The Company also announces that pursuant to its "Stock Option Plan" it has granted 5,450,000 stock options to certain employees, officers, directors and consultants. The options are set for a period of five years, expiring on September 23, 2025. The options are priced at $.25 and are subject to regulatory approval.
About Frontier Lithium Inc.
Frontier Lithium is a Sudbury based, publicly listed, junior mining company with the largest land position in an emerging premium lithium mineral district located in the Great Lakes region of northern Ontario. The company maintains 100% interest in the PAK Lithium Project which contains one of North America's highest-grade, large tonnage hard-rock lithium resources in the form of a rare low-iron spodumene. The Project has significant upside exploration potential. Frontier is a pre-production business that has recently commenced a Preliminary Economic Assessment study targeting the manufacturing of battery quality lithium hydroxide in the Great Lakes Region to support electric vehicle and battery supply chains in North America. Frontier maintains a tight share structure with management ownership approximately 30% of the Company.
About the PAK Lithium Project
The PAK Lithium Project encompasses 26,774 hectares at the south end of Ontario's Electric Avenue, which is the largest land package hosting lithium bearing pegmatites in Ontario. The Project covers 65km of the Avenue length and remains largely unexplored; however, since 2013 the company has delineated two premium spodumene bearing lithium deposits located 2.3 km from each other at the southwestern end of the project. Recently, Frontier confirmed the presence of spodumene with the Pennock Lake pegmatite occurrence a further 30km along Frontier's PAK Lithium Project. Frontier's premier Great Lakes location is advantaged by favorable geology, proven metallurgy with access to intermodal hubs, infrastructure, power, and mining and downstream lithium processing expertise.
The PAK deposit has a mineral reserve in the proven and probable categories of 5.77 MT averaging 2.06% Li2O. The deposit hosts a rare technical/ceramic grade spodumene with low inherent iron (below 0.1% Fe2O3). The Spark Deposit, winner of the "2019 Discovery of the year award" has a mineral resource estimate of 3.2 MT averaging 1.59% Li2O (indicated) and 12.2 MT averaging 1.36% Li2O (inferred), as per the NI 43-101 Technical Report, "PAK prefeasibility study, Spark resource estimation" by WSP Canada Inc. and Nordmin Engineering Ltd., updated on March 23, 2020. The Company recently initiated a Preliminary Economic Assessment study for a fully integrated project producing lithium hydroxide from the PAK Lithium Project.
Forward-looking Statements
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 release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings available at sedar.com
SOURCE Frontier Lithium Inc.
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