Clean Air Metals Announces the Appointment of Mr. Mike Garbutt, P.Eng. MBA as Chief Operating Officer
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.
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.
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.
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.
SOURCE Clean Air Metals Inc.
ON BEHALF OF THE BOARD OF DIRECTORS, "Abraham Drost", Abraham Drost, M.Sc., P.Geo., Chief Executive Officer, Ph: 807-252-7800, [email protected]; www.cleanairmetals.ca
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