Frontier Lithium Expands Leadership Team with CFO
SUDBURY, ON, April 19, 2022 /CNW/ - Frontier Lithium Inc. (TSXV: FL) (FRA: HL2) (OTCQX: LITOF) (the "Company" or "Frontier") is pleased to announce appointment of Mr. Tony (Ming Wei) Zheng CPA, CA, CGA as Chief Financial Officer (CFO) to its executive team. Mr. Zheng is a Chartered Professional Accountant with over 11 years of experience in finance, risk management, corporate strategy, mergers, and acquisitions, with international precious and base metals companies.
"On behalf of the company, I wish to welcome Tony Zheng as Chief Financial Officer to the Frontier Team. Tony brings significant experience which will be vital as we continue our progress towards building a Tier one lithium project for North America." said Mr. Trevor Walker, President, and CEO of Frontier Lithium.
"I am excited at the opportunity to contribute to Frontier Lithium, a company that has experienced strong growth in recent years and is positioning itself to be a leader amongst North American lithium companies. I look forward to joining the talented team advancing the PAK Lithium Project to production and contributing to shareholder value." said Mr. Zheng.
Mr. Zheng has held several positions with international mining companies, most recently as VP Finance & Controller at Tanzanian Gold Corporation. Prior to Tanzanian Gold Corporation, he was Director of Finance at Guyana Goldfields Inc. and facilitated the post-acquisition integration of Guyana Goldfields by Zijin Mining Group Co., Ltd. Between 2010 and 2016, he held progressive roles at Lundin Mining Corp., including Manager, Financial Planning and Analysis, and Manager, Financial Reporting. Mr. Zheng holds a Bachelor of Commerce (Honours) degree from York University in Toronto and received CPA, CA designation in 2014 and CGA designation in 2012.
The Company also announces that pursuant to its "Stock Option Plan" it has granted 750,000 stock options, to certain employees, officers, directors, and strategic advisors. The options are set for a period of five years, expiring on April 19, 2027. The options are priced at $3.16 and are subject to regulatory approval.
Frontier Lithium is a preproduction business that is targeting to become a manufacturer of battery-quality lithium materials to support electric vehicle and battery supply chains in North America. Frontier is developing 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. Frontier continues to have significant exploration upside with potential to increase its lithium resource. The Company is a pure-play lithium development opportunity with the largest land position in a premium lithium mineral district located in Northern Ontario
The Project is a Tier 1 lithium resource, containing the highest-grade lithium deposit and targeting to be top three by size in North America. The Project encompasses 26,774 hectares and remains largely unexplored; however, since 2013, the company has delineated two premium spodumene-bearing lithium deposits (PAK and Spark), located 2.3 kilometres apart. These deposits are supported by a measured and indicated resource of 21.64 million tonnes (Mt) averaging 1.56 per cent lithium oxide (Li2O) and inferred resource of 20.86 Mt averaging 1.48 per cent Li2O. A fully integrated lithium operation from the resource for production of battery-quality lithium salts study resulted in an after-tax net present value (discounted at 8 per cent) of $974-million (U.S.) with a 21-per-cent internal rate of return. (2021 Preliminary Economic Assessment, NI 43-101 technical report titled "Pak Property" by BBA E&C Inc., issued on April 5, 2021).Considerable exploration upside is underpinned by two other spodumene-bearing discoveries: the Bolt pegmatite (located between the PAK and Spark deposits), as well as the Pennock pegmatite 30 kilometres northwest of PAK Deposit within the project claims.
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.
Bora Ugurgel, Manager, Investor Relations, 2736 Belisle Drive Val Caron, ON. P3N 1B3 CANADA, T. +001 705.897.7622, F. +001 705.897.7618
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