Power Group Projects Corp. Announces Board of Directors for Subsidiary
TSX V PGP, Pink Sheets CBBWF
TORONTO, March 5, 2019 /CNW/ - Power Group Projects Corp. ("Power Group") (TSX V PGP) is pleased to announce the following changes; the portfolio of cobalt assets will now be held in a 100 % wholly owned subsidiary named Cobalt Power Group Ltd. (Cobalt Power) The subsidiary will be guided by its own Board of Directors.
The Board of Directors of Power Group have named Brian Stecyk, with a strong experience in small-cap company management as well as a background in in corporate communications. Glenda Kelly, a current director, corporate secretary of Power Group (see press March 12, 2018) is also appointed as board members of Cobalt Power to provide stewardship for the continued Cobalt exploration program in 2019.
The Company is now reviewing Cobalt Power proposals regarding planning the 2019 exploration season for its cobalt assets. The proposal includes significant work to be done this season:
- The 2019 exploration plan will be announced but includes identifying targets from Helicopter-borne magnetometer and VLF: A total of 3653.1 line-km of survey was flown by Eagle Geophysics. The survey covered all of the Cobalt area properties not included in the 2016 survey and also included the Blueberry and Little Trout Lake properties. The final report was received on October 25 and is currently being interpreted by renowned geophysicist, Blaine Webster of Golden Mallard Corp.
- Field observations from mapping and sampling at the historic McMahon showing have been very encouraging.
- There is renewed excitement in area centering around increased exploration of diamond kimberlites (DeBeers) and the airborne data review includes an extra layer of interpretation of the geological data.
The Company would like to announce the resignation of Mr. Chris Healey, P.Geo and VP Exploration from the Board of Directors. Mr. Healey was instrumental in leading the exploration in the Cobalt Mining Camp and we wish him success on his future endeavours.
About Power Group Project Corp.
Power Group Projects Corp. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange and U.S. Pink Sheets (TSX-V: PGP, OTC Pink: CBBWF) focused on energy metals. The Company has made a series of strategic property acquisitions over the past two years seeking cobalt mineralization near Cobalt, Ontario, a region with a long history of silver and associated cobalt production, and now in the Athabasca basin of Saskatchewan. The Cobalt Properties are held in a 100% wholly owned subsidiary named Cobalt Power Group Ltd. with holdings totalling approximately 19,826 hectares (48,991 acres) in contiguous and strategic claim blocks. There are several historic mining operations on the properties that are potentially accessible, including the Smith Cobalt shaft and its underground workings.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
We seek safe harbour.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
CAUTIONARY STATEMENT:
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Power Group Projects Corp. Forward-looking statements include estimates and statements that describe Power Group Projects Corp.'s future plans, objectives or goals, including words to the effect that Power Group Projects Corp. or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Power Group Projects Corp., Power Group Projects Corp. provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward- looking information. Forward looking information in this news release includes, but is not limited to, Power Group Projects Corp. objectives, goals or future plans, statements (including the terms, conditions and objectives of the Transaction), details of the exploration results, potential mineralization, the company's portfolio, treasury, management team and enhanced capital markets profile, the receipt of regulatory approvals for the Offering, the receipt of regulatory approvals of the Transaction, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Transaction and the Offering on the terms as announced or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in Power Group Projects Corp. public documents filed on SEDAR. Although Power Group Projects Corp. believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Power Group Projects Corp. disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
SOURCE Power Group Projects Corp.
Glenda Kelly, Director, Vice-President of Corporate Communication, Corporate-Secretary, Tel: 647 946-2194
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