#RareEarth
#Metal #Stock Defense Metals (TSXV: $DEFN.V) (OTCQB: $DFMTF) Joins Discovery
Group and Appoints a New Director, @DiscoveryExpl
@DefenseMetals
Vancouver,
British Columbia – April 11, 2023:
Investorideas.com
Newswire, Mining/Metals/ Green Energy
Stock news- Defense Metals Corp.
(“Defense Metals” or the “Company”) (TSX-V:DEFN / OTCQB:DFMTF/
35D: FSE)
announces that Defense Metals has
joined the Vancouver-based Discovery Group led by Mr. John Robins and Mr. Jim
Paterson. In addition, Mr. Dale Wallster
has been appointed to the Company’s board of directors.
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2023/mining/04111DEFN-Discovery-Group-and-New-Director.asp
John
Robins, Co-Founder and Principal of Discovery Group commented:
“We are excited to welcome Defense Metals
into Discovery Group. In my opinion,
Defense represents a world-class opportunity in the rare earth / critical
metals space. Viewed as being one of the
highest grade deposits globally, and led by a strong management and technical
team, Defense has all the attributes we look for in a Discovery Group
company. The addition of Defense to our
roster of companies, will round out the Discovery Group portfolio and will
elevate the exposure of all our member companies, as we continue to educate and
inform shareholders about market opportunities that exist with high quality
junior mining explorers.”
Craig
Taylor, CEO of Defense Metals commented:
“We are pleased to welcome Dale Wallster to the Board. He brings a wealth of mineral exploration and
capital markets experience to Defense Metals and we look forward to working
with him as we continue to advance the Wicheeda Rare Earth Elements
project. The Company is also pleased to
have joined Discovery Group, an alliance of public companies focused on the
advancement of mineral exploration and mining projects with a proven track
record of generating shareholder value.
We look forward to a close working relationship with the team at Discovery
Group.”
Dale
Wallster is a prospector and geologist with over 40 years’ experience in North
American mineral deposit exploration. As President and founder of
Roughrider Uranium Corp., which was acquired by Hathor Exploration Limited in
2006, Dale and his team are widely credited for the discovery of Hathor’s
Roughrider deposit. In January of 2012 Rio Tinto plc acquired Hathor for
CAD$650 million.
Mr. Wallster commented:
“In the recent explosion of strategic, geopolitical and
investment interest in North American Critical Minerals, rare earth element
companies represent the “Rodney Dangerfield” of the class; they are getting “no
respect”. Given their importance in the electrification of the world I expect
this to change soon and Defense Metals, with its Wicheeda Project
pre-feasibility study expected in 2024, is leading the pack.”
About
Discovery Group
Discovery
Group is an alliance of public companies focused on the advancement of mineral
exploration and mining projects with a proven track record of generating
shareholder value through responsible, sustainable, and innovative development.
Founded
in 2005 by John Robins and Jim Paterson, two respected entrepreneurs in the Canadian
mining industry, Discovery Group has generated over $500M in direct and
indirect expenditures resulting in over $2.6 billion in M&A
activity, with the most recent success being the sale of Great Bear
Resources Ltd. to Kinross Gold Corporation for $1.8 billion. For more information, visit www.discoverygroup.ca.
Qualified Person
The
scientific and technical information contained in this news release has been
reviewed and approved by Kristopher J. Raffle, P.Geo. (B.C.), Principal and
Consultant of APEX Geoscience Ltd. of Edmonton, Alberta, who is a director of
Defense Metals and a “Qualified Person” as defined in National Instrument
43-101.
About the Wicheeda REE Property
Defense
Metals 100% owned, 4,262-hectare (~10,532-acre) Wicheeda Light REE property is
located approximately 80 km northeast of the city of Prince George, British
Columbia; population 77,000. The Wicheeda REE Project is readily accessible by
all-weather gravel roads and is near infrastructure, including hydro power
transmission lines and gas pipelines. The nearby Canadian National Railway and
major highways allow easy access to the port facilities at Prince Rupert, the
closest major North American port to Asia.
The
2021 Wicheeda REE Project Preliminary Economic Assessment technical report
("PEA") outlined a robust after-tax net present value (NPV@8%) of
$517 million and an 18% IRR1. This PEA contemplated an open pit
mining operation with a 1.75:1 (waste:mill feed) strip ratio providing a 1.8
Mtpa ("million tonnes per year") mill throughput producing an average
of 25,423 tonnes REO annually over a 16 year mine life. A Phase 1 initial pit
strip ratio of 0.63:1 (waste:mill feed) would yield rapid access to higher
grade surface mineralization in year 1 and payback of $440 million initial
capital within 5 years.
About Defense Metals Corp.
Defense Metals Corp. is a
mineral exploration and development company focused on the acquisition,
exploration and development of mineral deposits containing metals and elements commonly
used in the electric power markets, defense industry, national security sector
and in the production of green energy technologies, such as, rare earths
magnets used in wind turbines and in permanent magnet motors for electric
vehicles. Defense Metals owns 100% of the Wicheeda Light Rare Earth Element
Deposit located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under
the symbol “DEFN” on the TSX Venture Exchange, in the United States, under
“DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.
For
further information, please contact:
Todd Hanas, Bluesky
Corporate Communications Ltd.
Vice President, Investor
Relations
Tel: (778) 994 8072
Email: todd@blueskycorp.ca
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 news release.
Cautionary
Statement Regarding “Forward-Looking” Information
This
news release contains “forward‐looking information
or statements” within the meaning of applicable securities laws,
which may include, without limitation, statements relating to advancing the
Wicheeda REE Project, the expected benefits and outcomes of working with the
Discovery Group, completion of a PFS and the expected timelines, the technical,
financial and business prospects of the Company, its project and other matters.
All statements in this news release, other than statements of historical facts,
that address events or developments that the Company expects to occur, 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 may differ materially from those in the forward-looking
statements. Such statements and information are based on numerous assumptions
regarding present and future business strategies and the environment in which
the Company will operate in the future, including the price of rare earth
elements, the anticipated costs and expenditures, the ability to achieve its goals,
that general business and economic conditions will not change in a material
adverse manner, that financing will be available if and when needed and on
reasonable terms. Such forward-looking information reflects the Company’s views
with respect to future events and is subject to risks, uncertainties and
assumptions, including
the risks and uncertainties relating to the interpretation of
exploration and metallurgical results, risks related to the inherent
uncertainty of exploration and development and cost estimates, the potential
for unexpected costs and expenses and those other risks filed under the Company’s profile
on SEDAR at www.sedar.com.
While such estimates and assumptions are considered
reasonable by the management of the Company, they are inherently subject to
significant business, economic, competitive and regulatory uncertainties and
risks. Factors
that could cause actual results to differ materially from those in forward
looking statements include, but are not limited to, continued availability of
capital and financing and general economic, market or business conditions,
adverse weather and climate conditions, failure to maintain or obtain all
necessary government permits, approvals and authorizations, failure to maintain
community acceptance (including First Nations), risks relating to
unanticipated operational difficulties (including failure of equipment or
processes to operate in accordance with specifications or expectations, cost
escalation, unavailability of personnel, materials and equipment, government
action or delays in the receipt of government approvals, industrial
disturbances or other job action, and unanticipated events related to health,
safety and environmental matters), risks relating to inaccurate geological, metallurgical and
engineering assumptions, decrease in the price of rare earth elements, the
impact of Covid-19 or other viruses and diseases on the Company’s ability to
operate, an inability to predict and counteract the effects of COVID-19 on the
business of the Company, including but not limited to, the effects of COVID-19
on the price of commodities, capital market conditions, restriction on labour
and international travel and supply chains, loss of key employees, consultants,
or directors, increase in costs, delayed results, litigation, and failure of
counterparties to perform their contractual obligations. The Company does not
undertake to update forward‐looking statements
or forward‐looking information, except as required by
law.
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