THUNDER BAY, ON, Jan. 11, 2021 /CNW/ - Clean Air Metals Inc.
("Clean Air Metals" or the "Company") (TSXV: AIR)
(FRA: CKU) (OTCQB: CLRMF) and Fort William First Nation, Red Rock
Indian Band and the Biinjitiwaabik Zaaging Anishinaabek
(collectively the "Cooperating Participants") jointly announce that
they have advanced their relationship through a signed Memorandum
of Agreement (the "MOA") effective as of January 8, 2020.
Clean Air Metals and its wholly-owned subsidiary, Panoramic PGMs
(Canada) Ltd., are
undertaking mineral exploration activities on mining claims located
in the Greenwich Lake Area and Tartan Lake Area, related to the
Company's Thunder Bay North Project (the "Project"). The
Company's exploration activities are located on lands which the
Participating First Nations assert are part of their traditional
territory and in which the Participating First Nations assert their
members hold and exercise Aboriginal and/or Treaty rights (the
"Rights").
The MOA confirms a framework for a mutually beneficial
relationship between the Cooperating Participants regarding the
Project, based on the relationship set out in a November 2011 Memorandum of Agreement and
Communication Protocol among the Cooperating Participants, which
remains in effect. The MOA establishes a foundation for
collaborative and respectful communications between the Cooperating
Participants to facilitate Clean Air Metals' consultation with the
Participating First Nations to identify:
- potential impacts of the Project on the Participating First
Nations interests and rights;
- the appropriate measures to mitigate and avoid any adverse
effects; and
- opportunities to enhance positive impacts and benefits.
Warrant Instrument
The MOA also sets out initial economic accommodation that the
Company will provide to the Participating First Nations, in the
form of a warrant instrument, pending the completion of further
relationship agreements. As part of the consideration for the
Participating First Nations working with Clean Air Metals on the
design, approval and development of the Project and as part of the
Company's accommodation of the Participating First Nations'
interests and rights related to the Project, Clean Air Metals will
issue to each of the Participating First Nations, 1 million
(1,000,000) warrants (the "Warrants") to purchase common shares of
Clean Air Metals on the terms set out below and subject to TSX
Venture Exchange approval and applicable securities law, including
the availability of exemptions from registration and prospectus
requirements and regulatory hold periods, including a hold period
of four months and one day from the date of issue of the
Warrants.
Each Warrant will have the following terms:
a. The exercise
price of each Warrant will be $0.39,
or such higher price as permitted by the TSX Venture Exchange.
b. The Warrants
will expire five years from the date of this agreement and will be
evidenced by a warrant certificate containing customary terms.
c. No
Participating First Nation may, without the consent of the Company,
transfer, sell or otherwise dispose of the Warrants or the common
shares issued upon the exercise of such Warrants before the
two-year anniversary of the signing of this agreement, except to
one or more entities holding property for the benefit of that
Participating First Nation, provided such entities agree to be
bound by commitments in this section.
Future Negotiation of Exploration Agreement and Community
Impacts Benefit Agreement
The Cooperating Participants intend to re-affirm their future
relationship through an Exploration Agreement ("EA"), during the
exploration phase of the Project effective from May 1, 2020, and then through a Community Impacts
Benefits Agreement ("CIBA"), during subsequent phases of the
Project. The Cooperating Participants will work in good faith to
negotiate the EA and CIBA, at the appropriate times relative to the
phase of the Project.
Chief of Fort William First Nation, Peter Collins, stated that "the
Participating Communities appreciate the commitment to equity,
diversity and inclusion that Clean Air Metals has demonstrated to
date. My team informs me that the work site at the Thunder Bay
North Project is clean and safe, the workers are happy and that the
Company hires aboriginal. The Company has also expressed interest
in facilitating access to mining knowledge and aptitude among our
children and youth through Mining Matters curriculum which we
appreciate. Clean Air Metals is the type of Company we can get
behind and we look forward to a productive working relationship
with them."
Chief Executive Officer of Clean Air Metals, Abraham Drost, stated that "Clean Air
Metals acknowledges that the Thunder Bay North and Escape Lake
project areas are subject to Aboriginal traditional and treaty
rights which are protected under Section 35 of the Constitution
Act, Canada. The Company pledges
integrity and meaningful consultation and accommodation with
affected First Nation communities in the hope of achieving
community consensus around sustainable regional economic
development opportunities. Clean Air Metals is very pleased to sign
this Memorandum of Agreement and to be an active Participant with
the Fort William First Nation, the Red Rock Indian Band and
Biinjitiwabik Zaaging Anishinaabek."
COVID Policy
Clean Air Metals continues to apply COVID-19 avoidance and
personal protection measures for its geological staff, drilling
contractor and service suppliers during the third quarter.
Personnel are required to maintain physical distance, use Personal
Protective Equipment (PPE), self-monitor and self-isolate or elect
to work from home. Management had previously eliminated plans for a
camp setup to service a planned diamond drill campaign on the
Escape Lake Project. The Company is aware of Thunder Bay Health
Unit guidelines that provide for "mandatory" self-isolation for
returning overseas and inter-provincial travel. The guidelines also
"strongly recommended" self-isolation after travel into the
Northwest region from other areas of the Province. Mineral
Exploration and Development has been deemed an essential service in
the Province
of Ontario (http://www.netnewsledger.com/2020/03/23/ontario-covid-19-business-allowed-to-remain-open-list-march-23-2020/).
The Company has procured the services of a locally staffed and
serviced diamond drilling contractor to complete its diamond
drilling programs.
About Clean Air Metals Inc.
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 Clean Air Metals project hosts the Current Lake
deposit and magma conduit and the Company is actively exploring the
Escape Lake deposit, a twin structure to the Current Lake deposit.
Executive Chairman Jim Gallagher and
CEO Abraham Drost lead an
experienced team of explorers, researchers and engineers who are
using the Norilsk magma conduit stratigraphic and mineral deposit
model to guide ongoing exploration and development studies. 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.
ON BEHALF OF THE BOARD OF DIRECTORS
"Abraham Drost"
Abraham Drost, Chief Executive
Officer of Clean Air Metals Inc.
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.
Cautionary Note
The information contained herein contains "forward-looking
statements" within the meaning of applicable securities
legislation. 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 projections.
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SOURCE Clean Air Metals Inc.