VANCOUVER, BC, Aug. 26,
2024 /CNW/ - Defense Metals Corp.
("Defense Metals" or the "Company"; (TSXV: DEFN)
(OTCQB: DFMTF) (FSE: 35D) today announced the resignations of
Craig Taylor as Chief Executive
Officer and Director, and Len Clough, Director, effective
immediately.
Guy de Selliers, Chairman of
Defense Metals, commented:
"We are grateful for Craig's contributions to
Defense Metals and are saddened to see him leave the company. Under
his leadership, the Wicheeda Rare Earth Element Project has
progressed to an advanced stage, with a detailed pre-feasibility
study nearing completion and results expected by year-end. Craig
has also been instrumental in establishing a strong relationship
with the McLeod Lake Indian Band, which, along with the broader
support from British Columbia
provincial authorities, is vital to the company. On behalf of the
Board, management team, and our shareholders, we extend our sincere
thanks to Craig for his dedication and achievements at Defense
Metals."
Craig Taylor, commented:
"It's time for me to leave Defense Metals to
pursue other interests and step back from development of the
Wicheeda Project, which I firmly believe is the best of its kind in
North America. I take great pride
in what we've accomplished and have full confidence that the senior
management team, along with the exceptional group of engineers,
scientists, and other experts that we've brought together, will do
an outstanding job in bringing this project to production in the
near future."
The Board of Directors has initiated the search for a new CEO.
Pending the appointment of a new CEO, Executive Chairman
Guy de Selliers will lead the
company, working closely with the Board of Directors, President
Luisa Moreno and Lead Independent
Director Dale Wallster. In addition,
Senior Vice President, Corporate Development & Interim CFO,
Alex Heath, will play a key role in
supporting the leadership team and guiding the Company through this
transition.
In connection with this transition, the Company has agreed to
issue Mr. Taylor an aggregate of 1,600,000 common shares of the
Company as part of his severance. The issuance of the shares is
subject to the approval of the TSX Venture Exchange and will be
subject to a four-month hold period.
The Company also announces that Len
Clough has resigned as a director. Defense Metals extends
its sincere gratitude for his contributions and wishes him
continued success in his future endeavours.
About Defense Metals Corp. and its Wicheeda Rare Earth
Element Project
Defense Metals Corp. is focused on the development of its 100%
owned, 8,301-hectare (~20,534-acre) Wicheeda REE Project that is
located on the traditional territory of the McLeod Lake Indian Band
in British Columbia, Canada.
The Wicheeda REE Project, approximately 80 kilometres (~50
miles) northeast of the city of Prince
George, is readily accessible by a paved highway and
all-weather gravel roads and is close to 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.
Defense Metals is a proud member of Discovery Group. For more
information please visit:
www.discoverygroup.ca.
For further information, please visit
www.defensemetals.com or contact:
Alex Heath
Senior Vice President, Corporate Development & Interim CFO
Tel: +1 604-354-2491
Email: alex@defensemetals.com
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 expectations and plans for the
Wicheeda REE Project, the technical, financial and business
prospects of the Company, its project, goals 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+ (www.sedarplus.ca). 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 or obtain 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, engineering and pricing assumptions, decrease in the
price of rare earth elements, the impact of viruses and diseases on
the Company's ability to operate, restriction on labour and
international travel and supply chains, loss of key employees,
consultants, officers 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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SOURCE Defense Metals Corp.