#Mining/#Metals/
#GreenEnergy #Stock News -Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF) Applauds
Planned Advancement of North American REE Supply Chain with Fortress-MP
Materials Merger; @DefenseMetals
News Release - Vancouver, British Columbia – November 16, 2020: Investorideas.com Newswire - Defense Metals Corp. (“Defense Metals”) (TSX-V:DEFN / OTCQB:DFMTF is pleased to announce that on Friday November 13, 2020, Fortress Value Acquisition Corp. (“FVAC”) held a special meeting to consider the previously announced business combination with MP Materials (“MP Materials”). MP Materials is the owner and operator of Mountain Pass, the only rare earth element mining and processing site of scale in North America[1].
Read this news,
featuring DEFN in full at https://www.investorideas.com/news/2020/mining/11161DEFN-FVAC-MP.asp
The FVAC-MP Materials special meeting represents a significant milestone in the establishment of a North American critical magnet metals supply chain. If approved, the combined company created by the FVAC-MP Materials merger would have an estimated post-transaction equity value of approximately $1.5 billion[2]. Completion of the FVAC-MP Materials merger would signal a sea-change in ongoing joint Canadian-U.S.A. government efforts towards the establishment of a North American critical metals supply chain.
Defense
Metals anticipates the merger would have a positive impact on the advancement
of Canadian critical metals deposits, which includes Defense Metals Wicheeda
Rare Earth Element (REE) Property (Table 1).
Craig Taylor, CEO of Defense Metals, stated:
“The potential completion of the Fortress-MP Materials merger signals the
beginning of what Defense Metals believes will be the inevitable establishment
of a North American critical metals supply chain. This merger has the potential
to unlock significant value in other North American REE deposits like Wicheeda;
further buoyed by recent announcements by the state of California, Province of
Quebec, China and UK targeting year 2035 to ban or significantly reduce sales
of internal-combustion engine vehicles. The critical magnet metals, principally
NdPr, that occur at high concentration within the Wicheeda REE Deposit will position
Defense Metals to capitalize on the significant growth potential of the rapidly
emerging green energy-electric vehicle sector.”
Table 1. Comparison of
Mountain Pass Mine and Wicheeda REE Deposit[5]
|
PROJECT |
COUNTRY |
DEVELOPMENT
STAGE |
RESOURCES
/ RESERVES CATEGORY |
DEPOSIT
COMPARISON |
MINERAL
CONCENTRATE COMPARISON |
||||
|
Million
Tonnes |
NdPr-Oxide
Deposit |
NdPr-Oxide
Concentrate |
Feed Grade*
|
Concentrate
Grade (% LREO) |
Upgrade
Ratio |
||||
|
Wicheeda |
Canada |
Resource
and 26 Tonne Bulk Sample |
Indicated
+ Inferred |
17.0 |
0.43 |
7.4 |
4.81 |
52% |
10.8 |
|
Mountain
Pass |
USA |
Production |
Proven +
Probable |
19.2 |
1.12 |
9.5 |
7.06 |
60% |
8.5 |
*Feed grade for Wicheeda
derived from 26 tonne bulk sample head grade. Feed grade for Mountain Pass
represents combined proven+probable reserve grade
About the Wicheeda REE
Property
The 1,708 hectare Wicheeda REE Property, located approximately 80 km northeast
of the city of Prince George, British Columbia, is readily accessible by
all-weather gravel roads and is nearby to infrastructure, including power
transmission lines, the CN railway and major highways.
Geologically, the property is situated in the Foreland Belt and within
the Rocky Mountain Trench, a major continental geologic feature. The Foreland
Belt contains part of a large alkaline igneous province, stretching from the
Canadian Cordillera to the southwestern United States, which includes several
carbonatite and alkaline intrusive complexes hosting the Aley (niobium), Rock
Canyon (REE), and Wicheeda (REE) deposits.
Qualified Person
The
scientific and technical information contained in this news release as it
relates to the Wicheeda REE Property has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC)
Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of
Defense Metals and a “Qualified Person” as defined in National Instrument
43-101 – Standards of Disclosure for Mineral Projects. Mr. Raffle
verified the data disclosed which includes a review of the analytical and test
data underlying the information and opinions contained therein.
About Defense Metals Corp.
Defense
Metals Corp. is a mineral exploration company focused on the acquisition of
mineral deposits containing metals and elements commonly used in the electric power
market, military, national security and the production of “GREEN” energy
technologies, such as, high strength alloys and rare earth magnets. Defense
Metals has an option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth
Element Property 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.
Forward
Looking Information
This
news release includes certain statements that constitute “forward-looking
information or statements” within the meaning of applicable securities law,
including without limitation, Defense Metals’ plans for its properties/projects,
the positive impact that the Mountain Pass merger and listing will have on the
rare earth elements industry, the growth
potential of the green energy-electric vehicle sector, other statements
relating to the technical, financial and business prospects of Defense Metals
and its properties, and other matters.
Forward-looking statements address future events and conditions and are
necessarily based upon a number of estimates and assumptions. These statements
relate to analyses and other information that are based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of
management. Any statements that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (often, but not always, using words or phrases
such as “expects” or “does not expect”, “is expected”, “anticipates” or “does
not anticipate”, “plans”, “estimates” or “intends”, or stating that certain
actions, events or results “may”, “could”, “would”, “might” or “will” be taken,
occur or be achieved), and variations of such words, and similar expressions
are not statements of historical fact and may be forward-looking statements.
Forward-looking statement are necessarily based upon a number of factors that,
if untrue, could cause the actual results, performances or achievements of Defense
Metals to be materially different from future results, performances or
achievements express or implied by such statements. Such statements and
information are based on numerous assumptions regarding present and future
business strategies and the environment in which Defense Metals will operate in
the future, including the price of metals and elements, anticipated costs and
the ability to achieve 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, and that third party contractors, equipment and
supplies and governmental and other approvals required to conduct Defense
Metals planned exploration activities will be available on reasonable terms and
in a timely manner. While such
estimates and assumptions are considered reasonable by the management of Defense
Metals, they are inherently subject to significant business, economic,
competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and uncertainties,
which could cause actual events, level of activity, performance or results to
differ materially from those reflected in the forward-looking statements,
including, without limitation: (i) risks related to rare earth elements, and
other commodity price fluctuations; (ii) risks and uncertainties relating to
the interpretation of exploration results; (iii) risks related to the inherent
uncertainty of exploration and cost estimates and the potential for unexpected
costs and expenses; (iv) that resource exploration and development is a
speculative business; (v) that Defense Metals may lose or abandon its property
interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations
may become more onerous; (vii) that Defense
Metals may not be able to raise additional funds when necessary; (viii) the
possibility that future exploration, development or mining results will not be
consistent with Defense Metals expectations; (ix) exploration and development
risks, including risks related to accidents, equipment breakdowns, labour
disputes or other unanticipated difficulties with or interruptions in
exploration and development; (x) competition; (xi) the potential for delays in
exploration or development activities or the completion of geologic reports or
studies; (xii) the uncertainty of profitability based upon Defense Metals history
of losses; (xiii) risks related to environmental regulation and liability;
(xiv) risks associated with failure to maintain community acceptance,
agreements and permissions (generally referred to as “social licence”),
including local First Nations; (xv) risks relating to obtaining and maintaining
all necessary government permits, approvals and authorizations relating to the
continued exploration and development of Defense Metals projects; (xvi) risks
related to the outcome of legal actions; (xvii) political and regulatory risks
associated with mining and exploration; (xix) risks related to current global
financial conditions; and (xx) other risks and uncertainties related to Defense
Metals prospects, properties and business strategy. These risks, as well as
others, could cause actual results and events to vary significantly.
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, the loss of key directors, employees, advisors or consultants,
adverse weather conditions, increase in costs, equipment failures, the
impact of Covid-19 or other viruses and diseases on the Company’s ability to
operate, failure to
maintain community acceptance (including First Nations), decrease in the price
of rare earth elements, litigation, failure of counterparties to perform their
contractual obligations and fees charged by service providers. Investors are
cautioned that forward-looking statements are not guarantees of future
performance or events and, accordingly are cautioned not to put undue reliance
on forward-looking statements due to the inherent uncertainty of such
statements. The forward-looking statements included in this news release are
made as of the date hereof and Defense Metals disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as expressly
required by applicable securities legislation.
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[1] www.businesswire.com Fortress Value Acquisition Corp. and MP Materials
Announce Effectiveness of Registration Statement for Proposed Business
Combination, October 27, 2020
[2] www.businesswire.com MP Materials, a Leading Producer of Rare Earth
Materials, to Be Listed on NYSE Through Merger with Fortress Value Acquisition
Corp., July 15, 2020
[3] Technical Report on the Wicheeda Property, British
Columbia, effective June 27, 2020 and prepared by APEX Geoscience Ltd. (Steven
J. Nicholls, B.A. Sc., MAIG and Kristopher J. Raffle, B.Sc., P.Geo.) is
available under Defense Metals Corp.’s profile on SEDAR (www.sedar.com)
[4] See Defense Metals News Release date September 23,
2020
[5]Source: www.sec.gov U.S. SEC Form S-4 for Fortress
Value Acquisition Corp., September 30, 2020. Mountain Pass data are for commercial
operations and Defense Metals’ current results are from large-scale pilot plant
testing. There is no guarantee similar results can be achieved in a commercial
production scenario. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. There is no guarantee that any part of the
mineral resources discussed herein will be converted into a mineral reserve in
the future.
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