#Metals/ #GreenEnergy #Stock News
-Defense Metals (TSX-V: $DEFN.V) (OTCQB: $DFMTF) ANNOUNCES LANDMARK MOU WITH SINOSTEEL MECC; @DefenseMetals
MOU FOR INFORMATION SHARING, BENEFICIATION TESTWORK,
AND INVESTIGATION INTO ESTABLISHING A LARGE-SCALE PILOT PLANT AT THE WICHEEDA
RARE EARTH PROPERTY
Vancouver, British Columbia – August 10, 2021: Investorideas.com Newswire, MiningSectorStocks.com and RenewableEnergyStocks.com -Mining/Metals/ Green Energy
Stock News- Defense Metals
Corp. (“Defense Metals”) (TSX-V:DEFN
/ OTCQB:DFMTF/
35D: FSE)
is pleased to announce the execution of a non-binding
Memorandum of Understanding (“MOU”) with Sinosteel Equipment &
Engineering Co., Ltd (“Sinosteel MECC”), a subsidiary of Sinosteel
Corporation, consisting of information sharing, beneficiation testwork and potential
concentrator design research cooperation, and an investigation into the establishment
of an on-site large-scale pilot plant at the Wicheeda Rare Earth Property (“Wicheeda”)
to assess the economic and technical feasibility of full-scale mine development.
Read this news, featuring DEFN in full at https://www.investorideas.com/news/2021/mining/08101DEFN-Sinosteel-MECC.asp
Pursuant to the MOU, areas
of cooperation between the Parties are as follows:
1)
Defense Metals will
share Wicheeda project information with Sinosteel MECC including but not
limited to:
a)
Mine
development,
b)
Permitting and
licences,
c)
Transport
logistics,
d)
Project
financing,
e)
Cash cost
analysis, and
f)
Situational
updates.
Sinosteel MECC will share with DEFN its experience in the rare earths
industry relating to beneficiation, Engineering Procurement Construction (“EPC”)
and EPC financing, and other general knowledge including pricing, costs, and
other relevant matters in the rare earth elements industry.
2)
Defense Metals
will provide Sinosteel MECC with a representative mineralization sample to
carry out beneficiation testwork with the objective of compiling research to
design a concentrator suitable for handling Wicheeda feed material. The
testwork results will be used in conjunction with the ongoing Preliminary
Economic Assessment to optimise design for the future project.
a)
Wicheeda rare
earth sample will total approximately 200kg and will be sent to Sinosteel MECC
as soon as practicable and subject to obtaining any necessary government
permits and approvals.
b)
It is
anticipated the testwork will take approximately 4.5 months and cost US$200,000.
c)
After receiving
the testwork results, both parties will assess and discuss how to design a
concentrator suitable for Wicheeda feed material.
3)
The proposed
pilot plant will consist of both a beneficiation and hydrometallurgical process
to produce bulk samples of rare earth concentrate, mixed rare earth carbonate,
and high-purity rare earth oxides.
a)
DEFN will assess
the cost value assigned to the EPC contract and will inform Sinosteel MECC as
the proposed pilot plant progresses.
b)
DEFN will review
if additional related infrastructure will be required for the pilot plant can
be included in the EPC contract for Sinosteel MECC.
c)
Sinosteel MECC,
as the general contractor, will be responsible for the design, procurement of
equipment, construction, installation, commissioning, training and other works
of the pilot plant following general EPC terms.
d)
It is envisioned
the pilot plant will be fully constructed in modules in China before being
transported and installed at Wicheeda.
e)
Both parties agree
to enter into discussions regarding Sinosteel MECC providing or sourcing EPC
financing solutions for development the pilot plant such as:
a) Flexible financing solutions supported by Sinosteel
MECC but based on conditions to the satisfactory of Sinosteel MECC, and
b) Assisting DEFN to find proper investors from China
or other countries.
Craig Taylor, CEO of Defense
Metals, stated: “Defense Metals is pleased to announce a landmark MOU with Sinosteel
MECC a major player in the global mining industry and looks forward to updating
shareholders with further information as project development talks continue between
the two companies.”
Brendan Jephcott, Director
of Golden Dragon Capital Ltd. and advisory to Defense Metals stated: “Sinosteel
MECC has a long commercial history and has completed more than 400 major
metallurgical projects for the Chinese government and built many of the largest
international projects ever undertaken by People’s Republic of China.”
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.
Defense Metals is currently
advancing the road accessible Wicheeda Critical Rare Earth Element (REE)
Property, which is located close to infrastructure approximately 80 kilometres
northeast of Prince George, British Columbia (BC). The Wicheeda project has indicated
mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth
Elements) and inferred mineral resources of 12,100,000 tonnes averaging
2.90% LREO[1].
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”.
About Sinosteel Corporation
Sinosteel Corporation is a
central enterprise under the administration of the State-Owned Assets
Supervision and Administration Commission (“SASAC”) and is engaged in
the development and processing of metallurgical mineral resources, trading and
logistics of metallurgical raw materials and products, and related engineering
technical service and equipment manufacturing. It is a large multi-national
enterprise with clearly-defined businesses that integrate resources
development, trade & logistics, engineering projects, science &
technology, equipment manufacturing to provide comprehensive services for the
steel industry and other strategic emerging industries.
About Sinosteel MECC
Sinosteel MECC is a
subsidiary of Sinosteel Corporation and its business covers product trading and
mining project construction. Sinosteel MECC has previously cooperated with
Australian rare earths company Northern Minerals Ltd. where it was granted the
EPC contract for the engineering, procurement, and construction of a 60,000tpa
pilot plant for the Browns Range Rare Earth Project located in Western
Australia.
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 the MOU and the expected outcomes and developments that
may arise, plans for the Wicheeda Property,
completion of test-work by Sinosteel MECC, shipment of samples to
Sinosteel MECC, completion of PEA, the
advancement and development of the Wicheeda Property, 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 ability to achieve
its goals, that general business and economic conditions will not change in a
material adverse manner, that governmental approvals will be obtained, 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 those
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, governmental,
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
conditions, failure to maintain or obtain all necessary government permits,
approvals and authorizations, failure to maintain community acceptance
(including First Nations), 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 increase in costs, failure to obtain equipment, 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.
Paid News -Disclaimer/Disclosure: Investorideas.com is a digital publisher of third
party sourced news, articles and equity research as well as creates original
content, including video, interviews and articles. Original content created by
investorideas is protected by copyright laws other than syndication rights. Our
site does not make recommendations for purchases or sale of stocks, services or
products. Nothing on our sites should be construed as an offer or solicitation
to buy or sell products or securities. All investment involves risk and
possible loss of investment. This site is currently compensated for news
publication and distribution, social media and marketing, content creation and
more. Contact each company directly regarding content and press release
questions. Disclosure is posted for each compensated news release, content
published /created if required but otherwise the news was not compensated for
and was published for the sole interest of our readers and followers.
Disclosure : this news release featuring Defense Metals
Corp. is a paid for service on Investorideas.com ($750) More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and
our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Please read Investorideas.com privacy
policy: https://www.investorideas.com/About/Private_Policy.asp
About
Investorideas.com
https://www.investorideas.com/About/
Sign
up for free stock news alerts at Investorideas.com
https://www.investorideas.com/Resources/Newsletter.asp
RenewableEnergyStocks.com: investing ideas in
renewable energy stocks - solar, wind, batteries and more - Environmental,
social and governance (ESG) investing tools
Like Renewable Energy Stocks? View our
Renewable Energy Stocks Directory Get News Alerts on Renewable Energy Stocks
MiningSectorStocks.com -
investing ideas in mining stocks
Like Mining Stocks? View our Mining Stocks Directory
[1] 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).
No comments:
Post a Comment