/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
VANCOUVER, BC, May 25, 2022
/CNW/ - Macarthur Minerals Limited (ASX: MIO) (TSXV:
MMS) (OTCQB: MMSDF) (the Company or Macarthur)
is pleased to update shareholders that it has appointed a strategic
Sub-Committee to assist Macarthur's Board of Directors for the
purpose of the development, assessment, and implementation of the
Company's plan for the development of the Lake Giles Iron Project
and associated infrastructure (power, water treatment and
construction).
KEY ELEMENTS OF THE STRATEGIC SUB-COMMITTEE
Committee members will comprise Cameron
McCall as chair, supported by Andrew
Suckling, the Company's New
York based Director.
The Sub-Committee has been granted the authority by the Board to
appoint a Technical/Advisory team for the purpose of assessing
potential strategic partners. Key members to this team are:
- Mr Richard Moon- General
Manager, International Sales and Marketing;
- Dr Dean Carter - General
Manager, Projects;
- Mr Edward Sugar - EAS Advisors,
New York; and
- Legal, investment banking and taxation consultants to be
advised.
The Sub-Committee is responsible for the establishment of:
- Producing the Company's strategic partner action plan, drawing
together the individual efforts of the Company's executives;
Richard Moon's efforts in the
Korean, Singaporean and Japanese markets; and EAS Advisors'
initiatives in North America.
- A program to engage and solicit support from the Australian
Federal Government, project support in order to deliver this
project for the Esperance and Goldfields community.
- Implementation of a plan targeting preferred partners for
construction, power, water, communications and logistics.
- Preparation and management of any merger and/or takeover
proposals received by the Company.
Cameron
McCall, President and Executive Chairman of Macarthur
Minerals commented:
"A key focus of Macarthur over the next 12 months is the
identification of key strategic partners to advance the Lake Giles
Iron Project to the delivery phase. Over the course of the past 8
months, whilst the Feasibility Study was under development, Mr Moon
in Korea, Macarthur's Board and Eddie
Sugar (EAS Advisors New York) have been fielding enquiries
from interested parties. It is fair to say, all interested parties
were waiting on the Feasibility Study results to catalyse any
detailed evaluation of the opportunities presented by the Lake
Giles Iron Project. This Sub-Committee now draws
together these intentions in a co-ordinated fashion and signals the
commencement of the Company's delivery phase of the Lake Giles Iron
Project. "
On behalf of the Board of
Directors, Cameron McCall, Executive
Chairman
Company profile
Macarthur is an iron ore development,
and lithium exploration company that is focused on bringing to
production its Western Australia
iron ore projects. The Lake Giles Iron Project mineral resources
include the Ularring hematite resource (approved for development)
comprising Indicated resources of 54.5 million tonnes at 47.2% Fe
and Inferred resources of 26 million tonnes at 45.4% Fe and the
Lake Giles magnetite resource of 53.9 million tonnes (Measured),
218.7 million tonnes (Indicated) and 997 million tonnes (Inferred).
The Lake Giles Iron Project also contains Proven Ore Reserves of
51.9 Mt and Probable Ore Reserves of 184.7Mt. Macarthur also holds
24 square kilometre tenement area iron exploration interests in the
Pilbara region of Western
Australia. In addition, Macarthur has lithium brine Claims
in the emerging Railroad Valley region in Nevada, USA.
No new information
The Mineral Resource and Ore
Reserve estimates presented above have previously been released to
the ASX on 21 March 2022, including
supporting JORC reporting tables. Unless explicitly stated,
no new information is contained in accordance with Table 1
checklist in the JORC Code. The Company confirms that it is
not aware of any new information or data that materially affects
the information included in the relevant market announcements and,
in the case of Mineral Resources and Ore Reserves that all
assumptions and technical parameters underpinning the estimates in
the relevant market announcement continue to apply and have not
materially changed.
Caution Regarding Forward Looking
Statements
Certain of the statements made and information contained in this
press release may constitute forward-looking information and
forward-looking statements (collectively, "forward-looking
statements") within the meaning of applicable securities
laws. All statements herein, other than statements of
historical fact, that address activities, events or developments
that the Company believes, expects or anticipates will or may occur
in the future, including but not limited to statements regarding
expected completion of the Feasibility Study; conversion of Mineral
Resources to Ore Reserves or the eventual mining of the Project,
are forward-looking statements. The forward-looking
statements in this press release reflect the current expectations,
assumptions or beliefs of the Company based upon information
currently available to the Company. 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 no assurance can be given that these
expectations will prove to be correct as actual results or
developments may differ materially from those projected in the
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include but are not limited to: unforeseen
technology changes that results in a reduction in iron or magnetite
demand or substitution by other metals or materials; the discovery
of new large low cost deposits of iron magnetite; the general level
of global economic activity; failure to complete the FS; inability
to demonstrate economic viability of Mineral Resources; and failure
to obtain mining approvals. Readers are cautioned not to
place undue reliance on forward-looking statements due to the
inherent uncertainty thereof. Such statements relate to future
events and expectations and, as such, involve known and unknown
risks and uncertainties. The forward-looking statements contained
in this press release are made as of the date of this press release
and except as may otherwise be required pursuant to applicable
laws, the Company does not assume any obligation to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE Macarthur Minerals Limited