CALGARY, Alberta, Nov. 29, 2018 (GLOBE NEWSWIRE) -- Canadian Premium Sand Inc. (TSXV: CPS) ("CPS" or the "Company") is pleased to announce today that it has entered into an Economic Participation Agreement (the "Participation Agreement") with Hollow Water First Nation ("Hollow Water") for the Company's Wanipigow Silica Sand Extraction Project (the "Wanipigow Sand Project") near Seymourville, Manitoba.
The Participation Agreement reflects each party's commitment and support to advancing the Wanipigow Sand Project, and provides various economic and social benefits and opportunities, including employment, contracting and training initiatives. The term of the Participation Agreement is for the life of the Wanipigow Sand Project.
The Council of Hollow Water First Nation has publicly stated: "We have listened to our elders, our community members, our environmental advisors, and our local neighbors. We have the mandate of our people to move forward in economic partnership with Canadian Premium Sand to build a prosperous future for our people in a way that protects and respects the lands we share, for the next 50 years and beyond."
"We are honored to have our Wanipigow Sand Project move forward in partnership with the community of Hollow Water and highly value the support, input and guidance that local communities will bring to the project. We look forward to working together to enhance social and economic prosperity to Hollow Water and other local communities. Our Board and management would like to express our appreciation to the Chief, Councillors, Elders and community members for their courage and openness in helping to build trust and understanding of our respective goals and interests," stated Lowell Jackson, Executive Chairman.
Additionally, the parties will establish several integrated committees, each with a specific mandate, to ensure there is continuous and direct dialogue between the parties on: permitting matters, environmental monitoring, employment and procurement opportunities, and managing the Participation Agreement itself.
Wanipigow Sand Project
The Wanipigow Sand Project is the development of a world class, completely enclosed, silica sand processing plant which will operate year-round. Silica sand will be extracted and moved to the plant where it will be washed, dried, screened for size and then transported to market. The silica sand in the operation area is a high-purity quartz that is extremely durable and has very round, uniform grains. This high quality allows for a broad range of uses including glassmaking, metal casting and production, paint and coatings, ceramics and refractories, water filtration and oil and gas recovery. The Company anticipates that the Wanipigow Sand Project will provide a significant number of local jobs for more than 50 years.
This silica sand deposit on the eastern side of Lake Winnipeg, sits on top of bedrock which is more than 10 meters above the level of the lake. The Wanipigow Sand Project will have no anticipated effects on local sand beaches or the local water table or community wells. More specifically, the well water used in the processing plant will be recycled with no use of chemicals in cleaning the sand. Further, no water used in the processing plant will come from Lake Winnipeg, nor will there be water discharged into the lake.
The Wanipigow Sand Project is located approximately 200 km northeast of Winnipeg within the community of Seymourville and adjacent to the Hollow Water community. The Company owns the quarry leases for the Wanipigow Sand Project.
For further information and presentation material, please review the Company's website at www.canadianpremiumsand.com
Certain statements in this press release relating to the Company's Wanipigow Sand Project and the Participation Agreement and the anticipated benefits to be derived therefrom for the Company and local communities, the Company's business plans as well as the anticipated environmental impact of the Wanipigow Sand Project are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, fluctuations in the demand for silica sand and cost overruns relating to the development of the Wanipigow Sand Project could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in the Company's filings which are posted on SEDAR at www.sedar.com.
About Canadian Premium Sand Inc.
CPS is a Canadian silica resource development and production company. It is currently developing an industrial silica sand deposit at Seymourville, Manitoba. Its shares trade on the TSX Venture Exchange under the symbol "CPS".
Neither 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 press release.
Canadian Premium Sand Inc.
Executive Chairman and Director