VANCOUVER, British Columbia, March 05, 2020 (GLOBE NEWSWIRE) -- Bolt Metals Corp. (CSE: BOLT) (FRANKFURT: NXFE) (OTCQB: PCRCF) (the “Company” or “Bolt Metals”) is providing the following clarifications to its press releases of March 5, 2020, March 4, 2020 and February 27, 2020.
The Company’s Cyclops project was the subject of historical estimates completed in 1952 and 1970. The Project does not currently host a mineral resource and the Company retracts any reference to the existence, of current mineral resources in the news releases either specifically stated or implied. The Company also retracts any reference to the property hosting “ore”. “Ore” is a restricted term only to be used when referencing mineral reserves supported by a preliminary feasibility study or feasibility study. The economic viability or technical feasibility of the project is not supported at any level of confidence by a preliminary economic assessment, preliminary feasibility study or feasibility study, thus certain statements contained in the press release are incorrect and are retracted. These statements include; “everything solidified as to what we hoped the project was and what it actually is”, “a rich source of cobalt and nickel”, and “the mine’s location, as much as its resources”.
The several references to entering into “offtake agreements” may inadvertently imply that the Company has made a decision to proceed to production without first establishing mineral reserves. The Company has not made the decision to proceed to production and clarifies that any such statement if made in the future would be made in compliance with Companion Policy 43-101CP, 4.2(6) – Production Decision, which requires details of the significant risks associated with such a decision.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Garry Clark, PGeo, independent director of Bolt Metals and a Qualified Person as defined by National Instrument 43-101.
About Bolt Metals
BOLT Metals Corp. is a Canadian‐based exploration company focused on the acquisition and development of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium‐ion battery industry. Visit https://boltmetals.com/ to find out more.
Bolt Metals Corp.
Ranjeet Sundher – President and CEO
(604) 922-8272
rsundher@boltmetals.com
Steve Vanry – CFO & Director
(604) 922-8272
steve@vanrycap.com
Sean Bromley – Director & Investor Contact
(778) 985-8934
sean@theparmargroup.com
Reader Advisory
This news release may contain statements which constitute “forward-looking information” that are subject to risks and uncertainties. All statements herein, other than statements of historical fact, are to be considered forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company and with respect to the results of exploration and prospective plans in regards to the Cyclops Project. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information. Although Bolt Metals has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, success of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and the Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.