Copper Mountain Mining Announces Q4 and Full Year 2018 Financial Results

Copper Mountain Mining Corporation (TSX: CMMC | ASX:C6C) (the “Company” or “Copper Mountain” – http://www.commodity-tv.net/c/search_adv/?v=298826) announces fourth quarter and full year 2018 financial results.  All currency is in Canadian dollars, unless otherwise stated.  All results are reported on a 100% basis.  The Company’s Financial Statements and Management Discussion & Analysis (“MD&A”) are available at www.CuMtn.com and www.sedar.com

FOURTH QUARTER 2018 AND FULL YEAR 2018 HIGHLIGHTS

  • Fourth quarter 2018 production was the strongest quarter of the year, with production increasing 9.7% from the prior year to 24.5 million pounds of copper equivalent (comprised of 20.6 million pounds of copper, 8,124 ounces of gold and 62,711 ounces of silver).
  • Full year 2018 production met guidance, with production increasing 4.6% from the prior year to 4 million pounds of copper equivalent (comprised of 78.8 million pounds of copper, 28,250 ounces of gold and 273,913 ounces of silver).
  • C1 cash costs for the fourth quarter decreased 13% compared to the prior year to US$1.60 per pound of copper produced and full year 2018 C1 cash costs decreased 4% compared to the prior year to US$1.77 per pound of copper produced.
  • Revenue for the fourth quarter was $73.1 million from the sale of 19.4 million pounds of copper, 7,475 ounces of gold and 69,761 ounces of silver and revenue for the full year of 2018 was $296.0 million, from the sale of 79.2 million pounds of copper, 26,799 ounces of gold, and 284,086 ounces of silver, net of pricing adjustments.
  • Adjusted earnings per share was ($0.01) for the fourth quarter and $0.02 for the year.
  • Cash flow from operations for the fourth quarter was $28.8 million and $51.3 million for the full year of 2018.
  • In 2018, Mineral Reserves increased at the Copper Mountain Mine, a preliminary economic assessment (PEA) on New Ingerbelle was completed resulting in an after-tax NPV (8%) of US$390 million and a feasibility study was completed for the Eva Copper Project resulting in an after-tax NPV (8%) of US$256 million.

“In 2018, we focused on building a strong foundation from which to grow our business,” said Copper Mountain’s President and CEO, Gil Clausen.  “The Copper Mountain Mine finished the year achieving guidance across all metrics. We are also completing an integrated mine plan which will combine the New Ingerbelle deposit into the Copper Mountain mine plan and may double the mine life. The New Ingerbelle deposit provides the potential to add significant value through the addition of low risk, low cost production, particularly as we evaluate a mill expansion plan, which could allow for increased production levels in our existing mill within our current operating and environmental permits. We expect to complete this integrated life of mine plan and publish a new Technical Report for our Copper Mountain Mine in the first quarter of 2019.”

Fourth Quarter 2018 Financial Review

The Company reported a gross profit for Q4 2018 of $7.9 million, compared to $20.0 million for Q4 2017, and a net loss of $19.0 million in Q4 2018, compared to a net income of $23.5 million in Q4 2017.  The increase in the net loss from net income was primarily a result of a non-cash unrealized foreign exchange loss of $14.7 million compared to a non-cash unrealized foreign exchange loss of $1.8 million for Q4 2017, a change of approximately $12.9 million, which was primarily related to the Company’s debt that is denominated in U.S. dollars. The increase in net loss was also due to lower revenue and higher cost of sales year over year.

The Company recognized revenue of $73.1 million, net of pricing adjustments and treatment charges, on the sale of 19.4 million pounds of copper, 7,475 ounces of gold, and 69,761 ounces of silver and based on an average realized copper price of US$2.81 per pound.  This is compared to Q4 2017 revenue of $85.7 million, net of pricing adjustments and treatment charges, on the sale of to 18.1 million pounds of copper, 5,622 ounces of gold and 67,359 ounces of silver and based on an average realized copper price of US$3.12 per pound for Q4 2017. Despite higher sales, lower revenue year over year was a result of a 10% lower realized copper price in Q4 2018 compared to Q4 2017 and a Q4 2018 mark-to-market adjustment of negative $2.4 million compared to a positive mark-to-market adjustment of $10.3 million in Q4 2017. 

Cost of sales for Q4 2018 decreased marginally to $65.2 million compared to $65.7 million in Q4 2017, even though more concentrate was sold in Q4 2018 than Q4 2017.   This was because Q4 2017 included a $10.8 million write down to the low-grade stockpile, which was included in cost of sales.

Exploration expenditures in Q4 2018 were $1.2 million, which includes exploration in both Australia and British Columbia. 

Full Year 2018 Financial Review

The Company reported gross profit in 2018 of $25.3 million, compared to $59.1 million in 2017, and a net loss in 2018 of $26.9 million, compared to a net income of $67.3 million in 2017.  The increase in net loss in 2018 from net income in 2017 was primarily a result of a non-cash unrealized foreign exchange loss $23.8 million in 2018, compared to a non-cash unrealized foreign exchange gain of $20.9 million in 2017, a change of approximately $45 million, which was mainly related to the Company’s debt that is denominated in U.S. dollars. The increase in net loss was also due to lower revenue and higher cost of sales year over year.

The Company recognized revenue of $296.0 million in 2018, net of pricing adjustments and treatment charges, on the sale of 79.2 million pounds of copper, 26,799 ounces of gold, and 284,086 ounces of silver based on an average realized copper price of US$2.98 per pound.  This compares to revenue of $304.1 million in 2017, net of pricing adjustments and treatment charges, on the sale of 73.9 million pounds of copper, 23,969 ounces of gold and 260,493 ounces of silver, based on an average realized price of realized copper price of US$2.82 per pound. As required under IFRS, revenue in 2017 included a positive mark to market adjustment of $10.7 million for unsettled shipments outstanding at year end, as compared to a negative mark to market adjustment of $0.9 million for 2018 unsettled shipments at year end.

Cost of sales for 2018 increased by $26 million to $270.7 million compared to $245.0 million in 2017. This increase was due in small part to higher costs for diesel fuel, maintenance and power, but primarily due to the change in ore stockpile inventory with a $13.1 million decrease in 2018 charged to cost of sales as compared to a $14.0 million increase in 2017 charged to ore stockpile inventory.  The drawdown of ore stockpiles in the year is a result of increased development stripping as the Copper Mountain Mine starts to expose higher grade areas of the pit for future years.  As required under IFRS, some of these additional costs of stripping are capitalized when the period stripping ratio exceeds the life of mine stripping ratio of 2:1.

Exploration expenditures for the full year of 2018 were $6.5 million which includes exploration in both Australia and British Columbia.

Fourth Quarter 2018 Operating Results Review

In Q4 2018, the Copper Mountain Mine produced 20.6 million pounds of copper, 8,124 ounces of gold, and 62,711 ounces of silver compared to 19.6 million pounds of copper, 5,206 ounces of gold, and 70,384 ounces of silver in Q4 2017. Increased recoveries for all metals and a 5% increase in tonnes milled resulted in strong production results for Q4 2018 and the strongest quarter for copper and gold production in 2018. Increased gold production can be attributed to the new flash floatation circuit installed in the second half of 2018.

Total operating costs (C1) for Q4 2018 were US$1.60 per pound of copper produced, 13% lower than the C1 costs for Q4 2017 of US$1.85 per pound of copper produced. The improvement in costs, when compared to the prior year, is related to several factors including 5% higher copper production in the quarter, a 5% decrease in total mine operating costs in Q4 2018, and a weakening of the Canadian dollar to the United States dollar used when translating C1 costs to United States dollars. It should be noted that substantially all of the Company’s operating costs are priced in Canadian dollars. The decrease in C1 costs is also affected by the levels of deferred stripping in the period as these excess stripping costs are treated as capital expenditures. Deferred stripping costs are captured in all-in-sustaining costs (AISC) and not included in C1 costs. The total cash value of deferred stripping in Q4 2018 was $4.6 million compared to Nil in Q4 2017.

Full Year 2018 Operating Results Review

In 2018, the Copper Mountain Mine achieved annual copper production guidance, producing 78.8 million pounds of copper, 28,250 ounces of gold, and 273,913 ounces of silver compared to 75.8 million pounds of copper, 23,633 ounces of gold, and 277,094 ounces of silver in 2017. This represents an increase of 4% for copper, 19% for gold and a slight 1% decrease in silver production. Increases for copper and gold production as compared to the prior year is a result of improved recoveries and mill throughput in 2018, offset slightly by lower grades being milled in 2018.  Improved recoveries in the mill can be attributed to the installation of the new flash flotation circuit in the third quarter of 2018. Recoveries contributed to strong annual production results which included an increase of total tonnes milled by 3%.

Total C1 costs for 2018 were US$1.77 per pound of copper produced, 4% lower than the C1 costs for 2017 of US$1.84. The improvement in costs per pound is a result of higher copper production in 2018 and slightly lower total mine operating costs when compared to 2017, after taking into account cost associated with increased low-grade stockpile inventories in 2017, as required under IFRS. The decrease in C1 costs was also affected by the levels of deferred stripping in the year as these mining costs are treated as capital expenditures and deferred as required under IFRS. Deferred stripping costs are captured in AISC and not included in C1 costs. The total cash value of deferred stripping in 2018 was $20.2 million, compared to $1.5 million in 2017.

Q4 2018 FINANCIAL AND OPERATING RESULTS CONFERENCE CALL AND WEBCAST

The Company will hold a conference call on Friday, February 15, 2019 at 7:30 am (Pacific Standard Time) for management to discuss the Q4 2018 financial and operating results.

Live Dial-in Information

Toronto and international:          1 (647) 427-7450

North America (toll-free):            1 (888) 231-8191

To participate in the webcast live via computer go to:

https://event.on24.com/wcc/r/1912233/DA8D8425873C22105A0E0F317371DD61

Replay Call Information

Toronto and international:          1 (416) 849-0833                              Passcode: 5973748

North America (toll-free):            1 (855) 859-2056                              Passcode: 5973748

The conference call replay will be available from 12:30 pm (PST) on February 15, 2019 until 20:59 pm PST on February 22, 2019. An archive of the audio webcast will also be available on the company’s website at http://www.cumtn.com.

About Copper Mountain Mining Corporation

Copper Mountain’s flagship asset is the 75% owned Copper Mountain mine located in southern British Columbia near the town of Princeton. The Copper Mountain mine produces about 100 million pounds of copper equivalent per year with a large resource that remains open laterally and at depth. Copper Mountain also has the permitted, development stage Eva Copper Project in Queensland, Australia and an extensive 397,000 hectare highly prospective land package in the Mount Isa area.

Additional information is available on the Company’s web page at www.CuMtn.com.

On behalf of the Board of

COPPER MOUNTAIN MINING CORPORATION

“Gil Clausen”    

Gil Clausen, P.Eng.
Chief Executive Officer

Website: www.CuMtn.com

Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws.  All statements, other than statements of historical facts, are forward-looking statements.  Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”.  Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements.  Factors that could cause actual results to differ materially from these forward-looking statements include the successful exploration of the Company’s properties in Canada and Australia, the reliability of the historical data referenced in this press release and risks set out in Copper Mountain’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com.  Although Copper Mountain believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.  Except where required by applicable law, Copper Mountain disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

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Ravenquest to exclusively sell seeds from award-winning Amsterdam-based seed producer Dutch Passion

RavenQuest BioMed Inc. (the “Company” or “RavenQuest”) – (CSE: RQB, OTCQB: RVVQF, Frankfurt: 1IT – http://www.commodity-tv.net/c/search_adv/?v=298814) is pleased to announce it has entered into a Letter of Intent to be the exclusive distributor of seeds from award winning, Amsterdam-based, cannabis seed producer Dutch Passion.

Having won 50+ Cannabis Cups awarded for high-THC and high-CBD varieties of cannabis which are particularly easy to grow, Dutch Passion invented feminized cannabis seeds in the 1990’s and helped pioneer the success of high-THC Autoflower cannabis in more recent years. Dutch Passion is one of the world’s oldest cannabis seedbanks and one of the few remaining original seed companies, offering a variety of original classic cannabis varieties as well as some of the very best new varieties, available in Regular, Feminized as well as Autoflower seeds.  Dutch Passion was founded in the 1970’s and formally established as a seedbank in 1987.

RavenQuest believes that its arrangement with Dutch Passion will address two distinct market segments in Canada for home-growers and micro-cultivators: Premium market “Dutch Passion” and value-market “SeedStockers”, which will also be sold under RavenQuest’s private label.

Dutch Passion seeds will give Canadian home-growers and (micro) Licensed Producers access to a wide selection from over 60 premium seeds including Cannabis Cup award winning “Orange BudÒ”, “Power PlantÒ”, “Glueberry O.G.Ò”, “MazarÒ”, “CBD Skunk HazeÒ” and “EuforiaÒ”.

“We are thrilled to partner with Dutch Passion to sell these high-quality seeds across Canada. Working with Eric Siereveld, CEO of Dutch Passion, has been a pleasure” stated George Robinson, CEO of RavenQuest. “Canadians are now permitted to grow up to four plants at home. This is a significant, high margin business segment and a new revenue stream with excellent near-term growth potential. As part of RavenQuest’s ongoing commitment to deliver the best of the cannabis plant to Canadians, we look forward to partnering with such a respected name in the seed business” Robinson continued.

Dutch Passion CEO, Eric Siereveld, commented that “We are excited to make some of the world’s best seeds available to grow-enthusiasts and (micro) LP’s in the Canadian marketplace. Canada has shown a healthy and progressive acceptance of cannabis, which is reflected most recently in adult-use legalization allowing home cultivation. Working with RavenQuest as our exclusive distributor is a perfect fit for Dutch Passion, given both companies’ passion for the cannabis plant in all its forms. RavenQuest believes all great cannabis products begin with the plant itself. We couldn’t agree more.”

About Dutch Passion

Dutch Passion is a Dutch company with over 30 years’ experience in the development and distribution of cannabis seeds. Dutch Passion is focused on producing high-quality, high-THC cannabis genetics and on providing attentive customer service through its experienced customer service team. Dutch Passion’s diverse seed collection of international cannabis genetics dates back to the 1970s, with all varieties having passed strict tests designed to ensure ease of growth, heavy yields and high-quality results. In the 1990s, Dutch Passion invented feminized cannabis seeds and, more recently, helped to pioneer the success of high-THC auto-flowering cannabis seeds plus new genetics high in other cannabinoids. Further information about Dutch Passion can be found on their website at www.dutch-passion.com.

About RavenQuest BioMed Inc.

RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development. RavenQuest is a licensed producer with facilities located in Markham, Ontario and Edmonton, Alberta.

RavenQuest maintains a research partnership with Montreal’s McGill University focused upon cultivar (strain) recognition, plant stabilization and yield maximization of the cannabis plant. The Company focuses on partnerships with Indigenous communities.

On Behalf of the Board of Directors of RAVENQUEST BIOMED INC.

“George Robinson” Chief Executive Officer

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to the Company within the meaning of applicable securities laws, including statements with respect to the belief that the arrangement with Dutch Passion will address certain markets in Canada, the entering into of a definitive agreement with Dutch Passion and the potential of the cannabis seed market in Canada. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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Millennial Reports Positive Pumping Test Results from Second Pumping Well at Pastos Grandes Project, Argentina

Millennial Lithium Corp. (ML: TSX.V) (“Millennial” or the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298600) is pleased to report encouraging results from an extended pumping test of a second production-scale well at its Pastos Grandes Project in Salta, Argentina. Pumping well PGPW17-04 was installed to complete extended pumping of lithium brine to determine the robustness and chemical variation of the aquifer over 23 days in September, 2018. At a pumping rate of 15 litres/second (L/s), the lithium content remained consistent over the trial period and the drawdown was approximately 57 metres (m), with rapid recovery.  Estimated transmissivity was calculated from the drawdown data at 40m2/day.  The pumping test was completed under the direction and supervision of Montgomery and Associates.

Millennial President and CEO, Farhad Abasov, commented: "Millennial is very pleased with the results of this second pumping test in the central portion of the Company’s land position at Pastos Grandes over a significant 23 day time frame. This is another important milestone in our ongoing development program. The pumping rate was 15 L/s from September 7 to 30th with a draw-down of 57m with full recovery to initial levels after 24 days of recovery. Lithium concentrations remained consistent throughout the pumping test ranging from 482 mg/L to 518 mg/L and averaging 495 mg/l.  The transmissivity of the 40m²/day is encouraging and indicates the aquifer has good potential to sustain long term pumping at 15 L/s  The brine from the pumping test was utilized to feed the large scale pilot ponds currently in operation which will  provide concentrated brine for the Company’s pilot plant scheduled for operation in Q2, 2019. With a strong cash position Millennial is on track to produce an updated 43-101 resource report in Q1 and complete the Bankable Feasibility Study in Q2 2019."

Well PGPW17-04 was drilled using the mud rotary method to a total depth of 475m using 15” and 13.5” diameter drill bits.  The well was completed with 10” and 6” diameter steel pipe with 10” blank pipe for the section from 0m to 113.4m, with 6” slotted pipe for the section from 113.4m to 464.3m and 6” blank casing from 464.3m to 470.4m with an end cap.  The annular space between the borehole and the casing were filled with gravel pack.

Constant flow pumping test was completed with a flow rate of 15.2 L/s with 23 days of pumping and 24 days of recovery water level measurements (See Table 1).  Maximum drawdown was approximately 57m which was achieved after 2 days and full recovery of the well was observed after 24 days.

The drawdown and recovery data provides the basis for the calculation of the aquifer transmissivity, the rate at which the brine moves through the aquifer.  The best estimate of the transmissivity is 40 square metres per day (m²/d) and is considered to be good for fine-grained aquifers.  Based on this transmissivity calculation, the aquifer has good potential to sustain a long term pumping rate of 15 L/s.

Brine sampling during the pumping test was completed every on a daily basis to determine the variation in brine chemical composition over the entire period the aquifer was tested.  In general, the chemistry is consistent over the 23 day period with lithium ranging from 482 mg/L and 518 mg/L and averaging 495 mg/L.  The best lithium values occur during the last five days of the pumping test.  The magnesium to lithium (Mg/Li) ratio averages 5.3 and the average potassium to lithium ratio (K/Li) is 10.5 and the average sulphate to lithium ratio (SO4/Li) is 16.4.

Millennial continues to evaluate and define the characteristics of the lithium-bearing aquifer in the southern portion of its land package with pumping wells PGPW18-15 and PGPW18-17.  Both wells are in development and are planned for completion in Q1 2019 with short term pumping tests and brine sampling to follow. 

Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate chain of custody and QA/QC program in place for ensuring veracity, accuracy and precision of the analytical results.

The primary analytical laboratory for the data used in this program is the SGS Laboratory in Buenos Aires, Argentina.  SGS is accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.

This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.  When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information.  These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

 

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Millennial berichtet positive Pumptestergebnisse vom zweiten Pumpvorgang auf Pastos Grandes Projekt, Argentinien

Millennial Lithium Corp. (ML: TSX.V) ("Millennial" oder das "Unternehmen" – http://www.commodity-tv.net/c/search_adv/?v=298600) freut sich, ermutigende Ergebnisse aus einem erweiterten Pumpversuch eines zweiten Produktionsbohrlochs auf dem Pastos Grandes Projekt in Salta, Argentinien, zu berichten. Der Pumpbrunnen PGPW17-04 wurde installiert, um die erweiterte Förderung von Lithium-Sole zur Bestimmung der Robustheit und chemischen Variation des Aquifers über 23 Tage im September 2018 abzuschließen. Bei einer Pumpleistung von 15 Litern/Sekunde (L/s) blieb der Lithiumgehalt während der Versuchszeit konstant und der Absenkungswert betrug etwa 57 Meter, mit schneller Erholung. Der geschätzte Transmissionsgrad wurde aus den Zapfdaten bei 40qm/Tag berechnet. Der Pumpversuch wurde unter der Leitung und Aufsicht von Montgomery and Associates durchgeführt.

Millennials Präsident und CEO Farhad Abasov kommentierte: "Millennial ist sehr zufrieden mit den Ergebnissen dieses zweiten Pumpversuchs im zentralen Teil der Landposition des Unternehmens auf Pastos Grandes über einen signifikanten Zeitraum von 23 Tagen. Dies ist ein weiterer wichtiger Meilenstein in unserem kontinuierlichen Entwicklungsprogramm. Die Pumpleistung betrug 15 Liter pro Sekunde vom 7. bis 30. September mit einer Absenkung von 57 m und einer vollständigen Erholung auf Anfangsniveau nach 24 Tagen. Die Lithiumkonzentrationen blieben während des gesamten Pumpversuchs konstant und reichten von 482 mg/Liter bis 518 mg/Liter und durchschnittlich 495 mg/Liter. Der Transmissionsgrad der 40m²/Tag ist ermutigend und deutet darauf hin, dass der Grundwasserleiter ein gutes Potenzial zum langfristigen Pumpen bei 15 Lite pro Sekunde  hat. Die Sole aus dem Pumpversuch wurde verwendet, um die derzeit in Betrieb befindlichen großflächigen Pilotteiche zu versorgen, die konzentrierte Sole für die für den Betrieb im zweiten Quartal 2019 geplante Pilotanlage des Unternehmens liefern werden. Mit einer starken Cash-Position ist Millennial auf dem besten Weg, im ersten Quartal einen aktualisierten 43-101 Ressourcenbericht zu erstellen und im zweiten Quartal 2019 die Bankable Feasibility Study zu erstellen."

Die Bohrung PGPW17-04 wurde im Schlammdrehverfahren mit Bohrern mit einem Durchmesser von 15" und 13,5" bis zu einer Gesamttiefe von 475 m durchgeführt. Der Brunnen wurde mit Stahlrohr mit 10" und 6" Durchmesser und 10" Blindrohr für den Abschnitt von 0m bis 113,4m, mit 6" Schlitzrohr für den Abschnitt von 113,4m bis 464,3m und 6" Blindgehäuse von 464,3m bis 470,4m mit Endkappe ergänzt. Der Ringraum zwischen dem Bohrloch und dem Mantel wurde mit Kiespackung gefüllt. Der Konstantpumpversuch wurde mit einer Förderleistung von 15,2 L/s bei 23 Tagen Pumpen und 24 Tagen Rückgewinnungswasserstandsmessung abgeschlossen (siehe Tabelle 1). Der maximale Absenkungswert betrug ca. 57 m, was nach 2 Tagen erreicht wurde, und die vollständige Wiederherstellung des Brunnens wurde nach 24 Tagen beobachtet.

Die Absenk- und Rückgewinnungsdaten bilden die Grundlage für die Berechnung des Grundwasserleiterdurchlassgrades, d.h. der Geschwindigkeit, mit der sich die Sole durch den Grundwasserleiter bewegt. Die beste Schätzung des Transmissionsgrades liegt bei 40 Quadratmetern pro Tag und gilt als gut für feinkörnige Aquifere. Basierend auf dieser Transmissivitätsberechnung hat der Aquifer ein gutes Potenzial, eine langfristige Förderleistung von 15 Liter pro Sekunde aufrechtzuerhalten.

Die Soleprobe während des Pumpversuchs wurde täglich durchgeführt, um die Schwankungen der chemischen Zusammensetzung der Sole über den gesamten Zeitraum des Aquifers zu bestimmen. Im Allgemeinen ist die Chemie über den Zeitraum von 23 Tagen konsistent, wobei Lithium im Bereich von 482 mg/Liter und 518 mg/Liter und durchschnittlich 495 mg/Liter liegt. Die besten Lithiumwerte treten in den letzten fünf Tagen des Pumpversuchs auf. Das Verhältnis von Magnesium zu Lithium (Mg/Li) beträgt durchschnittlich 5,3 und das durchschnittliche Kalium-Lithium-Verhältnis (K/Li) 10,5 und das durchschnittliche Sulfat-Lithium-Verhältnis (SO4/Li) 16,4.

Millennial evaluiert und definiert weiterhin die Eigenschaften des lithiumhaltigen Aquifers im südlichen Teil des Landpakets mit den Pumpbohrungen PGPW18-15 und PGPW18-17. Beide Bohrungen befinden sich in der Entwicklung und sollen im ersten Quartal 2019 fertiggestellt werden, wobei kurzfristige Pumpversuche und Soleproben folgen sollen.

Die Probennahme erfolgte in Übereinstimmung mit den CIM-Richtlinien für die Bewertung der Sole-Ressourcen, mit einer geeigneten CoC und einem QA/QC-Programm, um die Richtigkeit, Genauigkeit und Genauigkeit der Analyseergebnisse zu gewährleisten.

Das primäre analytische Labor für die in diesem Programm verwendeten Daten ist das SGS-Labor in Buenos Aires, Argentinien. SGS ist nach ISO 9001:2008 und ISO14001:2004 für seine geochemischen und umwelttechnischen Labors zur Vorbereitung und Analyse zahlreicher Probenarten, einschließlich Solen, zertifiziert.

Diese Pressemitteilung wurde von Iain Scarr, AIPG CPG, Chief Operating Officer des Unternehmens und einer qualifizierten Person im Sinne von National Instrument 43-101 geprüft. Um mehr über Millennial Lithium Corp. zu erfahren, kontaktieren Sie bitte Investor Relations unter (604) 662-8184 oder senden Sie eine E-Mail an info@millenniallithium.com .

Diese Pressemitteilung kann bestimmte "Forward-Looking Statements" im Sinne des United States Private Securities Litigation Reform Act von 1995 und der geltenden kanadischen Wertpapiergesetze enthalten. Wenn in dieser Pressemitteilung verwendet, kennzeichnen die Wörter "antizipieren", "glauben", "schätzen", "erwarten", "streben", "planen", "prognostizieren", "können", "planen" und ähnliche Wörter oder Ausdrücke zukunftsgerichtete Aussagen oder Informationen. Diese zukunftsgerichteten Aussagen oder Informationen können sich auf zukünftige Rohstoffpreise, die Genauigkeit der Mineral- oder Ressourcenexplorationstätigkeiten, Reserven oder Ressourcen, regulatorische oder behördliche Anforderungen oder Genehmigungen, die Zuverlässigkeit von Informationen Dritter, den fortgesetzten Zugang zu Mineralgrundstücken oder Infrastrukturen, Währungsrisiken einschließlich des Wechselkurses von USD$ für Cdn$, Schwankungen des Lithiummarktes, Änderungen der Explorationskosten und staatliche Lizenzgebühren oder Steuern in Argentinien sowie andere Faktoren oder Informationen beziehen. Solche Aussagen stellen die gegenwärtigen Ansichten des Unternehmens in Bezug auf zukünftige Ereignisse dar und basieren notwendigerweise auf einer Reihe von Annahmen und Schätzungen, die zwar von dem Unternehmen als angemessen erachtet werden, aber von Natur aus wesentlichen geschäftlichen, wirtschaftlichen, wettbewerbsrechtlichen, politischen und sozialen Risiken, Ungewissheiten und Unsicherheiten unterliegen. Viele bekannte und unbekannte Faktoren können dazu führen, dass sich die Ergebnisse, Leistungen oder Errungenschaften wesentlich von den Ergebnissen, Leistungen oder Errungenschaften unterscheiden, die in solchen zukunftsgerichteten Aussagen zum Ausdruck kommen oder impliziert werden können. Das Unternehmen beabsichtigt nicht und übernimmt keine Verpflichtung, diese zukunftsgerichteten Aussagen oder Informationen zu aktualisieren, um Änderungen der Annahmen oder Änderungen der Umstände oder andere Ereignisse, die diese Aussagen und Informationen betreffen, widerzuspiegeln, die nicht den geltenden Gesetzen, Regeln und Vorschriften entsprechen.

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Delrey Acquires Vanadium Assets

DELREY METALS CORP. (CSE:DLRY, FSE:1OZ) (“Delrey” or the “Company”) is pleased to announce it has entered into and closed a share purchase agreement dated December 12, 2018 (the “Share Purchase Agreement”) with WEM Western Energy Metals Ltd., a private arm’s length corporation (“WEM”), to acquire all the issued and outstanding share capital of WEM. Pursuant to the terms of the Share Purchase Agreement, the Company issued 4,250,000 common shares of the Company (each, a “Share”). All securities issued pursuant to the Share Purchase Agreement will be subject to a four month statutory hold period.

WEM owns a 100 percent undivided, unencumbered legal and beneficial interest in both the Peneece and the Blackie Vanadium properties (the “Properties”), located in British Columbia. The Properties cover a total area of 2,714 hectares and host vanadium mineralization within large bodies of titaniferous magnetite. Both properties are strategically located on tidewater, near to the small coastal cities of Port Hardy (Peneece – 68km) and Prince Rupert (Blackie – 96km).

About the Peneece and Blackie Vanadium Projects:

The Properties are comprised of large-scale ultramafic complexes which are intruded by gabbroic bodies hosting iron-titanium-vanadium (Fe-Ti-V) mineralization within massive titaniferous magnetite. Two of the gabbro bodies mapped on surface display lateral extents of 4.8km x 0.8km (Peneece) and 1.2km x 0.4km (Blackie).

Highlights:

  • Historic samples collected from the gabbro on the Blackie assay up to 2.14% V205.1
  • The Blackie property is located in a historic mining district. The adjacent past-producing Yellow Giant Mine, located less than 10km from the property and operated by Banks Island Gold as recently as 2015 initially boasted a 414% IRR, showing the economic potential that exists on Banks Island2.
  • McDougall (1984), commented that, “an unusually strong and extensive magnetic anomaly exists over the [Peneece Property]. It was, and still remains the largest flux gate magnetic anomaly noted by the writer during many years of work on the West Coast. The size and overall magnetic intensity of the anomaly were only exceeded at the multi-billion ton “Klukwan pyroxenite-amphibolite” deposit in S.E. Alaska.”
  • Magnetic concentrate from limited float samples collected distal to the magnetic anomaly on the Peneece Property assayed up to 0.59% V205.1
  • Both properties are easily accessible by boat or helicopter and workable year round. Historic barge-logging was completed within and near to the project areas, which has created a network of logging roads and allows for low cost exploration and development.

An initial work program including a high-resolution airborne magnetic survey is planned in the near term on both Properties.

Morgan Good, President and CEO of Delrey commented: “Delrey continues to rapidly grow its portfolio of quality projects prospective for metals relative to the energy metals sector. Our team has been evaluating properties, specifically vanadium rich properties, for quite some time now. While the notable increase in the price of vanadium is still specific to steel alloys, we’re anticipating the demand to continue growing and the prevalence of vanadium redox flow batteries is clearly on the rise. The world continues to move more and more toward renewable energy sources where the need for large capacity, inexpensive and long-lasting energy storage is an absolute necessity.”

About Delrey

Delrey Metals Corp. is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties, specifically in the strategic energy minerals space. The Company has an option agreement to purchase a 100% interest in the highly prospective Sunset property situated in the Vancouver Mining Division and located near Pemberton, British Columbia. In addition to its acquisition of the Star, Porcher, Blackie, and Peneece Vanadium properties in BC, Delrey intends to review and acquire projects showing potential for materials used in the energy storage and electric vehicle markets. Delrey is based in Vancouver, British Columbia, and is listed on the CSE under the symbol “DLRY” and on the FSE under the symbol “1OZ”.

About Vanadium

Vanadium is one of the largest percentage gainers among the battery metals group (Li, Co, Ni, Cu) since early 2017 climbing from under $5/lb to over $29/lb where it currently trades. This ductile, malleable and corrosion resistant transition metal has a wide range of use cases and can be found in automobiles, pipelines, jet engines, redox flow batteries and as an alloy in steel production, among others. Currently 90% of global vanadium production is used as an alloy in the manufacturing of steel, with the grade of the steel proportional to its vanadium content. New regulations recently emplaced by the Standardization Administration of China (SAC) have eliminated Grade 2 steel rebar production in China, replacing it with Grades 3, 4, and 5, which each consume progressively more vanadium. Global industrial growth and increased building standards in earthquake prone areas are forecasted to keep demand for vanadium strong.

The emerging market for Vanadium Redox Flow Batteries (“VRBs”) is showing tremendous potential. VRBs are non-flammable, reusable over semi-infinite cycles and are shown to not degrade for more than 20 years, which make them an efficient alternative to traditional lithium-ion batteries for grid power storage. The energy generated by renewable sources such as wind and solar is not constant over time and presents an excellent use case for VRBs to store excess power generated during peak production periods, which can be utilized during seasons with low wind or sun exposure. While the battery technology is in its early stages, the recent commissioning of the world’s largest ever battery, a 200MW/800MWh vanadium flow battery in Dalian, China, is proof that the fledgling technology is progressing at a fast rate. Currently VRBs account for only 2% of global vanadium demand, while many estimates are forecasting the market share for VRB’s to increase substantially as the emerging VRB space continues to grow.

Qualified person

Scott Dorion, P.Geo., is the designated Qualified Person of the Company as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this release.

Cautionary Notes

Note that these estimations precede National Instrument 43-101, are repeated for historical reference only, and are not to be relied upon. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or reserves; and the issuer is not treating the historical estimate as current mineral resources or reserves.  Nevertheless, the estimates were completed by competent individuals to the standard of the day, and are considered to be relevant to future exploration of the property.

ON BEHALF OF THE BOARD OF DIRECTORS OF DELREY METALS CORP.

“Morgan Good”

Morgan Good, President and Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, but are not limited to, general business and economic uncertainties. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Management’s Discussion and Analysis reports filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

1Historical information contained in this news release cannot be relied upon as the Company’s Qualified Person, as defined under NI 43-101 has not prepared nor verified the historical information.

2Adjacent Properties This news release contains information about adjacent properties on which Delrey Metals does not have the right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company’s properties.

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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Bluestone Announces Additional Drill Results

Bluestone Resources Inc. (TSXV:BSR | OTCQB:BBSRF) ("Bluestone" or the "Company" – http://www.commodity-tv.net/c/search_adv/?v=298837 ) is pleased to announce additional infill drill results from resource conversion drilling underway at its high-grade Cerro Blanco Gold project. The focus of the ongoing infill drill program is to upgrade the Inferred Resources into Measured and Indicated Resources.

Bluestone recently announced results of a Feasibility Study on the high-grade Cerro Blanco Gold project (see press release January 29, 2019) where one of the principle recommendations for optimizing and further enhancing the project was through potential conversion of a portion of the 360,000 ounces of Inferred Resources to Measured and Indicated Resources through infill drilling (currently ongoing), which will be followed by an updated mineral resource and mine plan.

Two LM-75 diamond drill rigs are currently situated within the North Zone of the Cerro Blanco underground workings and are targeting specific veins in the upper part of the Cerro Blanco resource that can be converted to the Indicated Resource category by infill drilling.

The primary focus of the program is to upgrade the Inferred Resources identified during the previous infill drill program completed in 2018. In addition, this program is also designed to define new resources along known veins in the mine plan that extend outside of the current resource envelope.

David Cass, Vice President of Exploration commented, “The infill drilling program has been designed to strategically target key veins with upgrading resource categories. To date, the program has had an excellent success rate with every key intercept expected to have a positive impact on future project economics, with intercepted veins showing remarkable consistency and continuity, validated by optimum hole orientations reflected in the drilled true widths.”

Hole UGCB18-109 and UGCB18-110 were both drilled from the same underground platform at a positive angle (+35 and +51 degrees respectively). The principle objective of these holes was conversion or extension of veins VN_01, 02 and 03 from Inferred to Indicated Resources. UGCB18-109 intercepted all targeted veins as planned with VN_02 assaying 3.3 meters at 27.9 g/t. Hole UGCB18-110 intersected veins VN_02 and VN_03 with the former assaying 2.0 meters at 10 g/t Au (see table).

Additionally, a new vein, located in the footwall of vein VN_01 was intercepted at 33.7 meters in both holes ( 1.0 meter at 8.5 g/t Au and 1.0 meter at 19.9 g/t Au) and correlates with intercepts drilled in holes UGCB18-101 and UGCB18-106 that assayed 1.95 meters at 12.6 g/t Au and 1.0 meter at 12.4 g/t Au respectively (see press releases January 9th and January 24th, 2019). This new vein is outside of the current resource and will be referred to as VN_18 in future updated resource models.

Drilling is continuing and further results will be reported as received. A plan view showing drill hole locations can be accessed by clicking HERE.

Quality Analysis and Quality Control

Assay results listed within this release were performed by Inspectorate Laboratories (“Inspectorate”), a division of Bureau Veritas, which are ISO 17025 accredited laboratories.  Logging and sampling are undertaken on site at Cerro Blanco by Company personnel under a QA/QC protocol developed by Bluestone. Samples are transported in security-sealed bags to Inspectorate, Guatemala City, Guatemala, for sample preparation.  Sample pulps are shipped to Inspectorate Laboratories in Vancouver, BC, Canada or Reno, NV, USA, and assayed using industry-standard assay techniques for gold and silver. Gold and silver were analyzed by a 30-gram charge with atomic absorption and/or gravimetric finish for values exceeding 5 g/t Au and 100 g/t Ag. Analytical accuracy and precision are monitored by the analysis of reagent blanks, reference material, and replicate samples. Quality control is further assured by Bluestone’s QA/QC program, which involves the insertion of blind certified reference materials (standards) and field duplicates into the sample stream to independently assess analytical precision and accuracy of each batch of samples as they are received from the laboratory.  A selection of samples is submitted to ALS Chemex Laboratories in Vancouver for check analysis and additional quality control.

Qualified Person

David Cass, P.Geo., Vice President Exploration, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 and has reviewed and verified that the technical information set out above in this news release is accurate and therefore approves this written disclosure of the technical information.

About Bluestone Resources

Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100%-owned Cerro Blanco Gold and Mita Geothermal projects located in Guatemala. A Feasibility Study on Cerro Blanco returned robust economics with a quick pay back. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration costs). The Company trades under the symbol “BSR” on the TSX Venture Exchange and “BBSRF” on the OTCQB.

Forward Looking Statements

This press release contains “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward-looking statements”).  All statements, other than statements of historical fact, that address activities, events or developments that Bluestone Resources Inc. (“Bluestone” or the “Company”) believes, expects or anticipates will or may occur in the future including, without limitation: the conversion of the inferred mineral resources; increasing the amount of measured mineral and indicated mineral resources; the proposed timeline and benefits of further drilling; the proposed timeline and benefits of the Feasibility Study; statements about the Company’s plans for its mineral properties; Bluestone’s business strategy, plans and outlook; the future financial or operating performance of Bluestone; capital expenditures, corporate general and administration expenses and exploration and development expenses; expected working capital requirements; the future financial estimates of the Cerro Blanco Project economics, including estimates of capital costs of constructing mine facilities and bringing a mine into production and of sustaining capital costs, estimates of operating costs and total costs, net present value and economic returns; proposed production timelines and rates; funding availability; resource estimates; and future exploration and operating plans are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to Bluestone and often use words such as “expects”, “plans”, “anticipates”, “estimates”, “intends”, “may” or variations thereof or the negative of any of these terms.

All forward-looking statements are made based on the Company’s current beliefs as well as various assumptions made by them and information currently available to them.  Generally, these assumptions include, among others: the ability of Bluestone to carry on exploration and development activities; the price of gold, silver and other metals; there being no material variations in the current tax and regulatory environment; the exchange rates among the Canadian dollar, Guatemalan quetzal and the United States dollar remaining consistent with current levels; the presence of and continuity of metals at the Cerro Blanco Project at estimated grades; the availability of personnel, machinery and equipment at estimated prices and within estimated delivery times; metals sales prices and exchange rates assumed; appropriate discount rates applied to the cash flows in economic analyses; tax rates and royalty rates applicable to the proposed mining operation; the availability of acceptable financing; anticipated mining losses and dilution; success in realizing proposed operations; anticipated timelines for community consultations and the impact of those consultations on the regulatory approval process.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Bluestone. Factors that could cause actual results or events to differ materially from current expectations include, among other things: risks relating to variations in the mineral content within the mineral identified as mineral resources from that predicted; risks and uncertainties related to expected production rates, timing and amount of production and total costs of production; risks and uncertainties related to ability to obtain or maintain necessary licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining development activities; risks and uncertainties related to the accuracy of mineral resource estimates and estimates of future production, future cash flow, total costs of production and diminishing quantities or grades of mineral resources; risks associated with geopolitical uncertainty and political and economic instability in Guatemala; risks and uncertainties related to interruptions in production; the possibility that future exploration, development or mining results will not be consistent with the Company’s expectations; uncertain political and economic environments and relationships with local communities; variations in rates of recovery and extraction; developments in world metals markets; risks related to fluctuations in currency exchange rates; as well as those factors discussed under “Risk Factors” in the Company’s Amended and Restated Annual Information Form.

Any forward-looking statement speaks only as of the date on which it was made, and except as may be required by applicable securities laws, Bluestone disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although Bluestone believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.  There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Non-IFRS Financial Performance Measures

The Company has included certain non-International Financial Reporting Standards (“IFRS”) measures in this new release. The Company believes that these measures, in addition to measures prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the Company and to compare it to information reported by other companies. The non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. These measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures presented by other issuers.

All-in sustaining costs

The Company believes that all-in sustaining costs (“AISC”) more fully defines the total costs associated with producing gold.

The Company calculates AISC as the sum of refining costs, third party royalties, site operating costs, sustaining capital costs and closure capital costs all divided by the gold ounces sold to arrive at a per ounce amount. Other companies may calculate this measure differently as a result of differences in underlying principles and policies applied. Differences may also arise due to a different definition of sustaining versus non-sustaining capital.

Total cash costs

Total cash costs is a common financial performance measure in the gold mining industry but has no standard meaning. The Company reports total cash costs on a gold ounce sold basis. The Company believes that, in addition to measures prepared in accordance with IFRS, such as revenue, certain investors can use this information to evaluate the Company’s performance and ability to generate operating earnings and cash flow from its mining operations. Management uses this metric as an important tool to monitor operating cost performance.

Total cash costs include (cost of sales such as mining, processing, maintenance and site administration, royalties, selling costs and by-product credits) to arrive at total cash costs per ounce of gold sold. Other companies may calculate this measure differently.

AISC and total cash costs reconciliation

ASIC and total cash costs are calculated based on the definitions published by the World Gold Council (“WGC”) (a market development organization for the gold industry comprised of and funded by 18 gold mining companies from around the world). The WGC is not a regulatory organization.

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Uranium Energy Corp Outlines Development Plans in Preparation for the Mid-2019 U.S. Government National Security Action on Uranium Imports

Uranium Energy Corp (NYSE American: UEC, the “Company” or “UEC” – http://www.commodity-tv.net/c/search_adv/?v=298360) is pleased to provide the following letter to its shareholders from President and CEO, Amir Adnani.

Dear Shareholders,

2019 is lining up to be among the most eventful years in UEC’s 14-year history. The fundamental improvements in the uranium market appear likely to continue, following last year’s increase in the spot price to $29/lb. Additionally, the U.S. Government’s probe into foreign imports impacting domestic nuclear fuel cycle capabilities could be significant for the Company by accelerating demand for U.S. mined uranium.

With 98 operating reactors, the U.S. has the largest nuclear fleet in the world with annual requirements of about 45 million pounds of uranium per year.  In contrast, U.S. mines are projected to produce less than 400,000 pounds in 2019, not enough for even one reactor. 

The U.S. Government has launched an investigation into this over-dependence on foreign uranium as a national security matter and a final decision to enact U.S. quotas or other possible remedies is expected by mid-2019.  The potential for quotas would require a meaningful portion of U.S. demand to be supplied by domestic production, which could yield a premium for U.S. mined uranium. Fortunately, and as reported by the U.S. Geological Survey, there are abundant uranium resources that can be developed in states such as Wyoming and Texas.

In this context, we are prioritizing the advancement of our fully permitted Reno Creek ISR Project in Wyoming and development drilling at our Burke Hollow ISR Project in South Texas.  UEC has a potential U.S. production profile of 4 million pounds per year.  Reno Creek is permitted at 2 million pounds per year and our Hobson processing facility, the hub of our South Texas operations, has a capacity of 2 million pounds per year. UEC is ideally positioned to be part of an overall solution to promote growth in U.S. uranium mining with our environmentally friendly and low-cost in-situ recovery (ISR) projects.

Burke Hollow ISR Project – Advancing Development

UEC has made final preparations for the drilling and installation of monitoring wells at the proposed Production Area Authorization One (“PAA-1”) at the Burke Hollow ISR Project in Bee County, Texas. 

The Company has selected drilling and heavy equipment contractors with start-up planned for the beginning of March.  Initial plans include drilling approximately 20 holes to delineate several lightly-drilled areas for optimum monitor well ring design. The drill rigs will shift to drilling and installation of 120 monitor wells upon completion of the delineation holes. 

In 2013, UEC discovered uranium ore trends at the Burke Hollow Project, one of the only new discoveries in the U.S. over the past decade.  Resources at the project have increased with every drilling campaign, resulting in the delineation of a major uranium orebody which extends over 5 miles along its trend length.  To date, a 2.4-mile long mineralized trend has been defined, which will constitute the initial Production Area at Burke Hollow.  A large monitor well ring will encompass the proposed PAA-1, in accordance with regulatory requirements from the Texas Commission on Environmental Quality (“TCEQ”). 

Reno Creek Advancement – Largest Permitted, Undeveloped ISR Project in the U.S.

UEC is directing an independent Preliminary Feasibility Study (“PFS”) for its Reno Creek ISR project in order to expedite upcoming construction in advancing the project towards production.  The study will be accomplished in accordance with National Instrument 43-101 (“NI 43-101”) and its related guidelines and will be based on the recently updated NI 43-101 Resource Report announced in our January 15, 2019 press release.  That report estimates a Measured and Indicated mineral resource of 26 million pounds of uranium (“U3O8”) at a weighted average grade of 0.041% U3O8 contained within 32 million tons and an Inferred mineral resource of 1.49 million pounds U3O8 at a weighted average grade of 0.039% U3O8 contained within 1.92 million tons.*

The PFS will incorporate design criteria provided with UEC expertise and will be reviewed and supplemented with preliminary designs and cost estimates for project components from a qualified consulting engineering firm.

Uranium Market Improvement

Fundamentals in the uranium market are continuing to improve as we have reported over the last two years. One of the primary drivers has been the market price remaining below most producer’s production costs.  While prices have strengthened, this disequilibrium persists and is likely to continue being a strong driver supporting much higher prices. A direct result of this factor has been significant production cuts, resulting in more than 30 million pounds of annual production removed from the market since 2016.

In 2018, spot uranium prices rose about 20% year over year and more than 40% from last April.  Record transaction volume of more than 88 million pounds was reported in the spot market, almost 60% percent greater than the previous record established in 2011.  Producer buying has tripled since 2017 and the investment community has re-entered the market, taking large blocks of material out of circulation, enhancing the already bullish supply-demand picture. 

Global nuclear energy generation in 2018 returned to pre-Fukushima levels.  Meanwhile, long-term contracting by utilities remained suppressed, reaching a six-year low in 2018. This adds to the tightening demand coil that should be released as older term contracts roll out of supplier and utility portfolios and inventory is drawn down.  All these factors coupled with growing global demand bodes well for continued rebalancing and price appreciation in the uranium markets.

Government Investigation on National Security Impacts of Imported Uranium

For U.S. producers, uranium demand from U.S. utilities may become more robust as an outcome of the current national security investigation on uranium. This action was initiated as a result of the extreme dependency of the U.S. on imported uranium, with 2019 anticipated to show U.S. production at less than 1% of the nation’s reactor requirements.  The investigation is expected to result in a decision from the U.S. Government by mid-2019.  While no definitive outcome is clear at this point, a premium for U.S. mined uranium could easily evolve.

UEC remains actively engaged in industry discussions regarding the investigation and we will continue our efforts on Capitol Hill to revitalize the industry.  We meet regularly with bipartisan members of Congress, Committees, the White House and various government agencies to discuss matters relating to the U.S. uranium industry.  Several members of our senior management team are involved with this effort, including our Chairman, Spencer Abraham, former Secretary of Energy in the George W. Bush Administration.  Secretary Abraham wrote an Op-Ed article this past year published by USA Today, outlining the national security necessity for a strong domestic industry. This insightful article may be accessed at https://usat.ly/2PQfx3K.

Corporate Development Portfolio

A pillar of our three-prong strategy during the extended bear market in uranium has been to make accretive acquisitions.  As a result, the Company controls a pipeline of Resource and Preliminary Economic Assessment-stage projects in Arizona, Colorado, and Paraguay.*

In 2018, UEC was instrumental in the launch of Uranium Royalty Corp (“URC”) and is the largest shareholder, owning ~34% of this company. URC is the largest investor and a strategic partner of Yellow Cake PLC listed in London.  URC is working towards an IPO in 2019 and is seeking to emulate, with uranium, the very successful royalty and streaming business model that has emerged in the base and precious metals sectors.

The UEC portfolio also includes the Alto Parana Titanium Project in Paraguay, one of the highest-grade and largest undeveloped Ferro-Titanium deposits in the world (total Inferred resource has been estimated at 4.94 billion tonnes grading 7.41% titanium oxide and 23.6% iron oxide at a 6% TiO2 cut-off).*  While we are prioritizing capital expenditures for U.S. projects in the first half of 2019, we are also in planning phases to commission a new Preliminary Economic Assessment at Alto Parana as part of our monetization strategy.

As the year unfolds, we will provide additional perspective once the decisions associated with the U.S. Government’s investigation have been made. When the U.S. industry begins to ramp-up, it will need quality people, infrastructure, resources and permits, the four key ingredients that UEC already has in place. 

We appreciate your ongoing support of our long-term business strategy to become the leading U.S. uranium producer.  Please feel free to reach our Investor Relations department at 1-866-748-1030 or info@uraniumenergy.com with any questions or comments that you might have as the year develops. Visit our website at UraniumEnergy.com and follow us on Twitter @UraniumEnergy to keep current on all our activities.

Yours truly,

“Amir Adnani”

President & CEO

About Uranium Energy Corp

Uranium Energy Corp (UEC) is a U.S.-based uranium mining and exploration company.  In South Texas, the Company’s hub-and-spoke operations are anchored by the fully-licensed Hobson Processing Facility which is central to the Palangana, Burke Hollow and Goliad ISR projects.  In Wyoming, UEC controls the Reno Creek project which is the largest permitted, pre-construction ISR uranium project in the U.S.  Additionally, the Company controls a pipeline of uranium projects in Arizona, New Mexico and Paraguay, a uranium/vanadium project in Colorado and one of the highest-grade and largest undeveloped Ferro-Titanium deposits in the world, located in Paraguay.  The Company’s operations are managed by professionals with a recognized profile for excellence in their industry, a profile based on many decades of hands-on experience in the key facets of uranium exploration, development and mining.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 and was reviewed by Clyde L. Yancey, P.G., Vice President-Exploration for the Company, a Qualified Person under NI 43-101.

Safe Harbor Statement

*   The mineral resources referred to herein have been estimated in accordance with the definition standards on mineral resources of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101 and are not compliant with U.S. Securities and Exchange Commission (the “SEC”) Industry Guide 7 guidelines.  In addition, measured mineral resources, indicated mineral resources and inferred mineral resources, while recognized and required by Canadian regulations, are not defined terms under SEC Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC. Accordingly, we have not reported them in the United States. Investors are cautioned not to assume that any part or all of the mineral resources in these categories will ever be converted into mineral reserves. These terms have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. In particular, it should be noted that mineral resources which are not mineral reserves do not have demonstrated economic viability. It cannot be assumed that all or any part of measured mineral resources, indicated mineral resources or inferred mineral resources will ever be upgraded to a higher category. In accordance with Canadian rules, estimates of inferred mineral resources cannot form the basis of feasibility or other economic studies. Investors are cautioned not to assume that any part of the reported measured mineral resources, indicated mineral resources or inferred mineral resources referred to herein are economically or legally mineable.

Except for the statements of historical fact contained herein, the information presented in this letter constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. 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 other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and should be viewed as "forward-looking statements". Such 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 such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this letter.

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Zinc One Announces Positive Initial Resource Estimate at Bongará Zinc Mine Project, Peru

Zinc One Resources Inc. (TSX-V: Z; OTC Markets: ZZZOF; Frankfurt: RH33 – “Zinc One” or the “Company” – http://www.commodity-tv.net/c/search_adv/?v=298394) announces the first National Instrument 43-101 (“NI 43-101”) Mineral Resource estimate for its Bongará Zinc Mine project in north-central Peru.  The estimate was prepared for the Company by Watts Griffis and McOuat Limited (“WGM”).  A supporting NI 43-101 technical report will be available under the Company’s profile on SEDAR at www.sedar.com and on the Company’s website at www.zincone.com within 45 days of this release.

The estimate consists of an Indicated Mineral Resource of 812,000 tonnes averaging 18.9% Zn containing 339,000,000 lbs of Zn at a 10% Zn cut-off and an Inferred Mineral Resource of 1,339,000 tonnes averaging 16.8% Zn containing 496,000,000 lbs of Zn at a 10% Zn cut-off.

Greg Crowe, Director of Zinc One, stated, “This initial Mineral Resource estimate quantifies the amount of high-grade zinc in an area of known near-surface mineralization along a 1.4-kilometre trend. Further, geologic mapping and surface sampling confirms the potential of the larger Bongará Zinc Mine project to host additional significant zinc mineralization.   Overall, the area of the new mineral resource estimate occupies only a small area along the strike of eight kilometres of prospective stratigraphy.  In 2019, we plan to carry out additional drilling that includes upgrading the confidence level of the currently defined Inferred Mineral Resources and to expand the overall resource at nearby undrilled high-priority targets located between Mina Chica and Mina Grande Norte and northwest of Mina Chica at Campo Cielo.”

The Bongará Zinc Mine project contains an 8-kilometre trend with known near-surface, high grade zinc mineralization.  Very little systematic exploration has been completed along this trend, except for drilling at the Cristal Project (northwest end of the trend) that identified a body of high-grade zinc mineralization. This provides an exciting opportunity to discover zinc-rich deposits in future exploration campaigns.

The zinc mineralization at the Bongará Zinc Mine project is classified as a Mississippi Valley-type (“MVT”) deposit and is mostly hosted by strongly dolomitized brecciated limestones beds. The mineralization can also occur as tabular bodies with irregular boundaries, which is a characteristic of that mineralization encountered along the periphery of breccias, especially at Mina Chica. The original MVT sulphide mineralization has been oxidized and now occurs as hydrozincite (zinc-oxide mineral), smithsonite (zinc-carbonate mineral), hemimorphite (zinc-silicate mineral), and zinc-aluminum-iron silicates.  

The former Bongará Mine operated during 2007-08, successfully producing zinc from this type of mineralization using a Waelz kiln for processing.  The kiln does not require copious amounts of water and an electrical grid, and the waste product is slag that can be used as road material, among other things, thus precluding a permanent tailings storage facility and minimizing initial and sustaining capital outlays.

Qualified Persons

The technical content of this news release has been reviewed, verified and approved by Al Workman, P.Geo., senior geologist and Vice-President of WGM and John Reddick, P.Eng, senior WGM Associate resource modelling engineer, both Qualified Persons under National Instrument 43-101.  WGM is an independent firm of consulting geologists and engineers that have visited the project regularly since 2014.  WGM assisted Zinc One in designing, monitoring, and auditing its quality control program.

About Zinc One Resources Inc.

Zinc One’s key assets are the Bongará Zinc Mine Project and the Charlotte-Bongará Zinc Project in north-central Peru.  The Bongará Zinc Mine Project was in production from 2007 to 2008 but was closed due to the Global Financial Crisis and the concurrent decrease in the zinc price. Past production included >20% zinc grades and recoveries over 90% from surface and near-surface zinc-oxide mineralization. High-grade, zinc-oxide mineralization is known to outcrop between the mined area and the Charlotte-Bongará and Cristal Project areas, which are over six kilometres to the north-northwest and where past drilling also intercepted various near-surface zones with high-grade zinc as well. 

Additional Information

Monica Hamm
VP, Investor Relations
Zinc One Resources Inc.
Phone: (604) 683-0911
Email: mhamm@zincone.com
www.zincone.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch
www.resource-capital.ch

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Zinc One cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by many material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to Zinc One’s limited operating history, its proposed exploration and development activities on the Bongará Zinc Oxide Mine Project and the need to comply with environmental and governmental regulations.  Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Zinc One does not undertake to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SMA Repowering Making PV Power Plants Fit for the Future

Older PV power plants do not always meet all the requirements for modern solar energy generation, which is why SMA Solar Technology AG (SMA) is now offering its SMA Repowering packages featuring customized solutions for modernizing PV power plants worldwide. The packages include state-of-the-art hardware and software along with enhanced servicing and maintenance programs. Operators and investors stand to benefit from higher yields, cutting-edge technologies, additional operational capabilities and SMA warranties.

System availability is a key factor in PV system profitability – and it can be improved significantly through modernization. In addition to enhancing performance and increasing energy yields, modernization not only equips PV power plants with modern energy management functions, storage integration interfaces and energy trade connection interfaces, but also upgrades them in line with the latest cybersecurity standards. A PV power plant that has been modernized by specialists is longer-lasting and, in turn, much more profitable. Modernization also avoids servicing costs and output losses caused by aging components.

“The technology deployed in the field of PV power plants has advanced at a rapid pace these last few years,” said Boris Wolff, Executive Vice President of SMA’s Utility business unit. “Over the past two years, we have increasingly seen that older PV power plants, in particular, no longer satisfy all the requirements of modern and future-proof energy generation. This can be down to poor quality, outdated technology, insufficient maintenance or a shortage of spare parts. Manufacturers withdrawing from the PV business is often a factor as well,” Boris Wolff added. “In addition, changes in the general conditions are giving rise to new business models that cannot be leveraged with the existing installed technology.”

SMA is now offering the new Engineering Services to determine modernization requirements across the globe. The Engineering Services experts ensure that new components, services and software solutions are customized to the specific PV power plant and ambient conditions. Country-specific requirements of, for example, grid operators are also taken into consideration.

All information on SMA Repowering solutions and products as well as on the new Engineering Services is available here.

Disclaimer:

This press release serves only as information and does not constitute an offer or invitation to subscribe for, acquire, hold or sell any securities of SMA Solar Technology AG (the “Company”) or any present or future subsidiary of the Company (together with the Company, the “SMA Group”) nor should it form the basis of, or be relied upon in connection with, any contract to purchase or subscribe for any securities in the Company or any member of the SMA Group or commitment whatsoever. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.

This press release can contain future-oriented statements. Future-oriented statements are statements which do not describe facts of the past. They also include statements about our assumptions and expectations. These statements are based on plans, estimations and forecasts which the Managing Board of SMA Solar Technology AG (SMA or company) has available at this time. Future-oriented statements are therefore only valid on the day on which they are made. Future-oriented statements by nature contain risks and elements of uncertainty. Various known and unknown risks, uncertainties and other factors can lead to considerable differences between the actual results, the financial position, the development or the performance of the corporation and the estimates given here. These factors include those which SMA has discussed in published reports. These reports are available on the SMA website at www.SMA.de. The company accepts no obligation whatsoever to update these future-oriented statements or to adjust them to future events or developments.

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X-Ray Technology for inspection of coffee in metalized packs

The business of Sesotec´s reference customer Khao Shong Group Co.,Ltd. is the coffee blending. Over the years, developed Khao Shong the perfect manufacture process to ensure the optimal flavour of the coffee.

Committed to nature and to the efficient use of resources this customer also strives to achieve highest quality. He thus was able to establish himself on the market and to win the confidence of various OEM customers for whom he produces today.

In the production of coffee mix 3in1 (instant coffee, milk powder and sugar) broken metal particles from processing machines might contaminate the product. And if this coffee mix – as is the case with this customer – is packed in metallized packs it is difficult to detect such metal particles with conventional methods. Therefore, this company was looking for alternative methods for contaminant detection.

The RAYCON X-Ray inspection system from Sesotec is able to detect even smallest metal particles in metallized packs and to sort out contaminated products. Faulty activations are systematically avoided. It is quite easy to make such statements, but Sesotec in an extensive test run at the customer’s plant also provided proof of the system’s performance.

Says Chana Chiralerspong, Managing Director from Khao Shong Group Co.,Ltd.: "Sesotec’s X-Ray technology at present is the best technology to meet the high demands of our quality management. And the experience we have in the meantime made with Sesotec’s customer service further confirmed our decision for the RAYCON system."

 

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