ST. JOHN'S, NL / ACCESS Newswire / March 19, 2025 / Atlas Salt Inc. (the "Company" or "Atlas Salt")(TSXV:SALT)(OTCQB:REMRF) announces that through mutual agreement the services of Mr. Rick LaBelle as CEO and Director will cease effective March 19, 2025. The Company will immediately commence the recruitment process to hire a new CEO. In the interim, Mr. Patrick Laracy, Chairman will assume executive management responsibilities.
Mr. Laracy commented "Rick has transitioned the company from the feasibility stage to development including environmental clearance, detailed engineering and preconstruction work. We would like to acknowledge and thank him for his astute management to get us to the next phase of financing and construction."
Mr. LaBelle commented "I have assembled a first-rate team to pursue development of the Great Atlantic Salt deposit and steered the Company through the critical permitting processes. The project is nearing the start of construction, and the next steps will focus on the financial components necessary for completion. Its an appropriate time for the transition".
Looking forward, the Company will continue to progress towards construction and development with a focus on project financing. In addition to the engagement of Endeavour Financial (news release December 10, 2024), the Company will undertake marketing initiatives to communicate the many positive attributes of the Great Atlantic salt project and its other assets towards enhancing shareholder value.
The Company also reports that its current geotechnical drill program has completed 17 of 20 holes. These holes are designed to trace the route of the twin declines to access the deposit. Geotechnical analysis of core from these holes will inform the detailed decline excavation parameters.
The Great Atlantic salt deposit is located in western Newfoundland. The "Technical Report on the Great Atlantic Salt Project, Newfoundland and Labrador, Canada", as amended on May 1, 2024 and prepared by SLR Consulting (Canada) Ltd. is available on our website ( www.atlassalt.com ) and has been filed on SEDAR+ under the Company's issuer profile ( www.sedarplus.ca ). The report evaluates the salt deposit at a base case of 2.5 million tonnes per year over a 34-year mine life with an after-tax internal rate of return of 18.5 % and an after-tax net present value (8% discount rate) of $553 million. The project has many positive attributes including being at a relatively shallow depth amenable to access by declines instead of shafts, mine design for electric power optimization resulting in low carbon emissions, proximity to a deep-water port, positive environmental assessment clearance and progressive engineering design.
Patrick J. Laracy, P. Geo., Chairman of Atlas Salt, is the qualified person who has reviewed and approved the technical contents of this news release as defined in National Instrument 43-101.
About Atlas Salt Inc.
Atlas Salt Inc. is developing Canada's next salt mine and is committed to responsible and sustainable mining practices. With a focus on innovation and efficiency, the company is poised to make significant contributions to the North American salt market while upholding its values of environmental stewardship and community engagement.
For information, please contact:
Patrick Laracy, Chairman
investors@atlassalt.com
(709) 739-9545
We seek safe harbor.
Cautionary Statement
Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: completion, delivery and timing of project components and requirements, and analysis and assumptions related thereto. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual 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 and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of required permits, contract agreements, supply arrangements and financing. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
SOURCE: Atlas Salt Inc.
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