SXOOF - St-Georges Changes its Financial Year End Hires KRP Auditors & Provides Various Material Updates
(TheNewswire)
Montréal, February 28, 2022 – TheNewswire - St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF) (FSE:85G1) is pleased to provide a status update on Companyactivities.
St-Georges announces the change of financial year endfrom December 31 to March 31. Further to the above, the Company hasappointed Kingston Ross Pasnak LLP, hereafter referred to as KRP,Chartered Accountants, as auditors of the Corporation for thefinancial year ending March 31, 2022. KRP will fill the vacancycreated by the resignation of Dale Matheson Carr-Hilton Labonte LLP asits independent auditor.
The Company’s decision to change auditors from DaleMatheson Carr-Hilton Labonte LLP was not the result of anydisagreement between the Company and Dale Matheson Carr-Hilton LabonteLLP on any matter of accounting principles or practices, financialstatement disclosure, or auditing scope or procedure. The Board ofDirectors believes KRP, Chartered Accountants, offers a much widerplatform of services more suited to the Company’s diversifiedportfolio of projects.
In meeting the requirements of National Instrument51-102 – Continuous Disclosure Obligations, the Company announcesthat it has elected to change financial year-end from December 31st toMarch 31st. No approvals are required to effect this change.
About KRP, CharteredAccountants
Kingston Ross Pasnak LLP is an independent accountingfirm licensed to practice in Alberta by the Chartered ProfessionalAccountants of Alberta and has been serving clients for 75 years. Itis a partnership with 17 active partners and, in total, employsapproximately 175 people. KRP has extensive experience providingauditing and ancillary services to public organizations, large andsmall, and is registered with the Canadian Public AccountabilityBoard (CPAB) .
EVSX Update
A formalization of a consulting agreement wasunanimously passed, acknowledging Enrico Di Cesare’s contributionsto EVSX’s Research and Development efforts. The agreement calls fora signing bonus, certain payments at completion of defined benchmarks,and 1% NRR (Net Revenue Royalty) from any patentor patent application developed by the Corporation and itssubsidiaries with his involvement.
Mr. Di Cesare is also tasked with identifying andrecommending a general manager and associated staff to ramp up thepilot plant operations at the CIMMS location. The Company expects toidentify a number of positions to be filled in the coming weeks andfollowing the deployment of its updated plan for the proposedcommercial operations in Baie-Comeau.
EVSX is in the process of adding another shredder tohandle larger batteries and one or more conveyors to accelerate andautomate the pilot plant process.
The significant amount of Ni-Cd spent battery feedstockavailable to the Company allows EVSX to plan a first-stage black massseparation unit to be in operation in 2022.
After the separation of aluminium, copper, and steel,additional processing of the black mass is now being tested with veryrecent breakthrough discoveries made by the Company’s metallurgicalteam. Independent tests are being completed in March, and IPprotection is being sought for what would amount to a nickel-metalurban mine operation in operation later this year.
H2SX Update - Hydrogen
The Board of Directors unanimously appointed Dr. SabinBoily as president of H2SX. Dr. Boily works in the valuationand marketing of high value-added technologies with a specific focuson protecting intellectual property, primarily in fields related tomaterials, renewable energy, and the environment. Dr. Boily holds aBachelor’s degree in Engineering Physics from PolytechniqueMontréal , a Master’s degree and a Ph.D. inEnergy Science from the Université du Québec -Institut national de la recherche scientifique (INRS).
In addition to the above, Dr. Boily will also becomeVice-President of Intellectual Property (IP) Strategy for St-Georges.
Dr. Boily is expected to travel to South Korea in thecoming days to assist in finalizing the agreement with Wintec and itsjoint announcement. H2SX and its Korean partners are expected toprioritize the finalization of the detailed blueprints for the initialhydrogen plant expected to be built in Québec later this year.
Iceland Resources Update
In September and October 2020, Iceland Resourcescontracted an RC drill hole to be drilled near the center of the Thorgold project. Additionally, a review of the work in April and May of2021 was completed. A binocular microscope was used to evaluate thepotential for free gold to occur in various sections of alteredbasalt. A decision to re-assay portions of the cuttings was made dueto certain minute fragments of minerals that might have been visiblegold.
In a previous press release, this hole (TH 20-01) wasidentified as a historic resampling of drill holes. This work wasconducted to determine the potential for the possible existence offree gold that may have been undercounted in previous sampling.Although the results significantly differed in individual 0.3-metersample intervals by as much as 60%, the average grades over thereported intervals increased by less than 15%. These results were notdeemed significant as the near-term plan was to follow up with coredrilling in the same area. Therefore, no previous release of resultshas been made.
During the last two quarters of 2021, a total of 1621.8meters were drilled on the project. The first two holes completed didnot meet the terms of the drilling contract, and a decision was madeto pay for only a portion of these holes. Thus, a total of only 1,542meters was formally completed in eight core holes. Drilling proceededslowly with an average of 12 meters per day. The work was hampered byCovid-19 illness, logistics, weather, and other acts of God.
Although most results have been returned at this time,the Company has not been supplied with actual sample intervals andQA/QC sample numbers. The Company is waiting for all assays to becompleted and certified and a final report from consultants to besubmitted before supplying a press release.
STATEMENT BY HERB DUERR, P.GEO. ANDQUALIFIED PERSON
The technical information contained in this report has been reviewedby Herb Duerr, P.Geo , for St-GeorgesEco-Mining Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
“FrankDumas”
FRANK DUMAS
Director & COO
About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some ofthe most common environmental problems in the mining sector, includingmaximizing metal recovery and full circle EV battery recycling. TheCompany explores for nickel & PGEs on the Julie Nickel Project andthe Manicougan Palladium Project on Quebec’s North Shore and hasmultiple exploration projects in Iceland, including the Thor GoldProject. Headquartered in Montreal, St-Georges’ stock is listed onthe CSE under the symbol SX and trades on the Frankfurt Stock Exchangeunder the symbol 85G1 and on the OTCQB Venture Market for early stageand developing U.S. and international companies. Companies are currentin their reporting and undergo an annual verification and managementcertification process. Investors can find Real-Time quotes and marketinformation for the company on www.otcmarkets.com
The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for theadequacy or the accuracy of the contents of this release.
Copyright (c) 2022 TheNewswire - All rights reserved.