(TheNewswire)
October 2 8, 2022 – TheNewswire - Rockport, Ontario - New Age Metals Inc.(TSXV:NAM ) ; ( OTC:NMTLF ) ; ( FSE:P7J.F) (“NAM” or “Company”) wishes to provide anupdate on the Pre-Feasibility Study (“PFS”)
of the River Valley Palladium Project near Sudbury, Ontario.
NAM has decided to delay release of the PFS, in orderto enable confirmation and optimization of critical project optionsand development of a more indicative value of the River ValleyProject. Project options under review include increased undergroundmining, mine plan and mineral processing enhancements, tailingsmanagement alternatives, and converting and extending MineralResources, among others, which offer additional flexibility andpotential for better economics. In addition, current price volatilitydue to inflationary pressure and economic uncertainty has made itdifficult to obtain suitable long-term cost quotes for site equipmentand infrastructure systems from potential vendors.
Subject to the determination of the above options andstabilization of the economic climate, NAM plans to finalize the RiverValley Project PFS. An update on when the PFS is anticipated to becompleted will be provided before the end of Q1 2023.
About NAM
New Age Metals is a junior mineral exploration anddevelopment company focused on the discovery, exploration anddevelopment of green metal projects in North America. The Company hastwo divisions; a Platinum Group Metals division and a Lithium/RareElement division.
The PGM Division includes the 100% owned,multi-million-ounce, district-scale River Valley Project, one of NorthAmerica’s largest undeveloped Platinum Group Metals Projects,situated
100 km by road east of Sudbury, Ontario. In addition to River Valley,NAM owns 100% of the Genesis PGM-Cu-Ni Project in Alaska, and plans tocomplete a surface mapping and sampling program in 2022.
The Lithium Division is one of the largest mineralclaim holders in the Winnipeg River Pegmatite Field, where the Companyis exploring for hard rock lithium and various rare elements such astantalum and rubidium. Further Exploration plans for 2022 includecontinued mapping/sampling field program following up on prospectivetrends outlined in the magnetic data, and phase two drill program atLithium Two Project. TheCompany has a partnership with Mineral Resource Limited (MRL, ASX:MIN), a top global lithium producer to explore and develop theCompany’s lithium project portfolio. The 2022 budget for theCompany’s Lithium Division is $1.8 million.
Our philosophy is to be a project generator with theobjective of optioning our projects with major and junior miningcompanies through to production. The Company is actively seeking anoption/joint venture partner for its road-accessible Genesis PGM-Cu-Niproject in Alaska.
Investors are invited to visit theNew Age Metals website at www.newagemetals.com where they can reviewthe company and its corporate activities. Any questions or commentscan be directed to info@newagemetals.com or Harry Barr at Hbarr@newagemetals.com or Farid Mammadov at faridm@newagemetals.com or phone 613 659 2773.
If you have not done so already, we encourage you tosign up on our website ( www.newagemetals.com ) to receive our updated news.
On behalf of the Board of Directors
“ Harry Barr”
Harry G. Barr
Chairman and CEO
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release. Cautionary Note Regarding Forward Looking Statements:This release contains forward-looking statements that involve risksand uncertainties. These statements may differ materially fromactual future events or results and are based on current expectationsor beliefs. For this purpose, statements of historical fact may bedeemed to be forward-looking statements. In addition,forward-looking statements include statements in which the Companyuses words such as “continue”, “efforts”, “expect”,“believe”, “anticipate”, “confident”, “intend”,“strategy”, “plan”, “will”, “estimate”, “project”,“goal”, “target”, “prospects”, “optimistic” or similarexpressions. These statements by their nature involve risks anduncertainties, and actual results may differ materially depending on avariety of important factors, including, among others, the Company’sability and continuation of efforts to timely and completely makeavailable adequate current public information, additional or differentregulatory and legal requirements and restrictions that may beimposed, and other factors as may be discussed in the documents filedby the Company on SEDAR (www.sedar.com), including the most recentreports that identify important risk factors that could cause actualresults to differ from those contained in the forward-lookingstatements. The Company does not undertake any obligation to reviewor confirm analysts’ expectations or estimates or to releasepublicly any revisions to any forward-looking statements to reflectevents or circumstances after the date hereof or to reflect theoccurrence of unanticipated events. Investors should not place unduereliance on forward-looking statements.
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