/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, June 16, 2023 /CNW/ – Macarthur Minerals Limited (TSXV: MMS) (ASX: MIO) (OTCQB: MMSDF) (the Company or Macarthur) is pleased to announce that it has appointed Karlsson Group Ltd (Karlsson) to provide certain business development and marketing services to the Company for a period of six months as it progresses its Lakes Giles project in Western Australia.
Karlsson who operates as Scandinavian Alliance has agreed to provide services to the Company on an incentivized basis through the issuance of 800,000 shares of the Company, with each share having a deemed value equal to the market price as of the date of this news release. The shares will be payable over four installations, subject to agreed performance criteria. The first installation of 200,000 shares is due on June 19, 2023.
Karlsson has agreed that any shares issued will be issued in Australia and the Company will apply for quotation on ASX.
The Company looks forward to working with Karlsson.
Cameron McCallChairman of Macarthur Minerals commented:
“We are delighted to enlist the support of Karlsson in facilitating the introduction of the Macarthur story to European investors.“
Released On behalf of the Board of Directors, Mr Cameron McCallExecutive Chairman and CEO
Company profile
Macarthur is an iron ore development, and lithium exploration company that is focused on bringing to production its Western Australia iron ore projects. The Lake Giles Iron Project mineral resources include the Snakering hematite resource (approved for development) consisting of Indicated resources of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26 million tonnes at 45.4% Fe; and the Lake Giles magnetite resource of 53.9 million tonnes (Measured), 218.7 million tonnes (Indicated) and 997 million tonnes (Inferred). The Lake Giles Iron Project also contains Proven Ore Reserves of 51.9 Mt and Probable Ore Reserves of 184.7Mt. Macarthur also holds 24 square kilometers tenement area of iron exploration interests in the Pilbara region of Western Australia. In addition, Macarthur has lithium brine Claims in the emerging Railroad Valley region in Nevada, USA. The Mineral Resource and Ore Reserve estimates presented herein have previously been released to the ASX on March 21, 2022, including supporting JORC reporting tables. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of Mineral Resources and Mineral Reserves that all assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
Caution Regarding Forward Looking Statements
Certain of the statements made and the information contained in this press release may constitute forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements herein, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, including but not limited to statements regarding the expected completion of the Feasibility Study; conversion of Mineral Resources to Ore Reserves or the eventual mining of the Project, are forward-looking statements. The forward-looking statements in this press release reflect the current expectations, assumptions or beliefs of the Company based on the information currently available to the Company. Although the Company’s expectations expressed in such reasonable forward-looking statements are based on assumptions, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct as actual results or developments may differ materially from those projected in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include but are not limited to: unforeseen technology changes that result in a reduction in iron or magnetite demand or substitution by other metals or materials; the discovery of new large low cost deposits of iron magnetite; the general level of global economic activity; failure to complete the FS; inability to demonstrate economic viability of Mineral Resources; and failure to obtain mining approvals. Readers are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty thereof. Such statements relate to future events and expectations and, as such, involve known and unknown risks and uncertainties. The forward-looking statements contained in this press release are made as of the date of this press release and except as may otherwise be required pursuant to applicable laws, the Company does not assume any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Macarthur Minerals Limited
For further information: Cameron McCall, Executive Chairman and CEO, +61 7 3221 1796, [email protected]; Investor Relations – Australia, Advisir, Madeline Howson, Director, [email protected]; Investor Relations – Canada, Investors Cubed, Neil Simon, CEO, +1 647 258 3310, [email protected]