Toronto based Chilean Metals Inc. announced today that Patrick Cruickshank and Gary Lohman have resigned their respective positions as the Company's Chief Executive Officer and VP Exploration with effect on February 28, 2018 in order to focus their attention on other mineral interests in Nova Scotia, in particular the cobequid fault projects in the area. Mr. Cruickshank and Mr. Lohman will remain as board members of the Company until the Company's next AGM. Current Chilean Metals chairman Terry Lynch will replace Mr. Cruickshank as the Company's CEO.
Terry Lynch, Chilean Metals chairman and new CEO commented, "We would like to thank Patrick and Gary for their services to the Company. We look forward to continuing to work with them on our board and in promoting and developing cobequid fault projects in Nova Scotia, which will greatly benefit the Company's Nova Scotia projects, including the Bass River project."
Mr. Cruickshank and Mr. Lohman have each have agreed to the cancellation of all of their respective Company stock options effective February 28, 2018. Chilean Metals has agreed to issue 1,333,333 Company shares to Mr. Cruickshank and 666,667 Company shares to Mr. Lohman as consideration for their past services and the cancellation of their stock options. The issuance of the Company shares to Mr. Cruickshank and Mr. Lohman are subject to TSX Venture Exchange approval and will bear a hold period of 4 months from issuance.
About Chilean Metals,
Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper Gold prospects in Chile & Canada.
Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG ("Iron oxide-copper-gold") belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. ("Teck"). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's First Region.
Chilean Metals Inc is the 100% owner of four Copper Gold exploration properties in Nova Scotia on the western flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn and Bass River North respectively. Initial targeting and geophysics has been conducted on all properties, At Bass River North, airborne geophysics identified a major VTEM cluster on trend with the Pb/Zn/Ag mineralization exposed at surface and in drill holes to the southwest. Modeling of the airborne data by Minotaur (Australia) identified 3 priority targets recommended for ground-based geophysics prior to drilling.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Chilean Metals Inc.
Terry Lynch, CEO
Forward-looking Statements: This news release may contain certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that CMX expects to occur, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding current and future exploration programs, activities and results. Although CMX believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
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