DENVER, April 19, 2017 (GLOBE NEWSWIRE) -- Pure Energy Minerals Limited (TSX VENTURE:PE) (FRANKFURT:A111EG) (OTCQB:PEMIF) (the “Company” or “Pure Energy”) is pleased to announce that Mr. S. Scott Shellhaas, Esq. has been appointed to its board of directors effective April 19, 2017.
Mr. Shellhaas has more than thirty years of diverse experience in the mining industry including a long tenure with various divisions of Cyprus Amax Minerals Company (“Cyprus Amax”) spanning the lithium, gold, copper, iron ore, and coal divisions. After working as Managing Attorney at the head office of Cyprus Amax he ascended to roles as president of gold and iron ore operating units until taking over as president of Cyprus Foote Mineral Company, Cyprus Amax’ lithium chemical and manufacturing division, in 1993.
As leader of Cyprus Amax’ lithium division, Mr. Shellhaas presided over annual sales of approximately $250 million and led more than 1,000 employees. In addition to launching a new lithium hydroxide plant (Nevada) and a new lithium chloride plant (Chile), he enhanced focus on downstream high-margin product lines and helped bolster research and development activities. Revenue and earnings reached record levels under his leadership. He was also a champion of employee development and quality programs, such as obtaining ISO 2000 certification for all Cyprus Amax’ operations.
Scott Shellhaas also has experience in junior mining companies that have transitioned into mid-tier producers. He was the President and COO of Thompson Creek Metals Company, where he led the $650 million mill expansion and modernization at the Endako Mine and the $1.6 billion start-up of the Mt. Milligan copper gold mine, both in British Columbia. In 2015, Mr. Shellhaas was the co-recipient with Rob Pease of the E.A. Scholz Award for Mine Development from AME BC for the Mt. Milligan Project.
Pure Energy CEO, Patrick Highsmith, commented on the new team member, “We are very excited to have Scott Shellhaas join the board of directors of Pure Energy. Scott has a deep executive background in major project execution, large capital projects, mergers & acquisitions, and complex corporate management issues. He was President of Cyprus Foote Mineral Company, which was a previous owner of the Silver Peak Mine in Clayton Valley. That sort of relevant lithium experience is an important addition to our team. He has also led mine start-ups and rollouts of new technology with particular focus on costs, quality, and people. It has been our objective for some time to add more major project operations experience, major company lithium experience, and a legal background to our board. Scott will help us in all three areas.”
Mr. Shellhaas has a BA in Economics from the University of North Carolina and a Juris Doctor from the University of Wyoming, where he served as Managing Editor of the “Land and Water Law Review”. In addition to being a member of the State Bar Associations of California, Colorado, Nevada, and Wyoming, he also clerked for the Chief Justice of the Nevada Supreme Court.
Resignation of Andy Robinson from the Board of Directors
Simultaneous with the addition of Mr. Scott Shellhaas to the board, Dr. Andy Robinson has tendered his resignation as a director. The Board of Pure Energy thanks Dr. Robinson for his important contributions to the team as a member of the board for the last 19 months.
Issuance of Stock Options
The Company also announces, subject to regulatory approval, it has granted a total of 575,000 stock options (the “Options”) to a director, officer, and consultant of the Company to purchase common shares of the Company in accordance with its stock option plan. All of the Options vest quarterly in four equal tranches, with the first such vesting occurring upon issuance of the Options, are issued at an exercise price of $0.51 per common share and expire five years from the date of issuance.
About Pure Energy Minerals Limited
Pure Energy is a lithium resource developer that is driven to become a low-cost supplier for the burgeoning lithium battery industry. The Company is currently focused on the development of the CVS Lithium Brine Project and the adjoining Glory Lithium Clay Project in Clayton Valley, Nevada. Pure Energy also recently announced the acquisition of a purchase option on a major new lithium brine project in the Lithium Triangle of South America, the Terra Cotta Project (“TCP”). The TCP is located on Pocitos Salar in Salta, Argentina, where it enjoys some of the best infrastructure and access of any lithium brine exploration project in the country.
Pure Energy has developed core strengths in innovative development and processing technologies for lithium brines and lithium mineral deposits. The Company’s key attributes and activities include:
- Generating positive results on a large land position with excellent infrastructure in a first-class mining jurisdiction: approx. 11,000 acres in four main claim groups in Clayton Valley, Esmeralda County, Nevada;
- The only lithium brine resource in North America except for its neighbor, which is the only producing lithium operation in the United States (Albemarle’s Silver Peak lithium brine mine);
- An inferred mineral resource containing approximately 816,000 metric tonnes of Lithium Carbonate Equivalent (LCE) at an average grade of approximately 102 mg/L lithium, reported in accordance with NI 43-101 (see July 2015 Inferred Resource Report);
- An advanced program of testing the efficacy and economics of modern environmentally-responsible processing technologies to convert the CVS brines into high purity lithium products for new energy storage uses;
- A new early stage exploration program on the 13,000 hectare Terra Cotta Project (TCP), located on Pocitos Salar in Salta Province; and
- An active business development program, applying its expertise to the evaluation of new lithium targets around the world.
On behalf of the Board of Directors,
“Patrick Highsmith”
Chief Executive Officer
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future financing activities, exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.