Matt Silvestro Joins Geomega Board of Directors; Adds Magnet Industry and Operational Experience

MONTREAL, June 04, 2020 (GLOBE NEWSWIRE) -- Geomega Resources Inc. (“Geomega” or the “Corporation”) (TSX:V.GMA) (OTC: GOMRF), a rare earth clean technologies developer for mining and recycling, announces that Mr. Matt Silvestro, President & Owner of Jobmaster Magnets Canada Inc. (“Jobmaster Magnets”), has joined the Board of Directors of the Corporation.

“As Geomega is moving to the next phase of its development, I am very pleased to welcome Mr. Silvestro as an independent Director,” said Kiril Mugerman, President & CEO of Geomega.

“We recently began a collaboration with Jobmaster Magnets and it quickly became very clear that Matt can bring significant industry knowledge and expertise to the Corporation as we are moving towards production. His understanding of the magnet supply chain is critical, especially in the current global environment where industrial supply chains are being redefined. As North America is looking to bring rare earths downstream processing back home, Matt’s experience with magnetic product design for various industries from aerospace to automotive is important for Geomega to fit in that supply chain. Additionally, Matt’s experience in operation management, setting up the required ISO Quality management programs and internal audits will be vital in the starting up of the first rare earths recycling plant.” added M. Mugerman.

Mr. Silvestro brings over 25 years of operational and magnetic materials marketplace experience within Canada and North America to the Geomega Board. As president and owner of Jobmaster Magnets, Mr. Silvestro is a Canadian entrepreneur with an established track record of leading companies during both growth stages and market downturns. His operational experience spans all sides of a business from financial, procurement, administration, quality management and production. He has an expertise in developing technical solutions to industrial and commercial clients. Before entering the magnetics industry, Mr. Silvestro worked in the environmental services industry focusing on waste management, water treatment, industrial cooling water and power generation chemical treatment programs. Mr. Silvestro holds a BA in Social Science (Geography – focus on soil science and hydrology) from University of Western Ontario.

Pursuant to the Corporation’s Stock Option Plan, Mr. Silvestro was granted a total of 250,000 incentive stock options at an exercise price of $0.155 per option. These options may be exercised for a period of 5 years after the grant date and are vesting at a rate of 25% per six-month period, in accordance with the terms of the Stock Option Plan of the Corporation.

About Geomega (www.geomega.ca)
Based in Boucherville and St-Bruno, Canada, Geomega Resources has developed a proprietary, environmentally friendly “ISR Technology” that recycles rare earth elements with focus on the permanent magnet industry and produces four high demand, high price, rare earth elements (HHREE – specifically Nd, Pr, Tb, Dy).

The Corporation is advancing towards initial production from its demonstration plant to supply HHREE’s to North America and other parts of the world.

Geomega also owns the Montviel rare earth carbonatite deposit and holds over 16.8M shares, representing approximately 19% of the issued and outstanding shares of Kintavar Exploration Inc. (KTR.V), a mineral exploration company that is advancing the Mitchi stratiform copper project in Quebec.

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This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of the Corporation, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including as regards the commercialization of any of the technology referred to above, or if any of them do so, what benefits the Corporation will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in the Corporation’s annual management’s discussion and analysis for the fiscal year ended May 31, 2019, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. The Corporation does not intend, nor does the Corporation undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.