TORONTO, April 06, 2020 (GLOBE NEWSWIRE) -- Crystal Peak Minerals Inc. (“Crystal Peak” or the “Company”) (TSXV: CPM, OTCQB: CPMMF) today announced that the Board of Directors for the Company (Board) would like to provide an update regarding the impact of the COVID-19 pandemic on Crystal Peak’s plans.
The Board would first like to extend its sympathies to those who have been touched directly by the disease. We also wish to thank all front-line medical and emergency personnel who are operating around the globe for their tireless efforts to contain this outbreak.
In line with government advice, Crystal Peak has implemented measures to ensure the health and safety of the Company’s team. These measures include delaying all non-essential travel, exploring the possibility of holding our Annual General Meeting of Shareholders in Salt Lake City, and curtailing staff time spent in the office.
For the next several weeks, the Crystal Peak team will be working from home. Prior to introducing this change, business systems were tested to ensure that core functions would continue while the team worked remotely. This has allowed most day-to-day operations to carry on as usual. Crystal Peak will monitor governmental restrictions and recommendations and will determine appropriate actions as conditions develop.
Since the Sevier Playa Project (Project) is not yet operational, there are limited activities at that site. All necessary environmental and regulatory procedures are going forward on schedule. Where appropriate, other activities have been deferred. The Board believes that the current restrictions represent a low risk to the health and safety of Company employees and consultants and that any reduction in activities will have no significant impact on the project in the short term.
The key issue facing the company is uncertainty surrounding financial markets and the Company’s ability to raise needed funds. While work is ongoing and discussions are progressing with a number of parties, the Company is reviewing all expenditures and will take reasonable measures to preserve cash. All non-essential disbursements and all non-critical engineering work has been suspended until there is reduced volatility in financial markets.
Regarding engineering, our team continues to refine its approach. Studies are underway seeking to optimize Project development, reduce initial capital expenditures, improve operating costs, shorten time to first production, and to include the potential benefits of valuable by-products. Furthermore, management continues to work with potential partners to secure an offtake arrangement for the Project’s anticipated products.
About Crystal Peak Minerals Inc.
Crystal Peak is focused on the production of premium-priced specialty fertilizers such as Sulfate of Potash (SOP). The Company controls mineral leases on more than 124,000 acres on the Sevier Playa in Millard County, Utah. In August 2019, Crystal Peak received the Record of Decision from the U.S. Department of the Interior for its Sevier Playa Project, which grants federal permission to construct and operate. With a brine mineral resource known to contain potassium, magnesium, sulfate, and other beneficial minerals, Crystal Peak is targeting the production of specialty fertilizers and associated products through the use of a low-cost brine extraction and solar evaporation process. SOP and other specialty fertilizers are used in the production of high value, chloride-sensitive crops such as tree nuts, fruits, and vegetables.
For further information, please contact:
Woods Silleroy
Corporate Secretary
(801) 485-0223
woods@crystalpeakminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the use of proceeds from the Loan, the permitting and construction of the Project, the targeting of the development and production of specialty fertilizers and associated minerals, including SOP, through the use of a cost-effective solar evaporation process; and Crystal Peak’s future business. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “is expected”, “expects” or “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, “believes”, or variations of such words and phrases; or terms that state that certain actions, events, or results “may”, “could”, “would”, “might”, or “will be taken”, “could occur”, or “be achieved”. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on, a number of assumptions and is subject to known and unknown risks, uncertainties and other factors, including but not limited to the timing of obtaining the necessary permits to proceed with the Project, that may cause the actual results, level of activity, performance or achievements of Crystal Peak to be materially different from those expressed or implied by such forward-looking information. Although Crystal Peak has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Crystal Peak does not undertake to update any forward-looking information, except in accordance with applicable securities laws.