Canadian Metals announces that it has received its operating lease from the Quebec Ministry of Energy and Natural Resources. This lease is one of the two main regulatory approvals required to begin the operation of the Langis project and it was issued by the Quebec authorities after more than two years of official studies, community engagement and public consultation.
Hubert Vallée, President and Chief Executive Officer of Canadian Metals, said: "Today's news marks a major milestone in the development of the Langis project. This success is a testament to the exceptional quality of the work undertaken by the Langis project team and its partners, but also to the broad support that the project receives from the citizens of St-Vianney. We can now officially say that we have taken a major regulatory step for the Langis project."
The Company is not basing its production decision on a feasibility study of mineral reserves demonstrating economic and technical viability. Decision to apply for a BEX is not based on Prefeasibility or Feasibility and as such uncertainty on economic parameters and technical risks of failure associated with its production decision exist.
Also the Company announces that the Board of Directors has approved the grant of an aggregate of 400,000 stock options to be distributed to two directors ( Luigi Nardella and Guy Simard) of the Corporation under the terms of the Corporation's Stock Option Plan, each option being exercisable at $0.075 per share for a period of five years.
Canadian Metals is focused on the development of its Langis project, a high-purity silica deposit located in the province of Quebec.