VANCOUVER, May 1, 2017 /CNW/ - Wellgreen Platinum Ltd. is pleased to provide a message from its President and Chief Executive Officer, Ms. Diane R. Garrett:
"We realize the recent decline in our share price has been a concern to all of us who are shareholders of Wellgreen. Commodity prices have come under even more pressure in recent months, and while we have no control over that, those things within our control are moving forward in a meaningful way to advance the Wellgreen Project. Therefore, I would like to take this opportunity to reiterate our strategy and the work we are currently doing at Wellgreen.
"Since my joining Wellgreen, the focus has been less on exploration and more on development of this large unique asset, an important transition and new direction for the Company. We began our new technical initiative with metallurgical testwork, a critical first step in advancing a project from exploration toward the feasibility and development phase. This was a nine month process and is now complete (see press release dated March 1, 2017). We successfully achieved the primary objective of the program, which was to produce a quality, marketable bulk concentrate. This was a huge achievement for the Project and represents the first time this level of engineering work has been completed. With this information in hand, we expect to be able to identify a number of potential customers for our potential concentrate and to determine the shipping routes and costs that would be associated with those options. This level of work has never been completed on the Project before.
"We are also in the process of updating the resource model with new drilling information from the past three years. The metallurgical results combined with the new resource model will provide us with an improved technical understanding of the Project, which will allow us to update our mine plan. The objective of our studies is to examine ranges of throughput rates and efficiencies of various mining methods, and to refine capital costs and operating costs, all at varying commodity prices. AGP Mining Consultants and Ausenco Engineering (a global engineering, construction and project management firm) are working with our team on all of these items – they are very well respected for their work in the mining industry. The Company anticipates completing the updated resource estimation during the third quarter of 2017. As a result of the extensive work being conducted to advance the development of the Project, the Company is also considering preparation of an updated PEA or a pre-feasibility study.
"Our overriding goal is to de-risk the Project by completing the necessary steps and technical work required to gain a full understanding of the Project to enable us to develop the Project in the best, most efficient manner.
"This Project is quite unique – it is a large scale polymetallic deposit with significant PGM content located in a mining friendly jurisdiction with excellent infrastructure. With your continued support, including that of our institutional investors, we are advancing the Project towards realizing its potential."
The scientific and technical information disclosed in this news release was reviewed and approved by John Eggert, P. Eng., who is a "Qualified Person" as defined in NI 43-101 – Standards of Disclosure for Mineral Projects, and an independent consultant to the Company.
Cautionary Note Regarding Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, the size and scale of the Wellgreen deposit, future exploration and development of the Project, the undertaking of future activities and work programs at the Project, realization of the potential of the Project, the active advancement of the Project, the Project becoming a producing asset, the Company's ability to locate and secure a smelter for its potential products, the Company completing an updated resource model, changes in the Company's mine plan, the Company's ability to de-risk the Project, the completion of an updated PEA or of a prefeasibility study, future fluctuations in commodity prices, and general future plans and objectives for the Company and the Project, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in Project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, the Company's ability to maintain the support of stakeholders necessary to develop the Project, unanticipated environmental impacts on operations and costs to remedy same, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the key assumptions, risks and challenges with respect to the forward-looking information discussed herein, and about our business in general, investors should review the 2015 PEA technical report on the Project, our most recently filed annual information form, and other continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Wellgreen Platinum Ltd.
For further information: Wellgreen Platinum Contacts: Diane Garrett, President & Chief Executive Officer, 1-416-304-9318, email@example.com, firstname.lastname@example.org