Atlas Unveils Great Atlantic Salt Project Build Team

ST. JOHN’S, Newfoundland and Labrador, Sept. 29, 2023 (GLOBE NEWSWIRE) -- tlas Salt (the “Company” or “Atlas” – TSXV: SALT; OTCQB: REMRF) has secured a top-tier build team for its Great Atlantic Salt Project to develop North America’s premier undeveloped high-grade salt deposit, 100% owned by Atlas and strategically located on the west coast of Newfoundland.

An independent Feasibility Study from SLR Consulting (Canada) Ltd., released August 28, 2023, gave the project a pre-tax NPV (8) of $1.017 billion (CDN) with a 23% IRR based on a 34-year mine life at a production rate of 2.5 million tonnes per year and a projected direct capital cost of $302 million. In the 4 million tonne-per-year expansion scenario, at the Preliminary Economic Assessment level analysis, pre-tax NPV (8) increases to $2.015 billion with a 28% IRR over a 47.5-year mine life. Pre-tax cash flow is $17.8 billion out of total revenue of $24.75 billion over 47.5 years (refer to Aug. 28, 2023 news release) in the expansion scenario.

Three New Executives Form “Great Atlantic Salt Project Build Team”

New Atlas Salt CEO Rick LaBelle has recruited three proven leaders with exemplary track records in the mining industry to the positions of VP, Engineering and Construction; VP, Corporate Affairs; and Chief Financial Officer.

Highlights:

• VP, Engineering & Construction, Robert Booth, P.Eng, PMP, has successfully executed more than $1.5 billion in large capital projects over the past 7 years, most recently with the world’s largest gold mining company (Newmont). He is an engineer who has consistently demonstrated operational excellence and the highest standards of cost and quality control;
• VP, Corporate Affairs, Alasdair Federico, is an experienced executive and lawyer who was Kirkland Lake Gold’s Executive Vice-President, Corporate Affairs & Social Responsibility, between late 2016 and May 2021 during a period of exceptional growth for the company. The merger of Kirkland Lake Gold and Agnico Eagle Mines was announced September 28, 2021, with the merged entity valued at $22.4 billion (U.S.) upon closing in early 2022;
• New Chief Financial Officer, Peter Newton, CPA, CA, is an accomplished financial executive with more than 30 years’ experience in private equity and the capital markets. He is the former CFO of the Canadian division of Boart Longyear, the world’s largest drilling company, where he was responsible for multiple foreign entities (17 countries, 4 continents) between 1992 and 2007.