/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO
UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Aug. 18,
2022 /CNW/ - Macarthur Minerals
Limited (TSXV: MMS) (ASX: MIO) (OTCQB: MMSDF) (the
Company or Macarthur), is pleased to announce that
effective 1 September 2022, Mr
Ryan Welker will be appointed to the
Company's Board of Directors and that Alan
Joseph Phillips will step down as the Company's Chief
Executive Officer. Executive Chairman Cameron McCall will also assume the role of
Chief Executive Officer.
Mr Ryan Welker is Chairman and
Co-founder of Vitrinite Pty Ltd a tightly held, private,
premium-hard coking coal producer in Queensland's Bowen Basin. Mr Welker brings a
vast range of skills and experience to the board of Macarthur. He
has worked for and has supported mining and exploration companies
all over the world in nearly every stage of the development and
production cycle. His direct industry experience gives him a blend
of capabilities giving him an in depth understanding of the needs
of mining companies of all sizes, but particularly publicly listed
junior mining companies.
His previous and current positions include management, corporate
development, and finance. Prior to moving back to Australia in 2019, Mr Welker worked for EAS
Advisors in New York, where he
advised and raised more than $2bn for
dozens of ASX, LSE, TSX and AIM listed companies. Prior to EAS, he
held positions at Rio Tinto, Hancock Prospecting, Standard Bank and
served as a Non- Executive Director of Mineral Resources Limited.
Mr Welker's appointment to the Board as an Independent Director is
subject to regulatory approvals.
With effect from the conclusion of the annual general meeting of
the Company to be held on 31 August
2022 ("AGM"), Mr Phillips will retire as Managing
Director.
Mr Phillips role in Macarthur has traditionally been focused
operationally to progress Lake Giles to the advanced stage it is
today. He was the investor who negotiated to acquire Ken
Talbots Macarthur share block in 2009 and has since been a frequent
financial supporter and advocate of the Company.
First engaged in 2009 as Project Manager, moving onto the COO
role, CEO and eventually as Managing Director, he has overseen a
1.3 million tonne resource delineation along with three Preliminary
Economic Assessments for the magnetite and hematite resources, a
Pre-Feasibility Study for the hematite resource and the Feasibility
Study for the magnetite resource and on to the current stage as the
project moves towards the engagement of Strategic Partners to
deliver the project along with finalisation of the debt
financing.
Mr Phillips is side stepping from Macarthur, to make way for new
skill sets necessary for the Macarthur Board to deliver this final
development and production stage. Moving forward, he will be
advising the Macarthur Strategic Sub-Committee and will remain as
the Executive Chair of Infinity Mining Limited (ASX: IMI) to enable
him to concentrate on the development of Infinity, a company that
has some very exciting lithium projects in the Pilbara to which
Macarthur is a significant holder with 21.65% interest. Mr
Phillips and his various companies remain a major shareholder in
Macarthur and is very motivated to realise value from this
investment.
Cameron
McCall, Chairman of Macarthur Minerals commented:
"The next stage of Macarthur's development is an exciting
one, and Ryan Welker's extensive
commercial finance and mining experience will be an invaluable
asset to Macarthur and we look forward to working with him as we
develop our Lake Giles Iron Project in the Yilgarn region of
Western Australia. On behalf of
the Board of Directors and management, we welcome Ryan Welker to the Board.
On behalf of the Board, I would also like to thank Mr
Phillips for his long standing and unwavering commitment to the
Company and the Lake Giles Iron Project. Mr Phillips will
continue to provide support to the Board as advisor to the
Strategic Sub-Committee. This new role will allow him
to focus on Infinity Mining Limited and its evolving lithium,
nickel and gold portfolio in Western
Australia."
On behalf of the Board of
Directors, Mr Cameron McCall,
Executive Chairman
Company profile
Macarthur is an iron ore development, and lithium exploration
company that is focused on bringing to production its Western Australia iron ore projects. The Lake
Giles Iron Project mineral resources include the Ularring hematite
resource (approved for development) comprising Indicated resources
of 54.5 million tonnes at 47.2% Fe and Inferred resources of 26
million tonnes at 45.4% Fe and the Lake Giles magnetite resource of
53.9 million tonnes (Measured), 218.7 million tonnes (Indicated)
and 997 million tonnes (Inferred). The Lake Giles Iron Project also
contains Proven Ore Reserves of 51.9 Mt and Probable Ore Reserves
of 184.7Mt. Macarthur also holds 24 square kilometre tenement area
iron exploration interests in the Pilbara region of Western Australia. In addition, Macarthur has
lithium brine Claims in the emerging Railroad Valley region in
Nevada, USA.
No new information
The Mineral Resource and Ore Reserve estimates presented above
have previously been released to the ASX on 21 March 2022, including supporting JORC
reporting tables. Unless explicitly stated, no new information is
contained in accordance with Table 1 checklist in the JORC Code.
The Company confirms that it is not aware of any new information or
data that materially affects the information included in the
relevant market announcements and, in the case of Mineral Resources
and Ore Reserves that all assumptions and technical parameters
underpinning the estimates in the relevant market announcement
continue to apply and have not materially changed.
Caution Regarding Forward Looking
Statements
Certain of the statements made and information contained in this
press release may constitute forward-looking information and
forward-looking statements (collectively, "forward-looking
statements") within the meaning of applicable securities laws. All
statements herein, other than statements of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future,
including but not limited to statements regarding expected
completion of the Feasibility Study; conversion of Mineral
Resources to Ore Reserves or the eventual mining of the Project,
are forward-looking statements. The forward-looking statements in
this press release reflect the current expectations, assumptions or
beliefs of the Company based upon information currently available
to the Company. Although the Company believes the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and no assurance can be given that these
expectations will prove to be correct as actual results or
developments may differ materially from those projected in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include but are not limited to: unforeseen technology changes that
results in a reduction in iron or magnetite demand or substitution
by other metals or materials; the discovery of new large low cost
deposits of iron magnetite; the general level of global economic
activity; failure to complete the FS; inability to demonstrate
economic viability of Mineral Resources; and failure to obtain
mining approvals. Readers are cautioned not to place undue reliance
on forward-looking statements due to the inherent uncertainty
thereof. Such statements relate to future events and expectations
and, as such, involve known and unknown risks and uncertainties.
The forward-looking statements contained in this press release are
made as of the date of this press release and except as may
otherwise be required pursuant to applicable laws, the Company does
not assume any obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
SOURCE Macarthur Minerals Limited