TSX Venture: NKL
TORONTO, Feb. 8, 2020 /CNW/ - Conic Metals Corp.
("Conic" or the "Company") (TSXV: NKL)
confirms that the Company has become aware of a writ of summons and
statement of claim commenced in Papua New
Guinea on February 5, 2020
against Ramu Nico Management (MCC) Limited ("MCC Ramu
Nickel"). The writ of summons and statement of claim was filed
on behalf of the Madang Provincial Government and certain local
landowners, which contains certain allegations regarding the
environmental impact of operations at the Ramu Nickel-Cobalt
Operation. The writ of summons and statement of claim seeks to have
Ramu's tailings to be moved to an onshore tailings disposal
facility, to have Ramu's deep-sea tailings facility closed, certain
declaratory relief, as well as monetary damages in the amount of
K$18 billion (approximately US$5
billion) and special damages of K1.6 million (approximately
US$473k).
MCC Ramu Nickel is the management company of the Ramu
Nickel-Cobalt Operation joint venture in Papua New Guinea. Conic, who holds an 8.56%
joint-venture interest in the Ramu Nickel-Cobalt Operation, does
not have any ownership interest in MCC Ramu Nickel and is not named
in (and is not a party to) the writ of summons and statement of
claim.
Operations at the Ramu Nickel-Cobalt Operation continue as
normal, and the Company has been notified by majority-owner and
operator Metallurgical Corporation of China Limited that it intends
to vigorously defend all of the allegations contained in the writ
of summons and statement of claim.
About Conic
Conic Metals Corp. is a base metals company offering direct
exposure to nickel and cobalt, both being critical elements of
electric vehicles and energy storage systems. Conic holds an 8.56%
joint-venture interest in the producing, long-life and world-class
Ramu Nickel-Cobalt Operation located in Papua New Guinea which provides Conic with
significant attributable nickel and cobalt production. In addition,
Conic manages a portfolio of 11 nickel and cobalt royalties on
development and exploration projects in Canada and Australia. Conic will continue to invest in a
battery metals-focused portfolio of streams, royalties and direct
interests in mineral properties containing battery metals.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes
'forward-looking statements' and 'forward-looking information'
within the meaning of applicable Canadian securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "potential",
"believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to: statements with respect to the
writ of summons and statement of claim; statements with respect to
the business; and assets of Conic and its strategy going forward
and statements pertaining to future events or future performance.
Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties, most of which are beyond
the Company's control. Should one or more of the risks or
uncertainties underlying these forward-looking statements
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements.
The forward-looking statements contained herein are made as of
the date of this release and, other than as required by applicable
securities laws, the Company does not assume any obligation to
update or revise them to reflect new events or circumstances. The
forward-looking statements contained in this release are expressly
qualified by this cautionary statement.
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. No securities regulatory authority has
either approved or disapproved of the contents of this news
release.
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SOURCE Conic Metals Corp.