Select Sands Sells 80,000 Tons of Frac and Industrial Sands in Q3 2018
25 October 2018 - 11:30PM
Company continues production and sales, remains
well capitalized with $5M USD cash, with an additional $5M USD
undrawn line of credit available
Select Sands Corp. ("Select Sands" or the "Company") (TSXV: SNS |
OTCQX: SLSDF) is pleased to announce that the Company sold 80,000
tons of frac and industrial sands during Q3 2018 which is within
the Company's previous guidance (see press release dated September
4, 2018) of between 65,000 to 95,000 tons.
Further to this sales update, the Company is providing the below
highlights of its current financial position and operations as of
October 21, 2018. The Company will announce a filing date and
conference call for its Q3 2018 financials shortly.
Highlights
- Cash position of approximately $5M USD ($0.075 CDN per
share)
- Undrawn line of credit of $5M USD
- Indicated mineral resources of 42 million short tons silica
sand at Sandtown1, and inferred mineral resources of 49 million
short tons silica sand at Bell Farm2 (see the Company’s news
releases dated February 10, 2016 and April 17, 2017)
- The Company continues to look for sand and/or sand related
business opportunities in or near other basins
Zig Vitols, President and chief executive officer of Select
Sands, states, “Sales continue through the quarter and are being
supported with appropriate production. Much of the operations
are running on single shift to insure optimum control of
overhead. As a result, the company has maintained its cash
position similar to that reported at the end of Q2. We
believe the mid to long-term outlook for demand fundamentals will
see a return of stronger shipments of the company’s products. The
necessary steps are being taken to ensure leveraging the company’s
premium product offerings and assets when the market comes into
balance again. The Company continues to actively consider other
business opportunities to increase sales and shareholder
value.”
1Updated Technical Report for the Sandtown Property, Cave City,
Arkansas, Tetra Tech EBA, Effective date: February 10, 2016 can be
found under the Company's profile on www.sedar.com
2Select Sands Corporation, Standards for Disclosure for Mineral
Projects in Canada, NI 43-101 Technical Report, Select Sands Bell
Property, Sharp County, Arkansas, Effective date: April 20, 2017
can be found under the Company's profile on www.sedar.com
Qualified Persons
Elliott Mallard, P.G., Senior Principal
Professional, of Kleinfelder, a Qualified Person as defined by
National Instrument 43-101 has reviewed and approved the scientific
and technical disclosure in this news release specific to the
Sandtown and Bell Farm Properties.
About Select Sands Corp.
Select Sands Corporation is an industrial silica
product company which owns a number of properties in Arkansas and
is currently in production at its 100% owned, 520-acre Northern
White, Tier-1, silica sands property located near Sandtown,
Arkansas, U.S.A. Select Sands’ goal is to become a key
supplier of premium industrial silica sand and frac sand to North
American markets. Select Sands’ Arkansas properties have a
significant logistical advantage of being significantly closer to
oil and gas markets located in Oklahoma, Texas and Louisiana than
sources of similar sands from the Wisconsin area.
For more information about Select Sands Corp., please visit
www.selectsandscorp.com or contact:
Zigurds VitolsPresident & CEOPhone: (844) 806-7313
Investor RelationsArlen
HansenSNS@kincommunications.comPhone: (604) 684-6730
This news release includes forward-looking information and
statements, which may include, but are not limited to, information
and statements regarding or inferring the future business,
operations, financial performance, prospects, and other plans,
intentions, expectations, estimates, and beliefs of the
Company. Information and statements which are not purely
historical fact are forward-looking statements.
Forward-looking information and statements involve and are subject
to assumptions and known and unknown risks, uncertainties, and
other factors which may cause actual events, results, performance,
or achievements of the Company to be materially different from
future events, results, performance, and achievements expressed or
implied by forward-looking information and statements herein.
Although the Company believes that any forward-looking information
and statements herein are reasonable, in light of the use of
assumptions and the significant risks and uncertainties inherent in
such information and statements, there can be no assurance that any
such forward-looking information and statements will prove to be
accurate, and accordingly readers are advised to rely on their own
evaluation of such risks and uncertainties and should not place
undue reliance upon such forward-looking information and
statements. Any forward-looking information and statements
herein are made as of the date hereof, and except as required by
applicable laws, the Company assumes no obligation and disclaims
any intention to update or revise any forward-looking information
and statements herein or to update the reasons that actual events
or results could or do differ from those projected in any
forward-looking information and statements herein, whether as a
result of new information, future events or results, or otherwise,
except as required by applicable laws.
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