2023-04-17 03:02:51
VANCOUVER, British Columbia, April 17, 2023 (GLOBE NEWSWIRE) — Arras Minerals Corp. (TSX.V: ARK) (“Arras”, or the “Company”) is pleased to announce the detailed voting results of the proposals considered at its annual meeting of shareholders held on April 13, 2023 (the “Meeting”) as well as the appointment of Matthew Booth to Vice President of Exploration.
Annual General Meeting
A total of 14,319,748 or 20.9% of the Company’s issued and outstanding shares were represented at the Meeting.
The Company’s shareholders have voted to set the number of directors to seven (7) (12,159,049 or 99.1% voted “For”, and 116,603 or 0.9% voted “Against”).
The following nominees, as listed in Arras’ management information circular, were elected as directors of the Company:
| Director | Votes For | % | Withheld Votes | % | ||
| Brian Edgar | 12,059,854 | 98.2% | 215,798 | 1.8% | ||
| Timothy Barry | 12,100,079 | 98.6% | 175,573 | 1.4% | ||
| Darren Klinck | 12,100,410 | 98.6% | 175,242 | 1.4% | ||
| G. Wesley Carson | 12,088,322 | 98.5% | 187,330 | 1.5% | ||
| Daniel Kunz | 12,011,422 | 97.8% | 264,230 | 2.2% | ||
| Vera Kobalia | 12,068,454 | 98.3% | 207,198 | 1.7% | ||
| Christian Milau | 12,094,347 | 98.5% | 181,305 | 1.5% | ||
Arras is also pleased to announce that the Company’s shareholders have ratified and approved the appointment of Smythe LLP as the Company’s auditors, for the fiscal year ending October 31, 2023 (14,209,690 or 99.2% voted “For”, and 110,058 or 0.8% abstained from voting).
Full details of the proposals are fully described in the Company’s management information circular filed on March 14, 2023 available on SEDAR at www.sedar.com.
Appointment of Matthew Booth as Vice President of Exploration
Mr. Matthew Booth is a seasoned geologist with 20 years experience predominantly in Latin America and Australia working in a variety of greenfields, brownfields and production environments. He will be relocating to be based in Kazakhstan later this year.
Tim Barry, CEO, commented, “We are very pleased to welcome Matt to the Arras Minerals team. He brings a wealth of geological experience to the team, especially related to porphyry and epithermal mineralizing systems. Over the last 18 months Arras has assembled an expert team of local and international geologists, community relations experts and logistics personnel, and has significant drilling and exploration programs planned for this year.”
About Matthew Booth: Matt holds a master’s degree in Mineral Exploration from University of Leicester and has over 20 years field exploration experience, predominantly in Latin America. Over the course of his career Matt has worked as Exploration Manager for Golden Minerals in Mexico, and Exploration Manager of Peru for First Quantum Minerals Ltd. and is a Qualified Person member of the American Institute of Professional Geologists (CPG 12044).
About the Beskauga Deposit: The Beskauga deposit is a gold-copper-silver deposit with an “Indicated” Mineral Resource of 111.2 million tonnes grading 0.49 g/t gold, 0.30% copper, and 1.3 g/t silver for 1.75 million ounces of contained gold, 333.6 thousand tonnes of contained copper, and 4.79 million ounces of contained silver and an “Inferred” Mineral Resource of 92.6 million tonnes grading 0.50 g/t gold, 0.24% copper and 1.1 g/t silver for 1.49 million ounces of contained gold, 222.2 thousand tonnes of contained copper, and 3.39 million ounces of contained silver. The constraining open pit was optimized and calculated using a Gross Metal Value (“GMV”) cut-off of $20/tonne based on a price of $1,750/oz for gold, $3.50/lb for copper, $22/oz for silver, and with an average recovery of 85% for copper and 74.5% for gold and 50.0% for silver.
Qualified Person: The technical information of this news release has been reviewed and approved by Tim Barry, a Chartered Professional Geologist MAusIMM CP(Geo), and a qualified person for the purposes of National Instrument 43-101.
On behalf of the Board of Directors
“Tim Barry”
Tim Barry, MAusIMM (CP(Geo))
Chief Executive Officer and Director
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Further information can be found on the Company’s website https://www.arrasminerals.com or follow us on LinkedIn: https://www.linkedin.com/company/arrasminerals or Twitter: https://twitter.com/arrasminerals
About Arras Minerals Corp.
Arras is a Canadian exploration and development company advancing a portfolio of copper and gold assets in northeastern Kazakhstan, including the Option Agreement on the Beskauga copper and gold project. The Company has established the third-largest license package in the country (behind Rio Tinto and Fortescue Metals Group) prospective for copper and gold in the country. The Company’s shares are listed on the TSX-V under the trading symbol “ARK”.
Cautionary Note to U.S. Investors concerning estimates of Measured, Indicated, and Inferred Resources: This press release uses the terms “measured resources”, “indicated resources”, and “inferred resources” which are defined in, and required to be disclosed by, NI 43-101. The Company advises U.S. investors that these terms are not recognized by the SEC. The estimation of measured, indicated and inferred resources involves greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves. U.S. investors are cautioned not to assume that measured and indicated mineral resources will be converted into reserves. The estimation of inferred resources involves far greater uncertainty as to their existence and economic viability than the estimation of other categories of resources. U.S. investors are cautioned not to assume that estimates of inferred mineral resources exist, are economically mineable, or will be upgraded into measured or indicated mineral resources. Under Canadian securities laws, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies.
Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations, however the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in place tonnage and grade without reference to unit measures. Accordingly, the information contained in this press release may not be comparable to similar information made public by U.S. companies that are not subject NI 43-101.
Cautionary note regarding forward-looking statements: This news release contains forward-looking statements regarding future events and Arras’ future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended, and the Exchange Act, and applicable Canadian securities laws. Forward-looking statements include, among others, statements regarding the use of net proceeds from the recent private placement, plans and expectations of the drill program Arras is in the process of undertaking, including the expansion of the Mineral Resource, and other aspects of the Mineral Resource estimates for the Beskauga project. These statements are based on current expectations, estimates, forecasts, and projections about Arras’ exploration projects, the industry in which Arras operates and the beliefs and assumptions of Arras’ management. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “may,” variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond management’s control, including undertaking further exploration activities, the results of such exploration activities and that such results support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, and other matters discussed under the caption “Risk Factors” in the Management Discussion and Analysis filed on the Company’s profile on SEDAR on February 24, 2023 and in the Company’s Annual Report on Form 20-F for the fiscal year ended October 31, 2022 filed with the U.S. Securities and Exchange Commission filed on February 24, 2023 available on www.sec.gov. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by the Company in this release is based only on information currently available and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise.
