U.S. House of Representatives Passes Amendment #122 to NDAA to Streamline Permitting for Critical and Strategic Minerals Projects Which Would Include Vanadium
Vancouver, British Columbia--(Newsfile Corp. - June 13, 2018) - Cornerstone Metals Inc. (TSXV: CCC) (OTCQB: CCCCF) (FSE: 1PY) ("Cornerstone" or the "Company") is pleased to announce a recent vote by the U.S. House of Representatives that could help fast track the advancement of Cornerstone's Carlin Vanadium Project near Carlin, Nevada.
In a move to facilitate streamlined permitting for critical and strategic minerals projects in the United States, the U.S. House of Representatives passed Amendment #122 to the National Defense Authorization Act (NDAA) on a bipartisan vote of 229-183 on May 23, 2018. With the passing of the amendment, the House streamlined the permitting process to advance the Trump Administration's mission for mineral development in the United States by centralizing permitting review projects under a lead agency, streamlining permitting time-frames specifically for critical and strategic minerals projects and preserving environmental protections. The Amendment will need the U.S. Senate and Presidential approval to become law.
Further, based on the U.S. Geological Survey December 2018 paper, "Critical Mineral Resources of the United States," vanadium was defined as one of 23 critical or strategic minerals to the United States. Vanadium production is largely controlled by China, Russia and South Africa, and because the United States currently has no production of vanadium, it is dependent on imports to meet its needs, which makes the supply vulnerable to potential influence and disruption by such factors as political changes, market manipulation, environmental issues, civil unrest and natural disasters.
As vanadium is used in the steel industry and in a broad range of existing and emerging technologies, in high-tech industrial, energy, renewable energy and defense sectors, Congressman Tom Emmer stated on May 23, 2018, regarding critical minerals, "These materials are instrumental to America's national defense and economic competitiveness, as is ensuring we can mine them here at home."
"These new policy changes, once made into law, will have a direct positive impact on our project, as vanadium is a critical mineral to the United States," said Cornerstone President and Chief Executive Officer Paul Cowley. "Streamlined permitting accelerates good projects, unlocking value to its shareholders faster, and at the same time, securing the domestic source for the United States faster. The timing of these policies changes is ideal for us, forming a favourable regulatory setting during our advancement of the Carlin Vanadium Project. The benefits would likely be seen across the short, intermediate and long term."
The Carlin Vanadium deposit is considered one of the largest, highest grade primary vanadium deposits in North America (USGS Professional Paper 1802 Critical Mineral Resources of the United States—Economic and Environmental Geology and Prospects for Future Supply dated December 18, 2017).
The Company also announces the grant of 175,000 incentive stock options to a director of the Company, subject to the terms and provisions of the Company's stock option plan, at an exercise price of $0.98 per share, for a five year term.
The Company announces that it has terminated its Investor Relations contract with H4C Group.
About Cornerstone Metals Inc.
Cornerstone Metals has an option to earn a 100% interest in the Carlin Vanadium Project, located in Elko County 22km by road (14 miles) from the town of Carlin, Nevada. The project is comprised of 72 contiguous unpatented mineral claims totaling 461 hectares (1,140 acres). The Carlin Vanadium Project hosts the Carlin Vanadium Deposit which is flat to shallow dipping and at shallow depths, commonly between 0-60m (0-200 ft) below surface.
ON BEHALF OF Cornerstone Metals Inc.
per: "Paul Cowley"
CEO & President
Technical disclosure in this news release has been reviewed and approved by Paul Cowley, P.Geo., a Qualified Person as defined by National Instrument 43-101, and President and CEO of the Company.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events or the Company's future performance and include the Company's ability to meet the conditions required to exercise in full its option to acquire the Carlin Vanadium project and with respect to current and planned drill programs, the results of exploration programs, metallurgical testwork, changes in mineral resources, and permitting of the project. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.