CALGARY, Alberta, Jan. 23, 2019 (GLOBE NEWSWIRE) — Canadian Premium Sand Inc. (TSXV:CPS) (“CPS” or the “Company”) is pleased to provide an operational update of important achievements relating to the development of its Wanipigow Sand Extraction Project (“Wanipigow Sand Project”) north of Winnipeg, Manitoba as well as announce the appointment of Mr. Glenn Leroux as President and Chief Executive Officer of the Company.
OPERATIONAL UPDATE
The Company has successfully completed a fall/winter 2018 drill program that included 93 new sonic drill holes totaling 1,574 metres across its Wanipigow Sand Project site. APEX Geoscience Ltd. was commissioned to log and sample the core and assist in characterization of the overall sand deposit. Nearly 800 representative samples were collected at 1.5-meter intervals from each of the cores over the entire deposit and were sent to Turnkey Processing Solutions’ (TPS) test lab for analysis. The results of the analytical work will provide CPS with a thorough understanding of its entire silica sand deposit including size, quality, depositional characteristics and recoverability. The information gathered from this extensive program also provides the necessary information to complete an updated NI 43-101 Technical Report, anticipated to be finalized in March 2019. The Report will replace and supersede the previous Report and Resource Estimate that was filed in 2014. In conjunction with the 2019 NI 43-101 Technical Report, CPS will be updating all financial and feasibility information previously released for the project.
CPS has also completed and filed its Environmental Act Proposal application with the Manitoba Government for its Wanipigow Sand Project. Included within the application are letters of support for the project from the surrounding communities of Manigotagan, Aghaming, Seymourville and Hollow Water First Nation. With the assistance of AECOM Canada Limited, the application was submitted on December 18, 2018 and was posted for public comment on December 31, 2018. In conjunction with the application, CPS participated in more than 60 informational meetings with the surrounding communities to garner and better understand all public feedback. Further, CPS commissioned independent archeological and traditional land use assessments, a terrestrial survey, air emission and traffic impact modeling studies and completed an extensive geological characterization study for the entire project site. CPS continues to work closely with Wanipigow communities and the Manitoba government to address project feedback.
Submission of the Environmental Act Proposal application also begins the formal Government Consultation process with related First Nations communities and is expected to be complete by March 2019.
Canadian Premium’s Executive Chairman, Lowell Jackson, remarked that “we see these developments as major steps in advancing the Wanipigow Sand Project.”
EXECUTIVE APPOINTMENT
Canadian Premium is pleased to announce the appointment of Mr. Glenn Leroux as President and Chief Executive Officer effective March 1, 2019. Mr. Leroux is a seasoned oilfield services executive with a career that spans over 40 years. Mr. Leroux’s oilfield career began as a roughneck on workover rigs and progressed through roles as drilling supervisor, research and development in artificial lift, drilling engineering and operations management before taking on progressively senior operations and executive leadership roles. His career includes international assignments with a major oilfield service company and responsibility for startup and management of international operations for a Calgary based oilfield service company. He was CEO of BOS Solutions Inc. leading its revenue growth from 22 MM$ Canadian focused service provider to a peak of over 200 MM$ through an aggressive USA growth plan. Most recently, Mr. Leroux was President and Chief Executive Officer of Nilex Inc., a market leading distributor of geo-synthetics and heavy civil construction products. He holds a diploma in Petroleum Technology from the Southern Alberta Institute of Technology and a B.Sc. in Petroleum Engineering from Montana Tech and is a member of APEGA.
ABOUT CANADIAN PREMIUM SAND INC.
Canadian Premium is a Canadian silica resource development and production company and a reporting issuer in Ontario, Alberta and British Columbia, and its shares trade on the TSX Venture Exchange under the symbol “CPS”. It is currently developing a Tier 1 frac sand deposit in Manitoba. Information related to the project can be found at www.wanipigowsand.com.
CONTACT INFORMATION:
Canadian Premium Sand Inc.
www.canadianpremiumsand.com
Lowell Jackson, P.Eng.
Executive Chairman
(403) 660-3702
Disclaimer for Forward-Looking Information
Certain statements in this press release related to the business prospects and development plans of the Company including the development and permitting of Wanipigow Sand Project and the timing for the necessary approvals and preparation of an NI 43-101 report relating thereto are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Such statements are qualified in their entirety by the inherent risks and uncertainties in the development of the Wanipigow Sand Project including the ability of the Company to obtain the necessary regulatory approvals required in connection therewith and such other factors beyond the control of the Company. Such forward-looking statements should therefore be construed in light of such factors, and the Company is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
