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(via TheNewswire)
Calgary, August 30, 2024 – TheNewswire – Whitemud Resources Inc. (“Whitemud” or the “Company”) (TSXV – “WMK”) provides an operational update.
Whitemud is pleased to provide the following corporate and operational updates.
Whitemud and SAM Holdings have agreed to increase the amount of financing by SAM Holdings, which was first announced on November 21, 2023, from $7,000,000 to $10,000,000 to fund additional capital expenditures as well as ongoing operating expenses and general and administrative costs, with the approval of the TSXV. The interest rate for the interim funding is 5.0% per annum.
An NI 43-101 Technical Report prepared by SLR Consulting (Canada) Ltd. detailing a Preliminary Economic Assessment of the Wood Mountain Project in Saskatchewan has been uploaded to SEDAR. The Technical Report offers a broad analysis and review of the Whitemud kaolin deposit resource, the project and its economics.
Whitemud wishes to advise that commissioning of its flash calciner and ancillary equipment has been ongoing with startup operational challenges resulting from various mechanical interruptions as well as a disruption from severe weather conditions experienced the week of August 19, 2024, causing the plant to be shut down due to a mechanical failure. Repairs to the plant have been completed and processing of kaolin was reestablished. Initial production rates are being held to approximately 50% of capacity until plant integrity is stabilized. The first delivery of produced metakaolin from the redesigned and upgraded flash calciner facility has been made to a customer.
Whitemud also announces that Mr. Derrick Armstrong was elected to the board of directors at the annual general meeting held on August 20, 2024. Mr. Armstrong practiced corporate law in Calgary for 34 years, and at the time of his retirement was the regional head of the Capital Markets and Corporate departments of Borden Ladner Gervais, a national law firm. He primarily acted for both public corporations and financing agents in all facets of corporate financing, including public offerings, restructurings, mergers and acquisitions, corporate governance and regulatory filings. He sat on policy advisory boards of both the Alberta Securities Commission and Alberta based stock exchanges and was often a speaker at corporate and securities seminars. His extensive experience acting for public boards brings an expert focus to Whitemud's corporate governance practices.
About Whitemud Resources Inc.
Whitemud is a Canadian-based corporation holding mineral rights to exploit a large kaolin deposit in southern Saskatchewan, together with a processing facility located on the property. Whitemud’s product, Whitemud (MK) is a cement-grade metakaolin that enhances the performance of cement for oil and gas wells and construction applications. The Company uses a process that minimizes environmental impact.
For further information, please contact:
Whitemud Resources Inc.
General Inquiries
Suite 900, 332 - 6th Avenue SW
Calgary, Alberta T2P 0B2
Attention: Stan Owerko: 403-200-5253
Reader Advisory
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Whitemud’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘attempts’’, ‘‘intends’’, “continues”, “plans” or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Whitemud believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to the plant startup date and the date the flash calciner will be at full operating capacity. Actual results could differ materially from those anticipated in these forward-looking statements. Timing could be impacted by unforeseen mechanical issues and other factors, many of which are beyond the control of Whitemud. The forward-looking statements contained in this news release represent Whitemud’s expectations as of the date hereof and are subject to change after such date. Whitemud 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 may be required by applicable securities regulations.
Neither the TSXV 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.
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