ORIGINAL: Vertical Exploration Receives St-Onge Wollastonite Quarry Permit Approval from the Government of Quebec
2021-09-17 11:07 ET - News Release
VANCOUVER, BC / ACCESSWIRE / September 17, 2021 / VERTICAL EXPLORATION INC. (TSXV:VERT) ("Vertical" or "the Company") is very pleased to report that, through its operations partner Magnor Exploration Inc. (Magnor), the Company has now received full quarry permitting approval from the Government of Quebec for its St-Onge Wollastonite project located in the Lac-Saint-Jean region of Quebec.
Magnor has worked tirelessly with its team and consultants over the past 18 months to secure the Company's official quarry permits from the various Ministries' in the Government of Quebec. The three permits received from the Government of Quebec through Vertical's operations partner Magnor include: i) a Certificate of Authorization (CA) under Section 22 of the Environmental Quality Act from the Quebec Ministry of Environment and Fight against Climate Change (MELCC); ii) a BEX 1809 permit (Bail Exclusif pour l'exploitation de substances minrales de surfaces) from the Quebec Ministry of Energy and Natural Resources (MERN); and iii) a permit from MERN authorizing the construction of a building on site for the storage of crushed Wollastonite. With the receipt of all quarry permits, Vertical and Magnor are now fully permitted to move forward with quarry operations and production of the St-Onge Wollastonite.
The Company and Magnor undertook public consultation on the St-Onge project as required by the Government of Quebec, and received good support overall from the surrounding communities . The Company intends to make the St-Onge project as environmentally sound as possible, including moving forward to fully power its quarry operations through electric power thereby limiting the use of any fossil fuels in production. With the permitting now in place Vertical anticipates completing the final payment installment of its option agreement with the vendor in the near future, allowing for the Company to secure 100% ownership in the St-Onge project. The vendor retains a 2% Net Smelter Royalty (of which 1% can be purchased by the Company for $1 million), and also retains a $5 per ton royalty for the first 1 million tons and a $1 per ton royalty for the remaining tonnage.
Peter P. Swistak, President/CEO of Vertical Exploration Inc., commented: "We are extremely pleased to have received approval from the Government of Quebec for our world-class St-Onge project. Our operations partner Magnor has done an outstanding job completing the extensive paperwork required for the St-Onge permits, and also working with the Government of Quebec staff to ensure our Wollastonite project meets all regulatory requirements. With permitting in place, we are now in an excellent position to quickly move forward with the production, marketing and sales of our premium Wollastonite. The North American agricultural and home garden markets are in need of an environmentally sound natural fertilizer solution, and we believe our premium Wollastonite product will help fill that growing demand. We will be providing further updates in the upcoming weeks regarding our prospective marketing and sales efforts."
ABOUT VERTICAL EXPLORATION
Vertical Exploration's mission is to identify, acquire, and advance high potential mining prospects located in North America for the benefit of its stakeholders. The Company's flagship St-Onge Wollastonite property is located in the Lac-Saint-Jean area in the Province of Quebec.
ON BEHALF OF THE BOARD
Peter P. Swistak, President/CEO
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FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
SOURCE: Vertical Exploration Inc.