VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 28, 2016) - Select Sands Corp. (TSX VENTURE:SNS)(OTC PINK:CLICF) (the "Company") is pleased to announce the results of voting at its Annual General Meeting of Shareholders ("AGM") held Tuesday, January 26, in Vancouver, BC, Canada.
Shareholders voted in favour of all items put forward by the Board of Directors and management. All six individuals nominated for the Board of Directors - Arnold Tenney, Rasool Mohammad, Zig Vitols, Steven Goldman, John Kime and Douglas Turnbull - were elected.
Shareholders also voted in favour of:
- Appointing Morgan and Company LLP, Chartered Accountants, as auditors of the Company for the ensuing year and authorizing Directors to fix their remuneration
- Approving the Company's Option plan
The company is pleased to announce that certain Officers and Directors have been issued an aggregate of 1,000,000 options with an exercise price of $0.40 pursuant to the Company's option plan. Each option is exercisable into one common share at an exercise price of $0.40 at any time on or before the fifth anniversary of its issuance. All such options vest over a period of one year.
About Select Sands Corp.
Select Sands' Sandtown property, located in northeast Arkansas, USA, is underlain by the Ordovician St. Peter sandstone formation, which is a major source of 'Ottawa White' Tier-1 frac sand/industrial sand selling into major US oil and gas basins as well as industrial and speciality end markets. The Sandtown property is located 3.1 miles from Highway 167 near a natural gas pipeline. The property has an active power line on the property and is located approximately 14.7 miles from the nearest rail system (see December 4, 2014 News Release). Compared to competitive sand mines located in Wisconsin owned by the largest US frac sand producers, Sandtown has a competitive location advantage as it is approximately 650 rail miles closer to the Texas/Louisiana oil/gas plays as well as the Houston port and industrial hub.
As per a Preliminary Economic Assessment report completed in June, 2015 by Tetra Tech of Golden, Colorado, USA and Vancouver, BC, Canada, the Sandtown property contains 22 million tons of Indicated resources of silica sand with a pre-tax NPV valued at US $160 million. This mineral resource is contained within 40% of the total property area (See June 10, 2015 News Release). The Company would like to remind investors that mineral resources for the Sandtown Property are not mineral reserves and do not have demonstrated economic viability and there is no certainty that this preliminary economic assessment will be realized.
The Company also owns high-grade gold deposit in the La Ronge Gold Belt, northern Saskatchewan. The Preview SW Gold Project hosts indicated resources containing 158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au) and inferred resources containing 270,800 ounces (5.70 million tonnes grading 1.48 g/t Au) based on a 0.50 g/t Au cut-off grade (See October 31, 2013 News Release).
Douglas Turnbull, P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed the scientific and technical information disclosed in this News Release.
For more information about Select Sands Corp., please visit www.selectsandscorp.com.
Neither TSX Venture Exchange 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.
FORWARD-LOOKING INFORMATION
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States absent such registration or an applicable exemption from such registration requirements.