VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 21, 2017) - Power Metals
Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1)
is very pleased to announce that it has acquired the Coyote Project (the "Project") located in the Lisbon Valley area in the
Paradox Basin, Utah.
The Project includes 150 placer mineral claims covering an area of 3,000 acres and inclusive of lithium brine mineral rights,
on trend and adjoining to the north, the Lisbon Valley oil and gas field, where historic lithium brine content has been reported
as high as 730 parts per million lithium (Superior Oil 88-21P).
Johnathan More, CEO of Power Metals noted, "We are extremely excited to have been able to position the company in the Lisbon
Valley, as a starting point. As we roll out our plan, we intend to deploy increased resources towards the building of a petro
lithium portfolio in the United States including but not limited to the acquisition of oil field assets, lithium brine, oil wells
and associated infrastructure."
To view the map accompanying this press release please click the following link: http://media3.marketwire.com/docs/PowerMap221.pdf
More continued, "Structurally, the Coyote Project is situated down dip from an existing oilfield and within a geosyncline
basin feature which could represent a fluid trap for migrating brine fluids. The property lies entirely within a zone identified
by the United States Geological Survey (USGS) to contain 40% plus TDS (total dissolved solids) within the Pennsylvanian brine
aquifers (USGS Report 1962).
To date, the most concentrated brines have been found in Pennsylvanian rocks, especially in the thin clastic breaks which
separate the salt beds in the Paradox Formation. The porous Mississippian dolomites and limestones appear to offer the potential
of sustained brine flow from a large reservoir, especially where they have been faulted into contact with rich Paradox salt
beds."
Geologic Setting
The Lisbon Valley oil and gas field is located approximately 40 miles southeast of Moab, Utah in the salt anticline belt on
the southwest edge of the Paradox Basin in San Juan county. The oilfield was first discovered by Pure Oil Company in 1960. The
Lisbon field produces oil and gas from the southwest flank of a faulted anticlinal trap in the Devonian sandstones and
Mississippian limestones (Segal et al., 1986).
The Paradox Basin covers large parts of San Juan, Garfield, Wayne, Emery, and Grand Counties in southeastern Utah. The Basin
was a structural and depositional trough associated with the Pennsylvanian-age Ancestral Rocky Mountains. The subsiding basin
developed a shallow-water carbonate shelf that locally contained carbonate buildups along its south and southwest margins.
The region is home to the former Rio Algom uranium mill facility, an active copper mine operated by Lisbon Valley Mining
Company, and a natural gas processing plant located in the city of Lisbon, Utah.
Technology
The company has entered into a number of discussions with parties who have had extensive experience with, or whose main
operating business includes the separation of metals and physical particulate from water, recycled water and oil and gas waste
water. The company hopes to conclude an agreement to test these processes and methods for commercial scale application.
Corporate Appointment
Power Metals is pleased to appoint Mr. Ron Bourgeois as Project Manager covering its asset base in Alberta and Utah. Mr.
Bourgeois has over thirty years of experience in executive management, particularly in the oil and gas industry. He has held
numerous and varying management and public company positions with extensive experience in the development and financing of major
oil and gas resources and infrastructure assets around the world. Specifically, Mr. Bourgeois has significant experience in
developing commercial solutions in the extractive industries to liberate major resource bases, recently including the Palo Duro
Basin, Texas, where Mr. Bourgeois worked closely on fracking and other solutions. Mr. Bourgeois holds a B. Comm. (Hons.) from the
University of Manitoba and he has been a chartered accountant since 1976.
In connection with the appointment, the Company announces the grant of 100,000 options at 48c per share.
Transaction Terms
The company is acquiring a 100% interest the Coyote Project in consideration of the issuance of 3,500,000 shares of Power
Metals and a payment of US$50,000.
Qualified Person
John F. Wightman, MSc. (Geology), P.Eng., FGAC, a qualified person, prepared the disclosures reports related to
these projects. National Instrument 43-101 reports have not been prepared on these properties.
About Power Metals Corp.
Power Metals Corp is one of Canada's newest premier mining companies with a mandate to explore, develop and acquire
high quality mining projects for minerals contributing to power. We are committed to building an arsenal of projects in both
lithium and clean power fuels like uranium. We see an unprecedented opportunity to supply the staggering growth of the lithium
battery industry.
ON BEHALF OF THE BOARD,
Johnathan More, CEO and Director
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the information contained herein.