Select Sands Corporate Update
Vancouver, BC – Select Sands Corp. (TSX-V:SNS / OTC:CLICF) (the “Company”) is pleased to announce that John Kime will be joining the Company’s board of directors as an independent director and has been appointed as audit committee chairman. In order to allow room for John Kime to join as a new director, Steven Goldman has resigned as a director with the view to rejoining as a director at the Company’s annual general meeting in late January, 2016. Mr Goldman will continue to act as general counsel to the Company.
Mr. Kime is the President and CEO of iBD Advisors Inc., a privately-owned Canadian company providing guidance to Canadian and international companies on site location needs and business considerations connected with their plans to locate and expand in North America. Prior to assuming his responsibilities at iBD Advisors, Mr. Kime was the President and CEO of the London Economic Development Corporation, a public/private partnership with responsibility for providing economic development services to the city of London, Ontario, Canada. From 1991 to 1998, Mr. Kime served as Director of International Development for Big ‘O’ Inc., a company engaged in the development of manufacturing technologies used in the control and containment of water, chemicals and other substances. Mr. Kime has a BA from Western University. Mr. Kime has been chosen to be a director in light of his significant business operating, accounting and financial experience. Mr. Kime has been a director of Tribute Pharmaceuticals Canada Inc. (TSX-V:TRX) since December 2000 as well as being Chair of Tribute’s audit committee.
“We are fortunate to have John joining our board,” stated Rasool Mohammad, President and CEO of Select Sands. “John’s business, financial and accounting experience will help the Company at this critical transition stage, where the Company is to become an operating company.”
Mr. Kime’s appointment is effectively immediately but remains subject to TSX Venture Exchange approval.
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 recently completed Preliminary Economic Assessment report 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.comor contact:
Rasool Mohammad, B.Sc. (Mining), President & CEO.
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.
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. Such statements include statements regarding the anticipated completion of the proposed private placement. 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. The assumptions on which the forward looking statements contained herein rely include the ability to complete the financing on its proposed terms and the ability to receive regulatory approval for such financing. 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.