MONTREAL, Nov. 20,
2023 /CNW/ - Strategic Resources Inc.
(TSXV:SR) (the "Company" or "Strategic") announced that
it has received written confirmation from the Quebec Ministry of
Environment ("QME") that it can build a larger iron ore pelletizer
at Port Saguenay in Quebec. The
Company's November 2022 NI 43-101
Feasibility Study (the "Study") included a pellet plant sized at 1
million tonnes per annum to process iron-vanadium-titanium
concentrate at its Saguenay Metallurgical Facility site. Strategic
has received confirmation from the QME that it can build up to a 4
million tonne per annum pelletizing unit by modifying the existing
certificate of authorization to produce iron ore pellets for the
steel industry. The QME notice enables the Company to utilize its
existing environmental authorizations, which accelerates timelines,
reduces costs and project execution risk in pursuit of this
compelling opportunity.
Following the receipt of the QME's confirmation, the Company is
now looking to secure third party iron ore pellet feed to be
processed into iron ore pellets on a merchant basis for use in the
high purity green steel market. Pelletizing capacity is required in
North America to address the need
for high purity materials used in electric furnace steel mills, an
important industrial strategy for reducing greenhouse gas emissions
globally.
Sean Cleary, CEO
commented: "This is an exciting near-term opportunity for the
Company to take advantage of the advanced development of the
BlackRock Project at Port Saguenay. The industry is in need of
pelletizing capacity and we have a world class permitted location
to execute our business plan. Natural gas availability and
hydroelectric power makes Port Saguenay a much more desirable site
than other site locations, many of which require bunker fuel to
pelletize iron ore. This option could eventually increase the scale
and profitability of the overall BlackRock project, while providing
a measured approach to a phased construction of the overall
BlackRock Project."
The Company's evaluation of phasing the project with the larger
pelletizer will include discussions with potential partners,
including iron ore producers and traders. Key project stakeholders
and partners, notably the Cree and Innu nations as well as the
Government of Quebec, local
communities and officials at Port Saguenay will be consulted on the
phasing plan.
Detailed work with Strategic's preferred original equipment
manufacturer, Metso Outotec has already been completed. Strategic
will now engage an engineering firm to evaluate altering the site
configuration of the Saguenay metallurgical facility to accommodate
the larger pelletizer module. The Company expects that work to be
completed by early Q1 2024.
The Company believes that by prioritizing the larger pellet
operation as a first step in constructing the BlackRock Project,
Strategic dramatically reduces the execution and financing risks to
achieve cashflow and commercial production. A potential partnership
on the pelletizer may further reduce the net overall cost of
capital for the BlackRock Project to Strategic shareholders.
About Strategic
Resources
Strategic Resources Inc. (TSXV:SR) is a critical mineral
exploration and development company focused on high-purity iron and
vanadium projects in Canada and
Finland. The Company is developing
its flagship BlackRock Project, which is a fully permitted and
ready to construct mine, concentrator and metallurgical facility
located at the Port Saguenay seaport in Québec with full access to
the St. Lawrence Seaway. The Company's Head Office is in
Montreal, Quebec.
Further details are available on the Company's website
at https://strategic-res.com/. To follow future news releases,
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STRATEGIC RESOURCES INC.
Signed: "Sean
Cleary"
Sean
Cleary, CEO & Chairman
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding
Forward-Looking Information
Certain statements and information herein, including all
statements that are not historical facts, contain forward-looking
statements and forward-looking information within the meaning of
applicable securities laws. Such forward-looking statements or
information include but are not limited to statements or
information with respect to the potential phasing of the BlackRock
project, the potential construction of a larger pelletizer and
completion of engineering work by Q1 2024. Often, but not always,
forward-looking statements or information can be identified by the
use of words such as "will" or "projected" or variations of those
words or statements that certain actions, events or results "will",
"could", "are proposed to", "are planned to", "are expected to" or
"are anticipated to" be taken, occur or be achieved.
Although management of the Company believes that the
assumptions made and the expectations represented by all
forward-looking statements or information are reasonable, there can
be no assurance that a forward-looking statement or information
herein will prove to be accurate. Forward-looking statements and
information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause the Company's actual results, performance or achievements, or
industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements or information. These factors include,
but are not limited to: risks associated with the business of the
Company; business and economic conditions in the mining industry
generally; the supply and demand for labour and other project
inputs; changes in commodity prices; changes in interest and
currency exchange rates; risks relating to inaccurate geological
and engineering assumptions (including with respect to the tonnage,
grade and recoverability of reserves and resources); risks relating
to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications
or expectations, cost escalation, unavailability of materials and
equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and
unanticipated events related to health, safety and environmental
matters); risks relating to adverse weather conditions; political
risk and social unrest; changes in general economic conditions or
conditions in the financial markets; and other risk factors as
detailed from time to time in the Company's continuous disclosure
documents filed with Canadian securities administrators. Strategic
does not undertake to update any forward-looking information,
except in accordance with applicable securities laws.
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SOURCE Strategic Resources Inc.