TORONTO, March 24, 2022 /CNW/ - Aclara
Resources Inc. ("Aclara" or the "Company") (TSX:
ARA) announced that the Company has withdrawn its application
for an environmental impact assessment ("EIA") of the Penco
Module (the "Project") located in Chile so that it can fully address the issues
raised during the late stages of the application process.
As part of the EIA approval process, Aclara had filed three
submissions to the Environmental Assessment Authority
("SEA"), the last of which was submitted on January 31, 2022, and has had a number of
productive discussions with the relevant authorities. Over the
course of the process, the Company has addressed many key aspects
relating to the Project. However, the Company was unable to
satisfy the SEA in relation to two technical aspects in particular,
which relate to the protection of local flora and fauna, within the
mandated regulatory timetable relating to the EIA process.
In light of follow-up discussions between representatives of
Aclara and the SEA to better understand the outstanding issues and
consultations with technical and other advisors, the Company
determined that it is in its best interests and those of the
Project to take the additional time required to fully understand
and resolve the remaining issues and resubmit a revised EIA
application. The Company will continue to work together with the
relevant authorities to address the issues raised.
Ramon Barua, Aclara's CEO,
commented: "We believe that the withdrawal of the EIA application
at this time is in the best interests of moving the Project
forward. The Company is well-funded and can continue with the
permitting process while it advances its exploration program and
the feasibility study. At Aclara, we are committed to ensuring that
we can produce rare earths with the minimum environmental footprint
and, as we move forward, we will seek to reassure relevant
authorities in Chile of our
approach."
The Company, its technical consultants and other advisors are
undertaking a full review of the particular issues raised during
the EIA process with a view to addressing them in a comprehensive
manner. The Company will provide additional clarity on the timing
of the revised application following additional consultations with
relevant authorities and its advisors.
About Aclara
Aclara is a development-stage rare earth mineral resources
company located in Chile. Aclara
is initiating the development of its resources through a project
called the Penco Module (the "Penco Module"), which covers a
surface area of approximately 600 hectares and which has ionic
clays that are rich in rare earth elements. Aclara is currently
focused on the development and on the future construction and
operation of the Penco Module, which will aim to produce a rare
earth concentrate through a processing plant that will be fed by
clays from nearby deposits. Aclara's unique extraction process
offers several advantages such as: no blasting, crushing or milling
required; no tailings dam; minimal water consumption due to a high
level of water recirculation; amenable leaching with a fertilizer;
and no radioactivity.
Forward-Looking Statements
This news release contains "forward-looking information"
within the meaning of applicable securities legislation, which
reflects the Company's current expectations regarding future
events, including statements with regard to the permitting process,
the revised EIA application, on-going and future discussions and
consultations with relevant authorities and advisors, advancing the
exploration and development of the Penco Module, the exploration of
potential new modules, the completion of a feasibility study on the
Penco Module, plans and strategies, and general financial position
matters and funding related to the Company. Forward-looking
information is based on a number of assumptions and is subject to a
number of risks and uncertainties, many of which are beyond the
Company's control. Such risks and uncertainties include, but
are not limited to risks related to operating in a foreign
jurisdiction, including political and economic problems in
Chile; risks related to changes to
mining laws and regulations and the termination or non-renewal of
mining rights by governmental authorities; risks related to failure
to comply with the law or obtain necessary permits and licences or
renew them; compliance with environmental regulations can be
costly; actual production, capital and operating costs may be
different than those anticipated; the Company may be not able to
successfully complete the construction and start-up of mines and
new development projects; risks related to mining operations; and
dependence on the Penco Module. Aclara cautions that the foregoing
list of factors is not exhaustive. For a detailed discussion of the
foregoing factors, among others, please refer to the risk factors
discussed under "Risk Factors" in the Company's final prospectuses
each dated December 2, 2021 filed on
the Company's SEDAR profile. Actual results could differ materially
from those projected herein. Unless otherwise noted or the context
otherwise indicates, the forward-looking information
contained in this news release is provided as of the date of this
news release and the Company does not undertake any obligation to
update such forward-looking information, whether as a result of new
information, future events or otherwise, except as expressly
required under applicable securities laws.
SOURCE Aclara Resources Inc.