MONTREAL, July 12,
2024 /CNW/ - On March 12,
2024, Strategic Resources Inc. ("Strategic" or the
"Company") (TSXV: SR) issued a news release announcing positive
results from a study referred to as the "Pre-feasibility Class 5
level engineering study conducted by BBA" (the "Study") for its
proposed 4,000,000 metric tonne per year merchant pelletizer plant
(the "Project"). Strategic would like to clarify certain
information disclosed in this previous news release in relation to
the Study.
The Project will be located on the Company's existing leased
area at the Federal Port, where the Provincial and Federal
Governments are currently building a C$111
million multi-user conveyor system which the Project would
utilize. The Project will focus on direct reduction ("DR") grade
pellet feed that will be used in the green steel industry and will
be the only greenfield development project of its kind in
Canada.
The March 12, 2024, news release
contained information extracted from the Study prepared by an
independent engineering firm which included forward looking
information on the supply of raw materials for the Project.
According to section 4A.2 of Regulation 51-102 Respecting
Continuous Disclosure Obligations, forward-looking information
should not be disclosed unless the issuer has a reasonable basis
for the forward-looking information. Following a review of the
Company's news release dated March 12,
2024, the Autorité des marchés financiers (Québec) has the
view that the issuer does not have such reasonable basis for the
forward-looking information.
Accordingly, in order to comply with section 4A.2 of Regulation
51-102, the Company retracts from its news release dated
March 12, 2024, the forward-looking
information as to the supply of raw materials and the information
flowing therefrom.
Readers are cautioned that the term "pre-feasibility study" used
by the Company to refer to this Study is not the same as the one
used for mineral projects as defined under National Instrument
43-101 respecting standards of disclosure for mineral projects ("NI
43-101"), and this Study should therefore not be viewed as equating
to a "pre-feasibility study" as defined under NI 43-101 because the
Project is not a mineral project but rather an industrial project
and therefore is not governed by NI 43-101.
Investors should not rely on the future-oriented financial
information made by the Corporation in its news release to guide
them in their investment decisions.
This news release is issued at the request of the Autorité des
marchés financiers (Québec).
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 a seaport in Québec with full access to the St. Lawrence
Seaway. The Company's Head Office is in Montreal, Québec.
Further details are available on the Company's website
at https://strategic-res.com/. To follow future news releases,
please sign up at https://strategic-res.com/contact/.
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STRATEGIC RESOURCES INC.
Signed: "Sean
Cleary"
Sean
Cleary, CEO & Director
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.
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SOURCE Strategic Resources Inc.
