VANCOUVER, BRITISH COLUMBIA – May 10, 2021: ALTAIR RESOURCES INC. (“ALTAIR” or the Company”)
(TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP)
Mr. Jeffrey Steiner, on behalf of the Board, is pleased to report that Mr. Jack R Cartmel has been appointed as CFO of Altair
effective May 10, 2021.
Jack Cartmel is a Vancouver-based Chartered Professional Accountant with over 15 years of experience in the mining industry. Jack has been involved and assisted numerous public companies implement their strategic business plans. As part of ALTAIR’sn compliance action plan the appointment of a new CFO achieves separation of that role from the CEO pursuant to TSX Venture Exchange regulations, as Mr. Steiner has served as the Interim-CFO in recent months.
The Company has also finalized a non-binding letter of intent (the “Agreement”) with International Millennium Mining Inc. to acquire a 65% interest in the Simon Property located in the state of Nevada. The Agreement provides for staged share payments with 500,000 shares of the Company to be issued upon receipt of regulatory acceptance to the Agreement. To fully earn its interest the Company will have to issue an additional 1.5 million shares over six years. Cash payments of US$2,000 per month, commencing August 2021, will also be required pursuant to the Agreement. The exploration commitment for the first year of the option is US$85,000. To fully earn its interest an additional US$2.115 million of exploration expenditures will be required by the end of the six-year option term.
The Simon Property, located in the Cedar Mountains, approximately 90 km east of Hawthorne, Nevada, is a polymetallic past producer, that was mined intermittently between 1916 and 1968. More recent exploration work, which included 3D IP resistivity surveying, magnetic surveying, mobile metal ion geochemistry sampling, and geological mapping, carried out in 2007 and 2008, has identified six anomalous zones, four of which are prime targets for further exploration, including drilling. These targets include silver/lead/zinc mineralization; gold, with silver and copper mineralization; gold/silver/copper with minor amounts of lead, zinc and antimony; and molybdenum, with anomalous values of copper and antimony. The reader is cautioned that these data cannot be relied upon for investment purposes and that any such data need to be confirmed by a Qualified Person.
The material in this press release has been reviewed and approved by Dr. Stewart A Jackson, PGeo., a Qualified Person under National Instrument 43-101, and independent of the Company.
This is the first property acquisition which ALTAIR has arranged in 2021, and the Company is continuing with its consideration and negotiations on other properties. The Company is evaluating potential precious metal and non-ferrous metal opportunities in North America and Africa, in addition to Kazakhstan and Central Asia.
ON BEHALF OF THE BOARD,
Jeffrey Steiner, Board Chair and Interim 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 press release contains forward-looking statements with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements.
Generally forward-looking statements can be identified by the use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the completion of the private placement and the Company receiving regulatory approval to the partial revocation order. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the Company receiving regulatory approval to the private placement and the partial revocation order application. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.