Atlas Salt Inc (SALT)

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Atlas Salt Inc REMRF:OTCQB

Independent Preliminary Economic Assessment for Atlas
Salt's Great Atlantic Project Supports State-of-the-Art
"Salt Factory"
Vision
GlobeNewswire
8:24 PM ET

Independent Preliminary Economic Assessment for Atlas
Salt's Great Atlantic Project Supports State-of-the-Art
"Salt Factory" VisionGlobeNewswireJanuary 31, 2023ST.
JOHN'S, Newfoundland and Labrador, Jan. 30, 2023 (GLOBE
NEWSWIRE) -- Atlas Salt(the "Company" or "Atlas" - TSXV:
SALT; OTCQB: REMRF) is pleased to announce the results of an
independent Preliminary Economic Assessment (PEA) and
updated Mineral Resource estimate

prepared by SLR Consulting
(Canada) Ltd. (SLR) on its 100%-owned Great Atlantic Salt
Project located on the west coast of Newfoundland.

Great
Atlantic is the premier undeveloped salt deposit situated in
the heart of a large regional U.S./Canadian road salt market
facing a significant domestic production
shortfall.

Highlights:

Pre-
ax internal rate of return (IRR) of 22%; NPV(8) of $909
million; payback in 4.2 years after commencement of
operations;Base case of 2.5 million tonnes per year (Mtpa)
production for a 30-year mine life with a mine and
processing design to accommodate expansion up to 4 million
tonnes per year and capable of extending the mine life
beyond the 30-year standard production model;Low-cost
production - utilizing a Q4 2022 cost basis of $23.81 per
tonne FOB;Expansion of Mineral Resource estimate including
first-time declaration of Indicated Mineral resources (187
million tonnes @ 96.4% salt) with Inferred Mineral resources
of 999 million tonnes @ 95.6% salt;State-of-the-art,
environmentally friendly design featuring the first major
salt mine in North America accessible through declines,
providing all the attendant benefits of scalability and
economic efficiencies;Recently completed drill hole CC-9,
collared 250 meters east of hole CC-4 (refer to Jan. 11,
2023 news release), was not incorporated into the PEA.
Results from this hole and other data from the 2022 drill
campaign will be included in the upcoming Feasibility Study
currently being prepared by SLR;Further to its news release
of May 19, 2022, Atlas has entered into discussions
regarding Great Atlantic with interested parties including
potential suitors. With an independent PEA now in hand,
management expects these discussions to accelerate with the
focus on possible outcomes aimed at maximizing shareholder
value.Mr. Rowland Howe, Atlas President, commented: "In my
30+ years in this industry I have not come across a salt
project as unique as Great Atlantic given its combination of
size, shallowness, and logistical advantages. This robust
PEA confirms our vision for the
project."