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CMC Corporate, Board and Asset Share-Sale Update
(via TheNewswire)
Vancouver, B.C. / TheNewswire / March 22, 2017 - CMC Metals Ltd. (the "Company") is pleased to provide the following Corporate Update.
As previously released (refer NR of January 12, 2017) the Company has delivered its first test batch of approximately 500 tons of bulk sample material from its 50% owned Radcliffe mine property to Klondex Mines Ltd.'s Midas facility in Elko County, Nevada for processing. Owing to unstable weather conditions and heavy snowfall in the area the company has experienced operational delays: these delays impacted operations and led to a shutdown at Radcliff over the past 90 days. These weather conditions which are uncharacteristic for the region have improved, and work has recommenced on the access road with a full start up on the Radcliff property to begin in two weeks time.
The Company has continued to advance the staged purchase of selected equipment for its Bishop mill, and is progressing the baseline parameters of its planned vadose zone monitoring program intended to monitor performance of its lined tailings impoundment facility.
On July 19, 2016 the Company announced it had entered into an agreement to lease its portable Flotation Plant previously used at its Silver Hart project, Yukon (the "Plant"), to MGX Minerals Inc. ("MGX") in return for issuance of 300,000 common shares in MGX. MGX arranged transportation of the Plant at its own cost to Cranbrook, BC to conduct a bulk sample at its Driftwood Creek Magnesium project. MGX further upgraded the Plant at at their own cost. MGX has 6 months from initial shipping to complete use of the plant, after which the Plant will be returned to the Company for deployment for its own projects in California, USA. The Company wishes to advise shareholders that the Company has since sold the 300,000 common shares it received of MGX for total proceeds of approximately C$590,000.
In addition the Company further wishes to announce the appointment of J. Gerard (Gerry) Lenoski to the Board of Directors. With a diverse background in Canadian public affairs, Mr. Lenoski brings to the Company extensive experience in the mining and energy sectors as well as expertise in governmental affairs. He has served as an officer and director in both private and public ventures, including tenure as vice-president at the Lundin Group and at Transglobe Energy. Gerry has also acted as an external counsel to companies specializing in stakeholder/financial communications, corporate governance and government relations.
Lastly the Company website is currently under redevelopment, and will be fully updated shortly as it contained data not representative to current progress.
On behalf of the Board:
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Michael Scholz, Director