Plateau Energy Metals Inc. (“Plateau” or the “Company”) (TSX-V: PLU | OTCQB: PLUUF) today reports that its subsidiary, Macusani Yellowcake S.A.C. (“Macusani”) has completed the filing of appeals, known as ‘Recursos de Nulidad’, with the Mining Council of the Ministry of Energy and Mines (“MINEM”) in Peru requesting the recent administrative resolutions issued with respect to its 32 concessions be overturned.
The focus of the appeal is to introduce prominent facts and arguments, previously presented and recently introduced, which outline various rules of law in support of our request to have the INGEMMET resolutions overturned. The Company believes these facts and arguments have been ignored or disregarded by the Mining Council in their previous deliberations. The Company will keep stakeholders up to date on the progress of the administrative process as more information becomes available.
“As we look to the future the fact remains that we continue to have two strong and highly supported projects in energy metals that are very relevant to a cleaner future for all”, stated Alex Holmes, CEO. “We are all owners and can see our current market value is not representative of the intrinsic value of our two projects today, even on a worst-case outcome. We remain focused on correcting this error, we have not lost anything at this point, and will delay the Falchani PEA pending the outcome of the appeal process.”
The Company encourages anyone with additional questions to visit the ‘FAQ’ page or to contact the Company directly through the website or by email at IR@plateauenergymetals.com.
More detail on this process, including the full background and chronology of events, is available in the news releases dated July 31, 2019 and August 6, 2019.
PEA Update
After further consideration, the Company has made the decision to halt work and delay completion and finalization of the Preliminary Economic Assessment (“PEA”) for its Falchani Lithium Project at this time while awaiting the progress of the current appeal process.
About Plateau Energy Metals
Plateau Energy Metals Inc., a Canadian exploration and development company, is enabling the new energy paradigm through exploring and developing its Falchani lithium project and Macusani uranium project in southeastern Peru. The Company, with mineral concessions covering over 93,000 hectares (930 km2), controls all reported uranium mineral resources known in Peru and has significant and growing lithium mineral resources, all of which are situated near infrastructure.
Source: Plateau Energy Metals Inc.