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Pure Energy Minerals Ltd (2)
Symbol PE
Shares Issued 131,814,335
Close 2018-05-22 C$ 0.26
Market Cap C$ 34,271,727
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Pure Energy Minerals appoints Wells to board

2018-05-23 09:18 ET - News Release

Mr. Patrick Highsmith reports

PURE ENERGY MINERALS APPOINTS MR. FRANK WELLS TO ITS BOARD OF DIRECTORS

Pure Energy Minerals Ltd. has accepted the resignation of Bassam Moubarak from the board of directors of the company. The company has appointed Frank L. Wells Jr. to fill the vacant spot on the board.

Mr. Moubarak joined as a director of Pure Energy at the nomination of Lithium X Energy Corp. in May of 2017. Pure Energy purchased a large block of mineral claims from Lithium X in May of 2017, and the associated investor rights agreement gave Lithium X the right to nominate a director to the board of Pure Energy (see company news release dated May 31, 2017). Pursuant to the recently completed plan of arrangement under which NextView New Energy Lion Hong Kong Ltd. acquired Lithium X, the rights under that investor rights agreement now pass to NextView. The company has been advised that NextView is not yet ready to nominate its director to Pure Energy's board and Mr. Moubarak's contract with NextView has ended. The company thanks Mr. Moubarak for his able assistance and leadership over the past year.

Patrick Highsmith, Pure Energy's president and chief executive officer, commented on the board changes: "We are pleased to welcome Frank Wells to the Pure Energy board of directors. Frank brings strategic thinking from major mining company experience and particular financial insight into new projects and business development. He has seen so many projects and so many transactions that his work has a terrific practicality and simplicity to it. We look forward to his valued input on the audit committee, where Bassam has been so helpful over the last year. The board also wishes Bassam good fortune in his future endeavours."

Mr. Wells has more than 35 years of diverse experience as a financial analyst, business development specialist, financial officer and director. He spent 17 years with Santa Fe Pacific Gold Corp. and Newmont Mining Corp. in senior business development and planning positions in the Western United States and around the world. Mr. Wells also acted as finance director and chief financial officer of Central Asia Metals Ltd. His recent experience includes extensive financial modelling in association with advanced engineering studies and acquisition opportunities in the gold, lithium, copper, lead-zinc, rare earth element and chromite sectors.

Mr. Wells has considerable financing and transactional experience, including helping to raise tens of millions of dollars as Central Asia Metals built its portfolio of assets and put its SX-EW Kazakhstan copper project into production. He is also an expert at project valuation, having participated from both the buy and sell sides in the negotiations and execution of numerous mineral asset transactions. Mr. Wells has a bachelor of arts degree from The Johns Hopkins University and an MBA from Duke University.

Issuance of stock options

The company also announces, subject to regulatory approval, it has granted a total of 250,000 stock options to a director of the company to purchase common shares of the company in accordance with its stock option plan. The options are issued at an exercise price of 27 cents per common share and expire five years from the date of issuance. They vest quarterly in four equal tranches, with the first such vesting occurring upon issuance of the options.

About Pure Energy Minerals Ltd.

Pure Energy Minerals is a lithium resource developer that is driven to become a low-cost supplier for the growing lithium battery industry. Pure Energy's CV project is located in Esmeralda county, Nevada, adjacent to the only producing lithium brine operation in North America.

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