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Enter Symbol
or Name
USA
CA



Phoenix Metals Corp
Symbol PHC
Shares Issued 43,859,443
Close 2014-04-11 C$ 0.035
Market Cap C$ 1,535,081
Recent Sedar Documents

Phoenix Metals to acquire 60% of Salamaua

2014-04-17 13:25 ET - News Release

Casey Subject: PHC NR April 17 2014 Final.doc Please see attached for immediate dissemination File: PHC NR April 17 2014 Final.doc April 17, 2014 News Release TSX-V Symbol: PHC Formal Option Agreement on Chromite Project Appointment of New President and Financing Vancouver, B.C.: Phoenix Metals Corporation ("Phoenix" or the "Company") (TSX-V Symbol: PHC) is pleased to announce it has entered into a Formal Option Agreement (the "Option"), pursuant to which the Company has been granted an option (the "Option") to acquire a cumulative 60% interest in and to the licenses of the Salamaua Chromite-Olivine Project in the Morobe Province of Papua New Guinea (the "Property"). Phoenix has the exclusive option to acquire a 60% interest in the Property by making cash payments of $625,000 and spending US$ 2.0 million developing the project over 36 months (the "Option"). An initial cash payment of US $50,000 is due on or before May 15th, 2014. Upon exercise of the Option the parties will form a Joint Venture reflecting their initial 60/40 interests. This Option will be subject to the required regulatory approvals and the Company may pay finders' fees on the transaction in accordance with the policies of and subject to the approval of the TSX Venture Exchange. Description of the Property Prior work on the Project has confirmed chromite and olivine in the license area. Both the chromite and the olivine have been analyzed by microprobe method at Oregon State University and the analysis of the PNG chromite showed 55.4% Cr2O3 (chromium oxide) content. The olivine demonstrated 46.2% MgO (magnesium oxide) mineral. The other potential heavy mineral is magnetite. Planned Development: The Company plans to continue drilling to assess the resource/reserve potential; produce bulk mineral sand products of chromite and olivine for market testing and sale; define a possible economic resource of recoverable valuable heavy minerals and produce a pre-feasibility study to produce chromite, olivine and magnetite and then initiate an Environmental Impact Assessment. Appointment of New President: Phoenix is pleased to announce the appointment of Michael Dehn as President of the Company. Mr. Dehn has over 20 years of experience in the mining industry. His expertise ranges from grassroots to advanced mineral exploration and development, with extensive experience in the marketing and financing of junior resource companies, as well as new exploration and mineral processing technologies. Upon obtaining a Bachelor of Science degree from the University of Waterloo in 1993, Mr. Dehn began his career in the sector working as an exploration geologist with Goldcorp Inc. where he later became the Senior Geologist. He is a past President, CEO and Director of Argex Mining. Mr. Dehn has been an officer and a director of multiple publicly traded mining companies. Financing: Phoenix also announces a non-brokered private placement of up to 10.0 million units at a price of five cents per unit ($0.05) to raise proceeds of up to $500,000. Each unit will consist of one common share and one common share purchase warrant (the "Unit Warrants") with each Unit Warrant entitling the holder to acquire one additional common share at a price of 20 cents ($0.20) per share for one year from closing. The Unit Warrants are subject to the right of the company to accelerate the exercise period for the Unit Warrants if the common shares of the company trade above 30 cents ($0.30) for a period of 10 consecutive trading days. The proceeds of the private placement will be allocated toward general working capital purposes. The Company may pay finders' fees on the private placement proceeds to certain parties in accordance with the policies of and subject to the approval of the TSX Venture Exchange. On behalf of the Board of Directors of Phoenix Metals Corporation "Brian Leeners" Brian Leeners, CEO & Director For further information please contact the Company Tel: 604.568.1823 Neither the 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. Tapped out on my iPhone

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