VANCOUVER, British Columbia, July 10, 2023 (GLOBE NEWSWIRE) — Arbor Metals Corp. (“Arbor” or the “Company”) (TSXV: ABR, FWB: 432) commends the Canadian government’s resolve to cement Canada’s status as a global frontrunner in the electric vehicle (EV) supply chain. Arbor acknowledges the recent strides made by the government to back the evolution of the EV industry in Canada, as covered by Reuters on July 5th, aligning the country on the path of enduring growth and accomplishment.
The article highlights the decision by Stellantis-LG Energy Solution (LGES) to resume construction of an electric-vehicle battery plant in Windsor, Ontario, following increased subsidies provided by the federal government and the province of Ontario. This significant development is expected to generate approximately 2,500 new job opportunities and form an annual production volume surpassing 45 gigawatt hours by 2024.
Arbor extends its appreciation to the Canadian government for accommodating the needs of Stellantis-LG Energy Solution by providing significant aid that competes favourably with what’s obtainable under the Inflation Reduction Act (IRA) in the United States. Canada exemplifies its dedication to nurturing a prosperous EV industry and creating a conducive landscape for corporations investing in green technology.
Industry Minister Francois-Philippe Champagne and Finance Minister Chrystia Freeland expressed their confidence in the agreement, stating, “This agreement is good for workers, and it is good for Canada. It will create and secure thousands of jobs – both in the auto sector and in related industries across Canada – and will further solidify Canada’s place as a leader in the global electric vehicle supply chain.”
The Canadian government’s commitment to becoming a world leader in the EV sector dovetails perfectly with Arbor’s strategic targets. The Corporation is confident that its Jarnet Lithium project in Quebec holds the potential to be a key lithium supplier to Canada’s surging EV industry. Given the construction of multiple large-scale battery plants in the country, it is apparent that lithium demand will see significant growth. Accordingly, Arbor’s board is intensively examining additional promising lithium projects to complement the potential of the Jarnet project and buttress the Canadian EV industry.
“We are excited about the prospects of our Jarnet Lithium project in Quebec and its ability to support the growing demand for lithium in Canada’s flourishing EV industry,” commented Mark Ferguson, CEO of Arbor. “The Canadian government’s commitment to developing the EV supply chain aligns perfectly with our strategic objectives.”
Arbor is dedicated to responsible resource development and is well-positioned to play a crucial role in supplying the necessary lithium to support the electrification of transportation and the transition to a sustainable future. The company’s focus on sustainable growth, innovation, and strategic partnerships will continue to drive its efforts in meeting the increasing demand for lithium in Canada’s EV industry.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
About Arbor Metals Corp.
Arbor Metals Corp. is a mining exploration company focused on developing high-value, geographically significant mineral projects worldwide. Arbor is paving the way for advanced mineral exploration as it oversees world-class mining projects. The company is confident that combining quality projects with proven strategies and a dedicated team will yield exceptional outcomes. Arbor currently oversees three outstanding mineral projects.
The Jarnet lithium project, located in the James Bay region of Quebec, comprises 47 map-designated claims, covering an area of approximately 3,759 hectares. The Jarnet project is contiguous to the Corvette-FCI property, where diamond drilling has confirmed significant lithium mineralization, and represents one of the highest-profile lithium exploration projects in the sector.
On behalf of the Board,
Arbor Metals Corp.
Mark Ferguson, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the development of the Jarnet Lithium Project, the assessment of samples from that Project, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
For E.S.T Office Hours, Call 1 416-477-0587
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3618b042-01cc-4fdc-9dc6-19987e9bc55d