Whitemud Resources Inc. News Release
Whitemud is pleased to announce that its Board of Directors has authorized the Corporation to undertake a capital program for $7 million to reconfigure its kaolin calcination process at its Wood Mountain facility, whereby a flash calciner and associated upgrades will replace an energy inefficient rotary kiln. The upgraded calcining process aims to make Whitemud’s metakaolin much more competitive in the marketplace as a cement additive as well as significantly reducing carbon emissions.
Whitemud’s major shareholder, SAM Holdings Ltd. has agreed to provide interim funding for this
capital program at a favourable interest rate of 5.0% per annum.
This capital program and interim financing are being undertaken to restart mining and processing operations, expected to be at the end of the first quarter of 2024.
About Whitemud Resources Inc.
Whitemud is a Canadian-based corporation holding mineral rights to exploit a large kaolin deposit in southern Saskatchewan, together with a processing facility located on the property. Whitemud’s product, Whitemud (MK) is a cement-grade metakaolin that enhances the performance of cement for oil and gas wells and construction applications. The Company uses a process that minimizes environmental impact.
Midstream Energy Partners, a division of Whitemud Resources Inc. formed in 2015, engages in the business of commodity marketing and logistics.
For further information, please contact:
Whitemud Resources Inc.
Suite 900, 332 - 6th Avenue SW
Calgary, Alberta T2P 0B2
Attention: Stan Owerko: 403-200-5253
This news release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Whitemud’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘attempts’’, ‘‘intends’’, “continues”, “plans” or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Whitemud believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements with respect to the feasibility of designing a full scale production flash calciner and the resulting energy efficiency, lower carbon emissions and greater competitiveness in the marketplace, the statement that the financing being provided is interim implying replacement financing in the future. Actual results could differ materially from those anticipated in these forward-looking statements. The technology may not be sufficiently developed to design the full scale production flash calciner or such development may not be economical. If developed, such flash calciner may not achieve the anticipated energy efficiency or reduced carbon emissions. The product’s competitiveness in the marketplace may not be improved. Alternative financing may not be available or not available on favourable terms. Results could be impacted by prevailing economic conditions and other factors, many of which are beyond the control of Whitemud. The forward-looking statements contained in this news release represent Whitemud’s expectations as of the date hereof and are subject to change after such date. Whitemud disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
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