Carlyle Commodities Files Motion in B.C. Supreme Court as Part of Newton Project Notice of Works Application and Provides Company Updates

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Vancouver, British Columbia–(Newsfile Corp. – January 20, 2022) – CARLYLE COMMODITIES CORP. (CSE: CCC) (CSE: 1OZA) (OTC Pink: DLRYF) (“carlyle“or the”Society“) announces that it has filed a motion and supporting affidavits with the Supreme Court of British Columbia (the “Petition“) as part of the Company’s Work Notice and Restoration Program Permit Application (the “Permit application“) for a 5-year area-based license to conduct exploration activities on its 100% Newton Project located in the Clinton Mining Division of the Province of British Columbia (the “Project Newton“) held through its wholly owned subsidiary Isaac Newton Mining Corp.

The Newton Project Petition

The Newton project has been the subject of at least seven previous exploration permits, including over 30,000 m of exploration drilling costing over $12,000,000. However, following its acquisition by Carlyle and the filing of the Permit Application on February 10, 2021, the Company experienced significant delays with the Ministry of Energy, Mines and Low Carbon Innovation (the “MinistryThe ministry linked these delays to a Strategic Engagement Agreement (the “WED“) entered into between the Province of British Columbia and the Tsilhqot’in Nation. Neither Carlyle nor the former owners of the Newton Project are parties to the SEA.

The motion seeks declarations from the Court that the SEA does not affect existing law regarding the Crown’s duty to consult with Aboriginal groups, it does not supersede obligations of procedural fairness owed to Carlyle, and that the rights of Carlyle were violated. He also seeks a declaration that the SEA is improperly interfering with the exercise of discretion by the Director of Licensing (or his delegate) and asks the Court to order the Director of Licensing (or his delegate) to make a decision on the permit application without further delay. .

Morgan Good, President and CEO of Carlyle, said: “It is deeply concerning that after nearly a year this permit has still not been issued, and the ministry cannot point to any substantive issues that caused the delay. We believe that Carlyle made every reasonable effort to work constructively with the Department and the Tsilhqot’in Nation, and had no choice but to seek the assistance of the Court. While we fully respect the Crown’s duty to consult with Indigenous groups, the Crown must always obey the law and must not lose sight of the legal rights and interests of third parties. »

Change to the Board of Directors

The Company also announces the resignation of Mike Blady from its Board of Directors (the “adviceThe Company thanks Mr. Blady for his many efforts and support over the years and wishes him the best of luck in his future endeavours.

In turn, Carlyle would like to announce and welcome Mr. Jeremy Hanson as a new member of the Board of Directors. Mr. Hanson is a professional geoscientist with over a decade of mineral exploration experience across Canada. He is the founder of Hardline Exploration Corp, a geological consulting firm specializing in Western Canada. Mr. Hanson is director and vice president of exploration for Garibaldi Resources Corp, technical advisor for Nickel Rock Resources Inc, as well as a director of Smithers Exploration Group. He earned a B.Sc. Hons with distinction from Simon Fraser University and brings a strategic mindset to every project.

Changing the Delay Ownership Agreement

Carlyle also announces that it has entered into an amending agreement (the “Amending Agreement“) to amend the terms of his option agreement dated November 7, 2018, as amended on May 9, 2018, May 25, 2018, June 25, 2018, April 24, 2020 and July 29, 2021 (collectively, the “Option contract“), whereby the Company has the option to acquire a 100% interest in the Sunset mining property, located in the Vancouver mining division of the province of British Columbia (the “Property at sunsetUnder the Amending Agreement, the Company has extended the second and third scheduled exploration expenditure payments on the Sunset Property to December 31, 2022 (up to $200,000) and December 31, 2023, respectively. (up to $700,000) A copy of the Amending Agreement has been filed under Carlyle’s profile on SEDAR.

Carlyle ends consultant shows

Further to the Company’s press release dated July 30, 2021, the Company announces that it has completed the respective share issuances through a certain Carlyle consultant (the “Consultant“) under an Independent Consultant Agreement (the “Consultant contract“) dated July 5, 2021 between the Company and the Consultant. Accordingly, a total of 842,647 common shares (each, a “To share“) in the capital of the Company were issued pursuant to the terms of the Consultant Agreement. For more information on the Consultant Agreement, see the Company’s press release dated July 30, 2021, filed under the profile of Carlyle on SEDAR For more information on share issuances, please see the Company’s Form 9 dated January 5, 2022, filed on the CSE’s website.

All shares were issued pursuant to the prospectus exemption provided for in section 2.24 of NI 45-106 – Prospectus Exemptions and are not subject to trading restrictions in accordance with the provisions of National Instrument 45-102 – Resale of securities (“NI 45-102“) since the criteria contained in section 2.6(3) of NI 45-102 have been met and the Company has received written approval from the Canadian Securities Exchange (“CSE“) to issue the Shares without the holding period pursuant to Section 1.4(a) of CSE Policy 6.

About Carlyle

Carlyle is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. Carlyle owns 100% of the Newton gold project in British Columbia’s Clinton mining division. The company has the option to acquire a 100% interest in the Cecilia Gold-Silver project located in the state of Sonora, Mexico. The Company also holds an option to acquire a 100% interest in the prospective Sunset property located in the Vancouver Mining Division near Pemberton, British Columbia. Carlyle is based in Vancouver, British Columbia and is listed on the CSE under the symbol “CCC”.

ON BEHALF OF THE BOARD OF DIRECTORS OF

CARLYLE COMMODITIES CORP.

“Morgan good”

Morgane Good
President and CEO

For further information regarding this press release, please contact:

Morgan Good, CEO and Director
Phone. : 604-715-4751
E: This email address is protected from spam. You need JavaScript enabled to view it.
W: www.carlylecommodities.com

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian law. All statements in this press release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and directions regarding the future, including, without limitation, the approval, timely or otherwise, of the permit application and any plans for further exploration at the Newton Project. Although the Company believes that these statements are reasonable and reflect expectations of future developments and other factors that management believes are reasonable and relevant, the Company cannot guarantee that these expectations will prove to be correct. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. These risks and other factors include the Company’s inability to obtain Ministry approval of its license application, to execute its proposed business plans and to carry out anticipated future activities, including, but not limited to those related to the further exploration of the Newton Project. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold or other precious metals, changes in financial markets and demand for gold or other precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and risks relating to investments and trading the Company in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company’s annual and quarterly management reports and other documents filed by the Company with the Canadian securities authorities under the Company profile at www.sedar.com. The new strain of coronavirus, COVID-19, also poses new risks that are currently indescribable and immeasurable. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to place undue reliance on forward-looking statements due to the inherent uncertainty in such statements. These forward-looking statements are made as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to update the forward-looking statements or to update the reasons why the actual results may differ from those projected in these forward-looking statements.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

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