VVC’s Strategic Investment, Proton Green, LLC ("Proton Green"), the
operator of one of the leading helium, beverage grade CO2, and
carbon sequestration hubs in North America, announced the startup
of its Phase I Helium Extraction Plant at its St. Johns Dome asset,
which spans approximately 150,000 contiguous acres. The St. Johns
asset is located in Apache County, Arizona, atop one of the largest
helium and carbon dioxide reservoirs in North America, with an
estimated 33 billion cubic feet of helium and 9 trillion cubic feet
of CO2 in accessible reservoirs. Notably, both helium and CO2
produced from the region contain no hydrocarbon component.
According to Steve Looper, Chief Executive
Officer of Proton Green, LLC: "With initiation of production at its
Phase I Helium Extraction Plant, Proton Green joins the Top 10
ranks as a helium producer in North America, being junior to Exxon,
Kinder Morgan, NASCO, and others as leading producers. Proton
Green's Phase I Helium Extraction Plant will reach nameplate
production capacity over the next several weeks, as standard ramp
up and risk management procedures are executed. Proton Green's
production has been contracted for fixed-price offtake with two
multi-national industrial gas distribution and marketing
companies."
With its 14.09% ownership, VVC expects to begin
recognizing cashflows from the free cash generated by Proton Green.
"We are truly excited about this new development" said Terrence
Martell, Chairman of VVC. "We look forward to future monetizing
efforts that this strategic investment brings now that Proton Green
will be generating free cash in the near term".
About VVC Resources VVC engages
in the exploration, development, and management of natural
resources - specializing in scarce and increasingly valuable
materials needed to meet the growing, high-tech demands of
industries such as manufacturing, technology, medicine, space
travel, and the expanding green economy. Our portfolio includes a
diverse set of multi-asset, high-growth projects, comprising:
Helium & industrial gas production in western U.S.; Copper
& associated metals operations in northern Mexico; and
Strategic investments in carbon sequestration and other green
energy technologies. VVC is a Canada-based, publicly-traded company
on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To
learn more, visit our website at: www.vvcresources.com.
About Proton Green, LLCProton
Green LLC, is poised to become one of the leading North American
producers of helium and beverage-grade CO2, while also building out
its position as one of the leading carbon sequestration operators
in North America. With operating control over the St. Johns Field,
a 152,000-acre property in Apache County, Arizona, the Company
controls a massive helium reservoir, CO2 reservoir, and carbon
storage basin. Both helium and beverage-grade CO2 remain in short
supply. Helium is used to cool magnets in MRI systems, as the
temperate of silicon during semiconductor manufacturing, for space
and satellite system applications, as well as in many other
critical technologies. Carbon capture and sequestration is fast
becoming a climate imperative, and the Company has the ability to
inject up to 22 million metric tons of CO2 per year at its primary
basin, and over one billion tons of total storage capacity. Company
website: https://www.protongreen.com/
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On behalf of the Board of Directors |
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Michel J. Lafrance, Secretary-Treasurer |
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For further information, please contact: |
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Patrick Fernet - (514) 631-2727 |
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Trevor Burbank - (214) 641-1041 |
E-mail: pfernet@vvcexploration.com |
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E-mail: trevor@vvcexpl.com |
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Neither 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.
2369 Kingston Road, PO Box 28059 Terry
Town, Scarborough, ON M1N 4E7 – Tel:
416-619-5304
FORWARD-LOOKING STATEMENTS:
This news release contains "forward-looking
information" (within the meaning of applicable Canadian securities
laws) and "forward-looking statements" (within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995). Such
statements or information are identified with words such as
"anticipate", "believe", "expect", "plan", "intend", "potential",
"estimate", "propose", "project", "outlook", "foresee" or similar
words suggesting future outcomes or statements regarding an
outlook. Such statements about VVC include, among others: VVC
Achieves Cashflow Generating Milestone; VVC expects to begin
recognizing cashflows from the free cash generated by Proton Green;
future monetizing efforts that this strategic investment brings now
that Proton Green will be generating free cash in the near term;
etc.
Such forward-looking information or statements
are based on a number of risks, uncertainties and assumptions which
may cause actual results or other expectations to differ materially
from those anticipated and which may prove to be incorrect.
Assumptions have been made regarding, among other things,
management's expectations regarding acquisitions, production of
helium, future development and growth, plans for and completion of
projects by Company’s third-party relationships, availability of
capital, and the necessity to incur capital and other expenditures.
Actual results could differ materially due to a number of factors,
without limitation, operational risks in the completion of
Company’s anticipated projects, delays or changes in plans with
respect to the development of Company’s anticipated projects by
Company’s third-party relationships, risks related to Covid-19,
risks affecting the ability to develop projects, risks in
legislative changes in the applicable jurisdictions, risks inherent
in operating in foreign jurisdictions, the ability to attract key
personnel, risks in decrease of price of helium and copper. No
assurances can be given that the efforts by Company will be
successful.
Although the Company believes that the
expectations reflected in the forward-looking information or
statements are reasonable, prospective investors in the Company's
securities should not place undue reliance on forward-looking
statements because the Company can provide no assurance that such
expectations will prove to be correct. Forward-looking information
and statements contained in this news release are as of the date of
this news release and the Company assumes no obligation to update
or revise this forward-looking information and statements, except
as required by law.
Investors are cautioned that notwithstanding the
expectations described herein, there can be no assurance that the
plans described herein will be completed as proposed. Trading in
the securities of VVC should be considered highly
speculative. All forward-looking statements contained in this
press release are expressly qualified in their entirety by these
cautionary statements and by those made in our filings with SEDAR
in Canada (available at www.sedar.com).
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