Crystal Peak Minerals Inc.

Crystal Peak Minerals Inc.

July 06, 2017 07:40 ET

Crystal Peak Minerals Inc. Announces Appointment of Chairman

TORONTO, ONTARIO--(Marketwired - July 6, 2017) - Crystal Peak Minerals Inc. ("Crystal Peak" or the "Company") (TSX VENTURE:CPM)(OTCQX:CPMMF) is pleased to announce that Herbert E. "Bud" Scruggs, who was elected to the Board of Directors of the Company ("Board") at the last Annual and General Meeting of Shareholders, has been appointed as the non-executive chairman of the Board. In this role, he will help oversee the Company's Sevier Playa Sulphate of Potash Project in southwestern Utah.

"We are very excited to have Bud join the Board and assume the role of chairman," said Lance D'Ambrosio, Chief Executive Officer of Crystal Peak. "He brings a wealth of business, financial, and political expertise. I am certain his contributions will help propel us through financing and into the construction phase."

"I am honored to join the board of Crystal Peak Minerals," added Bud Scruggs. "I have followed the great progress made with this project over the past few years. I look forward to working with the entire team to help bring this project on-line."

Mr. Scruggs is a founding partner of The Cynosure Group, a Salt Lake City based company formed to bring together the resources of the Eccles family of Utah with other family offices to make long-term equity investments in private companies across a range of industries. Prior to that, Mr. Scruggs played a key role as a senior executive at Leucadia National Corporation and also advised some of the wealthiest families in the world, including working as CEO of The Metal Group (now the Minderoo Group), the private holding company of Andrew Forrest in Perth, Australia.

In addition to serving on the Board, Mr. Scruggs is a director of Linkem (broadband provider in Italy), Snowbird Ski Resort, and the University of Utah Health Insurance Plans. In the past, he has served as a director of several public and private companies including American Investment Bank, Barbados Light & Power, Conwed Plastics, Fortescue Metals Group (one of the largest mining companies in Australia), Poseidon Nickel, Deseret Morning News, Empire Insurance, and MK Gold. He has served on multiple audit and executive committees. He also worked as Chief of Staff to Governor Norman Bangerter of Utah and was a co-founder and partner with Governor Michael Leavitt of Utah of the Public Affairs Advisory Group.

Mr. Scruggs received a B.A. in Political Science from Brigham Young University and his JD from BYU's J. Reuben Clark Law School.

About Crystal Peak Minerals Inc.

Crystal Peak is focused on the production of premium specialty fertilizers. Crystal Peak controls, directly or through agreement, mineral leases on more than 124,000 acres on its Sevier Playa property in Millard County, Utah. With a brine mineral resource known to contain potassium, magnesium, sulphate, lithium, and a suite of other beneficial minerals, Crystal Peak is targeting the production of specialty fertilizers, initially focused on potassium sulphate ("SOP"), through the use of a cost-effective solar evaporation process. SOP and other specialty fertilizers are used in the production of high value, chloride-sensitive crops such as fruits, vegetables, and tree nuts. Crystal Peak is currently engaged in engineering and analysis designed to support a feasibility study, environmental permitting, and ultimately mineral production.

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.

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the feasibility study and the results thereof; the targeting of the development and production of specialty fertilizers and associated minerals, including SOP, lithium, and magnesium compounds through the use of a cost-effective solar evaporation process; and Crystal Peak's future business. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "is expected", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", "believes", or variations of such words and phrases; or terms that state that certain actions, events, or results "may", "could", "would", "might", or "will be taken", "could occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Crystal Peak to be materially different from those expressed or implied by such forward-looking information. Although Crystal Peak has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Crystal Peak does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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