NORTH VANCOUVER, BC--(Marketwired - Feb 2, 2017) - North America Frac Sand, Inc. ("NAFS" or the "Company") (OTCQB: NAFS) (www.NAFSINC.ca). David Alexander, CEO, today confirmed that, as disclosed in previous news releases and filings in quarterly reports on Form 10Q and Form 8K, the Company has engaged Norwest Corporation to complete a NI-43-101 report.
The purpose of the report is to evaluate the quantities and quality of the mineral resources on the Company's frac sand leases, which are located in Saskatchewan, Canada. Norwest Corporation was chosen because of their expertise to develop and optimize mineral projects. Norwest Corporation takes a comprehensive approach to help clients develop new ventures. They have expertise in all phases of project development from initial project planning through to the delivery of mineral products.
The Company's long-term frac sand leases are contiguous and cover over 39,000 acres. As part of the evaluation process, an auger drilling program of 35 drill holes and covering 700 acres, was completed. The samples taken from the drill holes were tested by independent labs. The results of the test samples have been assessed and evaluated and the NI-43-101 report is in the process of being finalized. Upon receipt of the NI-43-101 report from Norwest Corporation, an 8K will be filed and a News Release will disclose this information to the public.
About Frac Sand: Frac Sand is a proppant used in the oil and gas industry as a part of the hydraulic fracturing process - a means of increasing flow to the wellhead. Frac sand must have particular characteristics including achieving certain levels of crush resistance, sphericity, and roundness. It is therefore a relatively rare commodity.
On behalf of the Board of Directors of North America Frac Sand Inc.
Chief Executive Officer
Further information about the Company is available on our website at www.nafsinc.ca or under our profile on EDGAR at www.sec.gov.
About North America Frac Sand, Inc.
North America Frac Sand, Inc. (OTC QB "NAFS") is headquartered in North Vancouver, British Columbia, Canada. With our 39,000 acres of contiguous frac sand leases, the Company's short-term intent is to prove out the balance of our significant resource. The Company's long-term intent is to commence shipments of frac sand as soon as possible.
Forward-Looking Information: This news release contains certain forward-looking information. All information, other than information regarding historic fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this news release includes, but is not limited to, the ability of the Company to continue selling frac sand in the future, on a spot basis or otherwise. The forward-looking information contained in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. With respect to the forward-looking information contained in this news release, the Company has made assumptions regarding, among other things, future prices for frac sand and by-products, future demand for processed frac sand and the ability of the Company to restructure its debts. The forward-looking information contained in this news release is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including the general volatility of frac sand and by-product prices and demand, geological, technical, drilling and processing problems, future currency and interest rates, an unwillingness of the Company's lenders to refinance the Company's debts on terms favorable to the Company or at all and the ability of the Company to continue selling frac sand. Additionally, if the Company is unable to obtain additional financing, the Company may be required to curtail activities and/or liquidate its assets or the Company's creditors may seek to seize its assets. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information, either because of new information, future events or for any other reason. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
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