News Release – Vancouver, British Columbia – March 30, 2021: Defense Metals Corp. (“Defense Metals”) (TSX-V:DEFN / OTCQB:DFMTF / FSE:35D) is pleased to announce that it has engaged SRK Consulting (Canada) Inc. (“SRK”) to conduct an economic scenario analysis with respect to the Wicheeda Rare Earth Element (REE) Project.

Defense Metals is currently advancing the road accessible Wicheeda Critical Rare Earth Element (REE) Property, which is located close to infrastructure approximately 80 kilometres northeast of Prince George, British Columbia (BC). The Wicheeda project has indicated mineral resources of 4,890,000 tonnes averaging 3.02% LREO (Light Rare Earth Elements) and inferred mineral resources of 12,100,000 tonnes averaging 2.90% LREO[1].

The scenario analysis will facilitate decision making related to performing a Preliminary Economic Assessment (PEA) with respect to the Wicheeda REE Project. The scenario analysis will evaluate the potential of multiple mine development scenarios through the completion of economic trade-off studies, which subject to results, will form the basis for the PEA.

SRK’s initial scenario analysis work will comprise a detailed data review; followed by scenario definition; pit optimization; mine scheduling; mine costing; evaluation of mineral processing, hydrometallurgy and separation costs; economic modelling, and ultimately reporting. The PEA work will build on the scenario analysis, with the addition of further geology and resource review; process metallurgy Capex/Opex; infrastructure layout; wastewater management; social, environmental, and permitting aspects; marketing; economic analysis; and reporting.

SRK has assembled an exceptional project team and is ideally suited to complete the work due to a wealth of REE experience, including recent publicly reported REE work.

Craig Taylor, CEO of Defense Metals, stated:“We are extremely pleased to have engaged a mine engineering consultant of SRK’s calibre to complete our Wicheeda REE Deposit economic scenario analysis as we continue to move towards our PEA. Their considerable REE experience will be invaluable as we continue to unlock the potential of the Wicheeda REE Project.”

About the Wicheeda REE Property
The 1,708 hectare Wicheeda REE Property, located approximately 80 km northeast of the city of Prince George, British Columbia, is readily accessible by all-weather gravel roads and is nearby to infrastructure, including power transmission lines, the CN railway and major highways.
Geologically, the property is situated in the Foreland Belt and within the Rocky Mountain Trench, a major continental geologic feature. The Foreland Belt contains part of a large alkaline igneous province, stretching from the Canadian Cordillera to the southwestern United States, which includes several carbonatite and alkaline intrusive complexes hosting the Aley (niobium), Rock Canyon (REE), and Wicheeda (REE) deposits.

Qualified Person
The scientific and technical information contained in this news release as it relates to the Wicheeda REE Property has been reviewed and approved by Kristopher J. Raffle, P.Geo. (BC) Principal and Consultant of APEX Geoscience Ltd. of Edmonton, AB, a director of Defense Metals and a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosurefor Mineral Projects. Mr. Raffle verified the data disclosed which includes a review of the analytical and test data underlying the information and opinions contained therein.  

About Defense Metals Corp.
Defense Metals Corp. is a mineral exploration company focused on the acquisition of mineral deposits containing metals and elements commonly used in the electric power market, military, national security and the production of “GREEN” energy technologies, such as, high strength alloys and rare earth magnets. Defense Metals has an option to acquire 100% of the 1,708 hectare Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

For further information, please contact:
Todd Hanas, Bluesky Corporate Communications Ltd. 
Vice President, Investor Relations 
Tel: (778) 994 8072
Email: todd@blueskycorp.ca