First Cobalt Exits Congo to Focus on Canada
TORONTO, ONTARIO--(Marketwired - Sept. 18, 2017) - First Cobalt Corp. (TSX VENTURE:FCC)(OTC:FTSSF) (the "Company") has elected not to complete the strategic alliance over seven cobalt exploration properties in the Democratic Republic of the Congo, previously disclosed on May 1, 2017.
The Company will focus its efforts in 2017 on the Canadian Cobalt Camp. The previously announced mergers with Cobalt One Ltd. and CobalTech Mining Inc. will be completed later this year, resulting in a combined land position of more than 10,000 hectares in the Cobalt Camp containing approximately 50 past producers and mine workings. The high number of advanced exploration targets ready for immediate work in the Cobalt Camp greatly offsets the potential in the DRC properties at this time. The Company may evaluate cobalt opportunities elsewhere in the future, where the exploration project potential aligns with the Company's overall strategy to offer investors leveraged access to the growing cobalt market.
Trent Mell, President & Chief Executive Officer, commented:
"Investors are very supportive of our vision for the Canadian Cobalt Camp and we are aligned with their desire to focus on the bulk mining potential of this district, located in the best mining jurisdiction in the world. The Canadian Cobalt Camp is emerging as one of the most prospective targets for cobalt exploration. The DRC remains very appealing geologically but the investment climate has deteriorated since the strategic alliance was announced and we have significantly expanded our footprint in Canada."
About First Cobalt
First Cobalt's objective is to create the largest pure-play cobalt exploration and development company in the world. The company's primary focus is on its Greater Cobalt Project, including an option for the former producing Keeley-Frontier mine, a high-grade mine that produced over 3.3 million pounds of cobalt and 19.1 million ounces of silver from 301,000 tonnes of ore, as well as a joint venture on a fully permitted cobalt refinery in Cobalt, Ontario.
On behalf of First Cobalt Corp.
Trent Mell, President & Chief Executive Officer
For more information, visit www.firstcobalt.com.
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.
Cautionary Note Regarding Forward-Looking Statements
This news release may contain forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the reliability of the historical data referenced in this press release and risks set out in First Cobalt's public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although First Cobalt believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, First Cobalt disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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