TORONTO, ON--(Marketwired - January 24, 2017) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
COBALTECH MINING INC. (TSX VENTURE: CSK) (the "Company" or "CobalTech"), is pleased to announce that it has acquired additional cobalt interests by purchasing eight (8) properties in the Province of Quebec. Each property is centered on an anomaly listed and verified in the government mineral occurrence database.
The eight (8) new cobalt properties in Quebec, Canada are advantageously located for synergy with the Company's Ontario located cobalt properties. They total an area of 1535 hectares of prospective ground where past sampling have returned values ranging from 0.1% to 0.71% cobalt. Cobalt commonly being a secondary metal or by-product, these anomalies been selected for their high Co ratios with respect to total metal contents.
"This most recent acquisition will help diversify the geological environments in which the company's cobalt properties are located. Adding 1535 hectares of prospective ground will greatly help in solidifying our position and open the exploration potential for CobalTech," stated Antoine Fournier, president and CEO of CobalTech.
Under the agreement of procurement CobalTech has agreed to make payment to the vendor of $50,000 (fifty thousand dollars) and 500,000 (five hundred thousand) common shares of the company.
Antoine Fournier, P. Geo., M.Sc. is the Qualified Person, as defined by National Instrument 43-101, for this press release and he personally collected the rock samples and reviewed the technical information of this news release.
CobalTech is working toward becoming a major cobalt miner and producer, supplying the growing North American battery market. The Company aims to obtain 100% ownership of mineral deposits and processing facilities, giving CobalTech the ability to deliver a ground to market business
About CobalTech Mining:
CobalTech Mining Inc. is a cobalt mining and processing company based in Ontario, Canada. The company owns and operates the Duncan Kerr Property located outside of Cobalt, Ontario, in an area known for its geological setting responsible for unique mineralisation composed of quartz-carbonate veins enriched in silver-cobalt-nickel-bismuth-arsenic. The company's assets and technology have provided them the foundation to become North America's first vertically integrated cobalt processing company with the capacity to take mineralised ore through production to high-tech metals for use in the lithium battery industry. The company is committed to operating within the strict environmental, health, and safety framework governed by the e3 Plus regulation put forth by the Prospectors & Developers Association of Canada (PDAC).
ON BEHALF OF THE BOARD
(signed) "Antoine Fournier"
Chief Executive Officer
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Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
CobalTech Mining Inc.
77 King St W #400
Toronto, ON M5K 0A1