The additional strategic contiguous ground is to the north and northeast. Most of it (approximately 4,200 hectares) was acquired in a deal with a local prospector.
Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the “Company” or “Canada Cobalt”) is pleased to announce that it has added approximately 4,800 hectares to its Castle mine land package, more than doubling the total size from 29.6 sq. km to approximately 78 sq. km.
A new map of the Gowganda Camp, showing the holdings of Canada Cobalt and others, will be posted on the Canada Cobalt web site (www.CanadaCobaltWorks.com) later today.
The additional strategic contiguous ground is to the north and northeast. Most of it (approximately 4,200 hectares) was acquired in a deal with a local prospector for $15,000 cash and 200,000 shares of Canada Cobalt, subject to the approval of the TSX Venture Exchange. The balance (approximately 600 hectares) was acquired through staking. All shares issued are subject to a four month and a day hold period pursuant to applicable securities laws.
Canada Cobalt eagerly anticipates providing more property results in the near future.
The technical information in this news release was prepared under the supervision of Frank J. Basa, P. Eng., Canada Cobalt’s President and Chief Executive Officer, who is a member of Professional Engineers Ontario and a qualified person in accordance with National Instrument 43-101.
About Canada Cobalt Works Inc.
Canada Cobalt is focused on immediate and longer-term value drivers at its past producing Castle mine and adjoining land package in the historic Northern Ontario Silver-Cobalt district, Canada’s cobalt heartland since the start of the electric vehicle revolution. The Canada Cobalt “advantage” includes underground access at Castle, an innovative tailings program with a plan to recover silver, gold and cobalt, a recently installed pilot plant to produce gravity concentrates on site, a proprietary hydrometallurgical process known as Re-2OX, and exciting exploration discovery potential at Castle East.
Frank J. Basa, P. Eng.
President and Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng., Wayne Cheveldayoff,
President and CEO Corporate Communications, 1-819-797-4144, or [email protected],
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.