ROUYN NORANDA, QC, May 8, 2020 /CNW/ - Canada Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada Cobalt") is pleased to announce that shareholders in a Special Meeting yesterday voted 99.92% in favor of changing the Company's name to Canada Silver Cobalt Works Inc. in order to better reflect its immediate and longer-term direction.
The name change is expected to be effective in the coming days, pursuant to filing Articles of Amendment and subject to TSX Venture Exchange approval, followed by a major update on company activities including the high-grade silver discovery at Castle East next to three significant past producers. There will be no change in the company's stock symbol.
Matt Halliday, VP-Exploration, commented: "Work continues at Castle East, with all necessary precautions during the COVID-19 pandemic, and we look forward to a major ramping up of activity this quarter as we further position CCW as the leading silver-cobalt company in Canada's silver-cobalt heartland."
About Canada Cobalt Works Inc.
Canada Cobalt's flagship Castle mine and 78 sq. km Castle Property features strong exploration upside for silver, cobalt, nickel, gold and copper in the prolific past producing Gowganda high-grade Silver District of Northern Ontario. With underground access at Castle, a pilot plant to produce cobalt-rich gravity concentrates on site, and a proprietary hydrometallurgical process known as Re-2OX for the creation of technical grade cobalt sulphate as well as nickel-manganese-cobalt (NMC) formulations, Canada Cobalt is strategically positioned to become a vertically integrated North American leader in cobalt extraction and recovery while it also exploits a powerful new silver-gold market cycle.
"Frank J. Basa"
Frank J. Basa, P. Eng.
President and Chief Executive Officer
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.
SOURCE Canada Cobalt Works Inc.
For further information: Frank J. Basa, P.Eng., President and CEO, 1-416-625-2342; Marc Bamber, Director, [email protected], +44-7725-960939