Foundations being laid and construction of Water Treatment Plant commencing
VANCOUVER, Aug. 16, 2018 /CNW/ - eCobalt Solutions Inc. ("eCobalt" or "the Company") (TSX: ECS) (OTCQX: ECSIF) (FRA: ECO) reports that construction continues to advance on time and on budget at its Idaho Cobalt Project (the "ICP"), located near the town of Salmon, in the heart of the historic Idaho Cobalt Belt. The ICP remains the sole, near-term environmentally permitted primary cobalt deposit in the United States.
"Very good progress has been made at the ICP by our exceptional team of mining professionals," stated Paul Farquharson, President & CEO of eCobalt. "We remain on target for commercial production to begin in 2020. In addition, discussions continue to progress with strong interest from multiple potential off-take partners and project financiers in numerous jurisdictions. We remain focused on the execution of our strategic plan to create long term value for all shareholders by pursuing a clean cobalt concentrate favourable to the battery manufacturing market."
Progress development highlights include:
Water Treatment Plant ("WTP") equipment has been mobilized to site.
Completed the WTP building foundation and slab. Building steel erection and placement of large components to commence August 18th.
Started lining the Tailings Waste Storage Facility ("TWSF") and ponds for September completion.
Completed potable water system connection to site admin building.
Completed the power distribution system to the ponds and wells.
Completed pumpback system earthworks, installation of the system pipelines now in progress.
Opened a temporary camp for the construction workforce near the project gate.
Completed the fuel island containment pad for August installation of equipment for bulk diesel delivery and on site distribution.
To date 700 cubic yards of concrete have been poured at the mine and mill site, representing 25% of the total concrete requirements of the project.
Metallurgical Test Work Update
Development of the concentrate roasting process utilizing a rotary kiln continues as planned. Bench scale testing, conducted by Expert Processing Solutions, a Dundee Sustainable Technologies partner laboratory, was completed in July. Pilot-level testing to confirm the updated process flow sheet was also conducted in July at Hazen Research, Inc. This test confirmed stable process temperature and material flow conditions to volatilize the arsenic from the concentrate into the off-gas stream identified in the bench scale tests. Additional pilot testing is ongoing to confirm roasting off-gas management system design criteria to efficiently remove the arsenic from the kiln off-gasses for vitrification.
As development advances, ongoing testing will allow for additional improvements where appropriate. This ongoing testwork will ensure that there is a high level of confidence in the flowsheet for the Cobalt Production Facility and contribute to further de-risking the project by establishing properly tested metallurgical and processing parameters.
About eCobalt Solutions Inc. eCobalt is a well-established Toronto Stock Exchange listed company committed to providing clean cobalt products essential for the rapidly growing rechargeable battery and renewable energy sectors, made safely, responsibly, and transparently in the United States. The Company's Idaho Cobalt Project, located in East Central Idaho in the historic Idaho Cobalt Belt, is the only environmentally permitted, primary cobalt project in the United States. It is 100% owned by the Company's wholly owned subsidiary, Formation Capital Corporation, U.S.
Investor Relations Contact Fiona Grant Leydier V.P. Investor Relations T: +1.604.682.6229 x 225 E: [email protected]
Cautionary Statement on Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Statements in this news release pertaining metallurgical testwork, financing and construction activities are forward-looking statements. These forward-looking statements are based on assumptions and address future events and conditions and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Forward-looking statements are not guarantees of future results, performance or achievement. These risks, uncertainties and factors include general business, economic, competitive, political, regulatory and social uncertainties; actual results of exploration activities and economic evaluations; fluctuations in currency exchange rates; changes in project parameters; changes in costs, including labour, infrastructure, operating and production costs; future prices of cobalt; variations of mineral grade or recovery rates; operating or technical difficulties in connection with exploration, development or mining activities, including the failure of plant, equipment or processes to operate as anticipated; delays in completion of exploration, development or construction activities; changes in government legislation and regulation; the ability to maintain and renew existing licenses and permits or obtain required licenses and permits in a timely manner; the ability to obtain financing on acceptable terms in a timely manner; contests over title to properties; employee relations and shortages of skilled personnel and contractors; the speculative nature of, and the risks involved in, the exploration, development and mining business.
Such projections are and will inevitably always be dependent on assumptions about future mineral prices and development costs which will be subject to fluctuation due to global and local economic and industry conditions. Further information regarding risks and uncertainties which may cause results to differ from those contained in forward-looking statements is included in filings by the Company with securities regulatory authorities and is available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although the Company has disclosed that the ICP remains the sole, near term, environmentally permitted, primary cobalt deposit in the United States and offers a unique potential for North American consumers to secure an ethically sourced, environmentally sound supply of clean cobalt products, there is no guarantee that the Company will attain commercial production of such cobalt products for use in the rechargeable battery sector. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.
The statements contained in this news release in regard to eCobalt that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including eCobalt's beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to eCobalt as of such date. It is important to note that actual outcome and the actual results could differ from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, commodity price and marketplace changes.
SOURCE eCobalt Solutions Inc.
For further information: Investor Relations Contact: Fiona Grant Leydier, V.P. Investor Relations, T: +1.604.682.6229 x 225, E: [email protected]