Critical equipment and power delivered to site; pouring of concrete commenced
VANCOUVER, July 12, 2018 /CNW/ - eCobalt Solutions Inc. ("eCobalt" or "the Company") (TSX: ECS) (OTCQX: ECSIF) (FRA: ECO) is pleased to provide an update on construction progress at the Company's 100% owned 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.
"Construction activities continue at the mine site and we are expanding our production-ready team as we advance the ICP towards production," stated Paul Farquharson, President & CEO of eCobalt. "Activities are ramping up with delivery of critical equipment to site for the construction and finalization of all environmental systems. We have energized the main transformer with installed grid power now operational. The concrete plant is on site and we have begun constructing foundations for the Water Treatment Plant. Furthermore, I am pleased to report that we continue to attract talented individuals possessing a high level of operational expertise, with a total head count of 29 in our Salmon, Idaho office. It is through our team's hard work and commitment that we have made excellent progress at the ICP to date."
Highlights of completed works on the mine site to date include:
- Activation of a manned Security Check Point at the property access road.
- Moving of over 70,000 tons of crushed aggregate to the mine site for construction activities.
- Engineering, fabrication and delivery of the Water Treatment Plant ("WTP").
- Preparation of the WTP site for building construction.
- Establishment of a concrete batch plant on site with contractor QA/QC laboratory.
- Provisions on site for emergency medical services.
Work in progress includes:
- Construction of the WTP.
- Installation of liners for the Tailings Waste Storage Facility ("TWSF") and water management ponds.
- Installation of the potable water wells and distribution system.
- Completing building pads for the crusher and concentrator.
- Finalization of the Water Treatment Bond with the USFS.
- Establishment of a construction workforce camp near the property.
- Access road improvement projects.
- Planning and procurement in preparation for construction of production facilities.
- Operational readiness in development of policies and procedures and staff development.
The Company's main objective is to ensure that all environmental systems are in place to manage mine water and waste rock prior to commencing underground operations. These systems include the ground water protection wells, the WTP to be located adjacent to the concentrator facility, piping and instrumentation, installation of the liners on the TWSF and Water Storage Ponds, and the completion of all access and maintenance roads. These activities are part of the use of proceeds from the February 2018 public offering and, due to weather delays earlier this spring, are now anticipated to be completed in early Q4 2018.
In support of these efforts, the Company has recently hired additional senior support personnel. Positions currently filled include Vice President / General Manager, Process Manager, HR Manager, Controller, Process Control Foreman, Senior Metallurgist, Mill & WTP Superintendents, Environmental Manager & Technicians, Health & Safety Manager and Coordinators, Field Project Manager, Senior Geologist and Purchasing Superintendent. The Salmon, Idaho based operational team is engaged in managing contractors in the execution of the above tasks, planning the next phases of construction and establishing operational readiness in management and support systems.
Metallurgical Test Work Update
Development of the concentrate roasting process continues to proceed as planned. Bench scale testing, conducted by Expert Processing Solutions, a Dundee Sustainable Technologies ("DST") partner laboratory, is now completed and pilot-level testing to confirm the updated process flow sheet is scheduled to be completed in July.
The results of engineering and testing to date confirm the ability to produce a clean (<0.5% arsenic content) cobalt concentrate with the arsenic safely sequestered in a vitrified solid, using DST's patented vitrification process. The final arsenic containing glass product produced meets the requirements of the U.S. Environmental Protection Agency's Toxicity Characterization Leaching Procedure ("TCLP", Method 1311) and the Synthetic Precipitation Leaching Procedure ("SPLP", Method 1312).
eCobalt will continue to provide updates as available.
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.
For more information visit www.eCobalt.com.
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]