VANCOUVER, Aug. 9, 2017 /CNW/ - eCobalt Solutions Inc. (TSX: ECS; OTCQB: ECSIF) (the "Company" or "eCobalt") is providing an update on its Feasibility Study ("FS") and recently initiated pre-construction activities on its 100% owned Idaho Cobalt Project ("ICP") in anticipation of final FS receipt expected later in September. The ICP is the only near term, environmentally permitted and primary cobalt project located in the United States. In 2016 eCobalt commissioned the FS with Micon International Limited ("Micon") and SNC-Lavalin ("SNC").
Paul Farquharson, President & CEO of eCobalt commented, "We are encouraged by the recent progress and preliminary results of the Feasibility Study. As we anticipate results to be filed in September, we are fast tracking key pre-construction activities at the mine site this fall in preparation for the expected recommencement of construction in 2018 after project financing is completed". He continued, "The recent addition of Floyd Varley, COO, and LLee Chapman, VP Administration has proven instrumental in the advancement of the Idaho Cobalt Project towards these pivotal goals."
Feasibility Study Update:
The FS study is in its final stage with mine design and schedule and CPF design completed. Since our last FS update, Small Mine Development ("SMD") has provided cost inputs for the final optimized mine schedule which was delivered to Micon for Mine and Mill Capex estimation. SMD, headquartered in Boise, Idaho, has a solid reputation for providing safe, productive and innovative underground, hardrock mining solutions.
A draft Capex summary is expected early in September for client review. This draft summary is expected to allow the Company to rapidly update economic iterations utilizing varying input parameters to determine optimal cash flows and revenue timing. The completed financial and reserve analysis, along with supporting reports, are expected to be completed for release in September.
In anticipation of the receipt of the final FS, the Company has initiated pre-construction activities at the ICP Mine Site. These select tasks are designed to minimize cash expenditures and timelines to recommence construction activities in 2018. These tasks are currently being reviewed by the Forest Service and other stakeholders for input and approval. Tasks under consideration include:
- Mile Post 8: This is a section of access road to the mine site that requires additional work to allow for longer length haulage trucks to deliver the existing ICP pre-purchased equipment currently stored in the Company's warehouse in Salmon, Idaho, up to the mine site for assembly.
- Transportation of stockpiled gravel up to the site to be used for construction material
- Mobilizing the company owned crusher to the site.
- Burying of the National Pollutant Discharge Elimination System water discharge pipeline
- Burial of on-site septic tanks
- Remediation of Tailings Waste Storage Facility drainages
- Installation of temporary power for construction
Initial feedback from the United States Department of Agriculture Forest Service is encouraging and they are supportive of moving the project from care and maintenance status into construction and operational status.
CPF Site Location Update:
After a positive review of the Geotechnical Drilling results from the Blackfoot industrial property located in southern Idaho, the purchase of the property was completed last week. This has allowed the Company to initiate the permitting of the site for construction and operation and further assess and finalize engineering requirements. The Blackfoot property was chosen for its excellent infrastructure including low cost electrical grid power, paved road, adjacent rail, potable water, and access to the local municipal water treatment plant. In addition, Blackfoot is located along Highway 15 between Pocatello and Idaho Falls giving the Company access to a large pool of skilled labor.
E.R. (Rick) Honsinger, P.Geo., Senior Vice President of the Company, is the Qualified Person as defined by National Instrument 43-101 who has supervised the preparation of this news release and has approved its contents.
About eCobalt Solutions Inc. (www.ecobalt.com)
eCobalt Solutions is a well-established Toronto Stock Exchange listed company committed to providing ethically produced, environmentally sound, battery grade cobalt salts, essential for the rapidly growing rechargeable battery and renewable energy sectors, made safely, responsibly, and transparently in the United States.
eCobalt Solutions Inc.
"J. Paul Farquharson"
J. Paul Farquharson
President & CEO
Cautionary Statement on Forward Looking Statements
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 to expected financings, filings, uses of proceeds or project completion dates 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.
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 Idaho Cobalt Project 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 battery grade cobalt chemicals, there is no guarantee that the Company will attain commercial production of such cobalt chemicals 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 Solutions Inc. that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including eCobalt Inc.'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 Solutions Inc. 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: please contact: eCobalt Solutions Inc., 1810 - 999 West Hastings Street, Vancouver, BC, V6C 2W2, Tel: 604-682-6229 - Email: [email protected] - Web: eCobalt.com