Water Treatment Plant infrastructure and Pond liner near completion; Tailings Waste Storage Facility liner and pipelines in progress; commencing mill foundations
VANCOUVER, Sept. 18, 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.
Progress development highlights include:
- Water Treatment Plant ("WTP") building completed. Placement of large components and mechanical assembly to commence September 18th.
- Lining of the Tailings Waste Storage Facility ("TWSF") and ponds advancing with expected completion in September for ponds and October for TWSF, including gravel topping.
- Pumpback system pipelines installation now 65% complete.
- Bulk fuel storage and distribution system complete.
- Construction of surface mobile equipment maintenance facility initiated on September 6th.
- Construction of the mill building foundation commenced on September 10th.
"Our main priority is finalizing all environmental systems at site in preparation for underground mine development in early 2019," stated Paul Farquharson, President & CEO of eCobalt. "This includes getting the Water Treatment Plant in place, the liner installed on the Tailings Waste Storage Facility and Water Management Ponds, and electrifying the pump back wells. These activities are part of the use of proceeds from the February 2018 public offering and are expected to be completed in the fourth quarter of this year. I am pleased to report that we are advancing on time and on budget as our team has been working expeditiously during the summer months."
Evaluation of several project financing options continues, including off-take, traditional financing, bond financings, and other financing alternatives to fund the development of the ICP. Discussions continue to progress with strong interest from multiple parties in numerous jurisdictions with the aim of being finalized once the Optimized Feasibility Study has been completed. Additional updates will be provided as available.
About eCobalt Solutions Inc.
eCobalt is a 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]