VANCOUVER, Oct. 31, 2018 /CNW/ - eCobalt Solutions Inc. ("eCobalt" or "the Company") (TSX: ECS) (OTCQX: ECSIF) (FRA: ECO) is pleased to provide a progress update on 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 only near-term, environmentally permitted primary cobalt deposit in the United States.
Following a very busy and productive spring and summer season, several projects are being concluded in preparation for winter. Progress highlights include:
Electrification of the pumpback system is complete; water treatment pipelines are in place and secured for the winter season.
The Water Management Ponds are completed and the wildlife fence has been installed.
The liner of the Tailings Waste Storage Facility ("TWSF") is 33% complete and the drain pipe has been installed. The completed portion of the TWSF is available to accept waste rock. A protective covering will be finalized in preparation for winter and the liner will be completed in the spring.
The Water Treatment Plant ("WTP") construction continues inside the recently completed WTP building. Mechanical completion is expected at the end of November. Commissioning is expected to be completed next year in conjunction with the pumpback system in preparation for the commencement of underground operations.
Mill foundations are in progress and are approximately 40% complete.
Potable water and power systems are installed and functioning.
Phase 1 of the Portal Bench is under construction and is scheduled for completion this year.
The maintenance building is in place and functional.
"I am very impressed with not only the volume of work but also the quality of work that has been done on the ground by the team. The caliber of talent that the Company has attracted – from the likes of Barrick Gold, Lundin Mining and Goldcorp – shows in the quality and the efficiency of the construction," stated Michael Callahan, President & CEO of eCobalt. "The high standards and level of professionalism is outstanding. I am very excited about the project, the team, and the Company's potential to be a leader in the cobalt space."
Commenting on progress of the new Feasibility Study, Mr. Callahan further stated: "We are in the final stretches of finalizing the new Feasibility Study. The additional input from myself and our team, all of whom have extensive experience in narrow vein underground projects similar to ICP, will help ensure the delivery of a study with achievable results for a strong and robust future. Since joining as CEO in late September, I have actively engaged with numerous shareholders and potential project financiers. We continue to see strong interest in the project, and we expect to have project financing in place in early 2019 in order to re-commence development activities in the second quarter once the weather permits."
The fundamentals of the cobalt market remain strong with numerous analysts indicating that demand pressure from the growing electric vehicle market will start to drive prices from 2020 onwards. The need for a secure supply of cobalt from safe jurisdictions and the unique advanced nature of the Idaho Cobalt Project puts eCobalt in a favourable position to leverage these market dynamics and create long-term, sustainable value for all stakeholders.
eCobalt is also pleased to announce the appointment of Mark Kockler as Mine Manager for the Idaho Cobalt Project. Mr. Kockler has over 23 years of experience in precious and base metals underground and surface projects ranging from feasibility to production stage. Most recently Mr. Kockler was Operations Liaison Manager and Technical Services Superintendent at Goldcorp Inc.'s Cerro Negro project in southern Argentina where he was specifically focused on organizational and productivity improvements. Prior to Goldcorp, Mr. Kockler worked for Barrick Gold Corporation as Mine Superintendent at the Golden Sunlight project and as Technical Services Superintendent at the Cortez gold mine. Mr. Kockler's extensive experience also includes technical and operations roles with Mines Management, Idaho General Mines, Placer Dome, Small Development, and Newmont Mining. Mr. Kockler earned a B.S. and a M.S. in Mining Engineering from Montana Tech and a Ph.D. in Mining Engineering from the University of Idaho.
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.
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 the feasibility study, 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 206, E: [email protected]