VANCOUVER, Sept. 22, 2016 /CNW/ - eCobalt Solutions Inc. (TSX:ECS) (the "Company" or "eCobalt") wishes to provide its stakeholders with a progress update on its Idaho Cobalt Project ("the ICP"). This past June, eCobalt commissioned a Feasibility Study ("FS") on the ICP with Micon International Limited ("Micon") and SNC-Lavalin with the final report expected in Q1 2017. Management is excited to see the results of the FS based on the progress to date and the results from the April 29, 2015 Preliminary Economic Assessment (the "PEA"). In conjunction with the work on the FS, the Company is also pursuing CAPEX financing strategies which also includes marketing its products for offtake arrangements and mitigate revenue risks for the project.
"Our engineers have reported that they are pleased with the current progress of the FS and that the study is maintaining its critical path", commented Paul Farquharson, President & CEO of eCobalt. He continued, "Additional interest in the project from potential financiers can be expected as the Feasibility Study progresses".
The resource model has been re-evaluated based on the creation of a wire frame model from the existing block model used in the PEA. This wireframe model will allow Micon to further refine the mine schedule and design to a higher degree of certainty suitable for the FS.
Design of the modified flow sheets at the Mill is well advanced and the engineering team is now focusing on the Cobalt Production Facility ("CPF"). Site selection of the CPF is in the final stages with geotechnical drilling of the desired sites to be completed within the next couple of weeks.
Management has also commissioned a 2,600 foot metallurgical drill program on the Ram deposit of the ICP to obtain samples of mineralized material for further evaluation and bench testing. The drill program commenced this week and is expected to last two to three weeks. Mineralized core from the drill program will be used in metallurgical test work designed to provide additional data on concentrate recoveries, hydrometallurgical processing and cobalt sulfate heptahydrate crystal production. These results are expected to compliment the results from the metallurgical program that was recently completed in March 2016.
The final products produced from this metallurgical drill program are intended to provide potential offtakers with samples for due diligence to pursue offtake arrangements. An added benefit is expected to be derived from the location of the drill holes, which will be drilled between pre-existing drill collars with results expected to provide potential offtakers and debt providers, if required, with additional confidence in the resource model for CAPEX financing.
About eCobalt Solutions Inc.
eCobalt Solutions is well established Toronto Stock Exchange listed company committed to providing a unique opportunity for consumers to acquire an ethically sourced, environmentally sound, transparent supply of battery grade cobalt salts, essential for the rapidly growing rechargeable battery and renewable energy sectors, produced safely and responsibly in the United States.
eCobalt Solutions Inc.
"J. Paul Farquharson"
J. Paul Farquharson
President & CEO
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 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