VANCOUVER, June 23, 2017 /PRNewswire/ - eCobalt Solutions
Inc. (TSX: ECS; OTCQB: ECSIF) (the "Company" or "eCobalt") is
providing its shareholders with an update on the Company's
Feasibility Study for the 100% owned Idaho Cobalt Project ("ICP").
The ICP is the only near term, environmentally permitted,
primary cobalt project located in the
United States. In 2016 eCobalt commissioned the
Feasibility Study with Micon International Limited ("Micon") and
SNC-Lavalin ("SNC"). Since the Company's May 31, 2017 update, engineering efforts have
focused on mine schedule optimisation and third-party review of the
mine planning parameters. A preliminary mine schedule has
been provided to Small Mine Development ("SMD") for costing.
The Company anticipates the project's capital cost estimate
to be completed near the end of June. SMD, headquartered in
Boise, Idaho, has a solid
reputation for providing safe, productive and innovative
underground, hardrock mining solutions.
Micon has reported advancements in the following areas:
- Geology and Resources: Preparation of the relevant
sections of the National Instrument 43-101 compliant technical
report is in progress with a draft of the relevant sections of the
report currently under review.
- Geotechnical Studies: Flotation tailings obtained
from the SGS Lakefield test-work is currently being utilized in
paste backfill tests conducted by Patterson & Cooke.
Paterson & Cooke has provided consulting services to the mining
and resource industries for over 25 years. Their expertise
includes tailings processing and transport systems, mine backfill
systems and mine water management systems.
- Mining and Reserves: A preliminary mine production
schedule has been provided to SMD. SMD will prepare a
contract mining cost estimate for the preproduction period Year -1,
and operating Years +1 and +2. These estimates will include the
initial mine development costs for the first two years, surface and
underground mining equipment, electrical and communication design,
backfill and dewatering system design, compressed air supply and
ventilation.
- Cobalt Production Facility (the "CPF"): An
option to purchase land for the CPF has been secured within an
industrial park in Blackfoot,
Idaho. A geotechnical drilling program has been completed and
material testing is underway. Preliminary reviews of the
borehole logs show little variation in the underlying geology and
are consistent with the geotechnical report from the adjacent land
with an established industrial operation. The highway
accessible site has excellent infrastructure including low cost
electrical grid power, adjacent rail, potable water and access to
local municipal sewer systems. Discharge from the CPF will meet the
standards of the local municipal water treatment plant without
further processing.
- Engineering Design: All material take-off's
(determining all materials required to accomplish the design and
costing) and equipment lists have been provided to the estimating
team and are being incorporated into the project costs.
Micon reported progress on the major engineering disciplines as
follows:
Discipline /
Area
|
%
Complete
|
Geology & Mineral
Resources
|
100
|
Mine Engineering
& Design
|
95
|
Mill/Concentrator
Engineering
|
100
|
CPF
Engineering
|
100
|
Capital cost
estimate
|
80
|
Operating cost
estimate
|
40
|
Economic
Results
|
25
|
Preparation of
Technical Report
|
50
|
Development of operating expenditures are ongoing together with
mining capital estimation and optimisation of the mining schedule.
A metallurgical simulation model is being finalized and will
feed into the project cost development.
Outlook for cobalt is bullish with increasing demand driven
primarily by the electric and hybrid electric vehicle markets that
utilize rechargeable batteries that require cobalt. LME
Cobalt prices recently broke through US$26.50/lb for 99.3% metal as end-consumers
looked to secure long-term contract material requirements ahead of
tightening concentrate and refined metal and chemical supply.
eCobalt's Annual General and Special Meeting
The
Company's Annual General and Special Meeting is scheduled to take
place on Wednesday, June 28, 2017 at
the Terminal City Club located at 837 W Hastings St, Vancouver, BC at 10:00
am PST. The Company is pleased to announce that
David Christie, Gregory Hahn, Scott
Hean, Paul Farquharson, and
Rob Metka are nominated for
re-election as Director's at this year's Annual General and Special
Meeting. The Company is also pleased to announce that David Smith, CFO at Angico Eagle, is nominated
as a new Director to join the Board.
"eCobalt is well positioned to capitalize from the bullish
cobalt market," commented Paul
Farquharson, President & CEO of eCobalt. He
continued, "As expected, many new players have recently entered the
cobalt sector, however, the ICP remains the sole near term,
permitted cobalt mine in the US. Our comprehensive and detailed
Feasibility Study, which will be available soon, will assist us in
securing financing to get this project into production. In the
meantime, the Company is focused on adding strength to our Board of
Directors and our senior management team."
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.