COQUITLAM, BC, Jan. 19, 2018 /CNW/ - Castle Silver Resources
Inc. (TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") is
pleased to announce that the Company will be proposing a name
change to "Canada Cobalt Works Inc." ("Canada Cobalt"), by a
special vote of its shareholders at its upcoming Annual General and
Special Meeting to be held on February 15,
2018.
The name change to "Canada Cobalt" is proposed for 3 key
reasons:
- More accurately reflects CSR's primary focus in Canada's premier cobalt district;
- Well before the surge in Cobalt prices started in 2015, CSR laid the
groundwork for success on the cobalt side of its business by
acquiring and advancing top properties in northern Ontario while researching technological
opportunities related to the cobalt sector;
- Will accelerate the company's brand-building efforts while
increasing overall market awareness of CSR among cobalt-focused
investors.
Frank Basa, CSR President and
CEO, commented: "The proposed name change could not come at a
better time as we expand our underground cobalt program at the past
producing Castle mine and take steps to realize the full potential
of our proprietary Re-2OX process. We're showing how cobalt
works in Canada and we look
forward to updating shareholders very shortly on those
initiatives.
"The new name will highlight our focus on cobalt exploration,
extraction opportunities and technological solutions to serve the
growing needs of the battery sector from cobalt-rich northern
Ontario, a mining region built on
high-grade silver production a century before demand for cobalt
would soar," Basa concluded.
CSR's history in the Gowganda-Cobalt areas of northern Ontario has given the company first mover
advantage in terms of critical underground access (Castle mine) and
a proprietary hydrometallurgical process (Re-2OX) to convert cobalt
concentrate into client specific test samples for battery sector
end user evaluation. In addition, the company is leveraging
Re-2OX to target niche opportunities in the battery recycling
market.
There will be no share consolidation with the name change as CSR
currently has only 60 million shares outstanding with a strong cash
position of approximately $2
million.
About Castle Silver Resources
The Castle, Beaver and Violet mines are among the most advanced
properties in the northern Ontario Cobalt Camp. While they comprise
only 2,840 hectares they are sources of high-grade cobalt that can
quickly be developed into a shovel-ready state. The company also
has the Re-2OX process which has been pilot-plant-tested to
separate the various metals that comprise the mineralization in the
Cobalt Camp vein systems. The company has been to Japan and China to meet with buyers of cobalt-based
salts that are used in the lithium battery market. Studies are
underway to develop a milling processing facility and leach plant
on one of the Castle Silver Resources' properties.
"Frank J. Basa"
Frank J. Basa P. Eng.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. This news release may contain
forward-looking statements including but not limited to comments
regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential
mineral recovery processes, etc. Forward-looking statements address
future events and conditions and therefore, involve inherent risks
and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.
SOURCE Castle Silver Resources Inc.