COQUITLAM, BC, Feb. 16, 2018 /CNW/ - Castle Silver Resources
Inc. (TSX.V: CSR, OTC: TAKRF, FRANKFURT: 4T9B) (the "Company" or "CSR") is
pleased to announce that shareholders at yesterday's Annual General
Meeting ("AGM") voted overwhelmingly (99.97%) in favor of the
Company's proposed name change to "Canada Cobalt Works Inc.".
The name change is subject to TSX Venture Exchange approval.
Anchored by its past producing Castle mine and related
infrastructure, plus its proprietary Re-2OX process for cobalt
recovery, "Canada Cobalt" will be a vertically integrated operation
designed to serve the broader northern Ontario Cobalt Camp and a
rapidly growing battery sector searching for ethically sourced
cobalt.
Frank Basa, CSR President and
CEO, stated: "With Cobalt prices at 10-year highs, and the
northern Ontario Cobalt Camp drawing increased attention, we're
entering exciting times for shareholders as we embark on various
initiatives to build the 'Canada Cobalt' brand."
The Company is not subdividing, consolidating or otherwise
altering its share capital in association with the name change. The
Company currently has only 60 million shares outstanding with a
strong cash position of approximately $2
million.
The Company also announces that at the AGM, all resolutions were
approved with over 99% voting in favour. The resolutions
passed at the Meeting are listed below:
- The following individuals were re-elected Directors of the
Company: Frank J. Basa, Jacques F. Monette, Dianne Tookenay, Robert
Setter and Annemette
Jorgensen.
- McGovern, Hurley, Cunningham, Chartered Accountants, were
re-appointed as Company auditors.
- Adoption of the Company's 10% rolling share option plan was
ratified and approved.
The Board of Directors appointed the following officers of the
Company for the ensuing year:
Frank J.
Basa:
|
President and
Chief Executive Officer
|
Thomas P.
Devlin:
|
Chief Financial
Officer
|
Tina
Whyte:
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Secretary
|
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.