COQUITLAM, B.C, July 13, 2020 /CNW/ - Canada Silver Cobalt Works
Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B) (the "Company" or "Canada
Silver Cobalt") is pleased to report that it has filed an
independent technical report on SEDAR. The technical report
was prepared in accordance with National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101")
supporting a Mineral Resource Estimate for the Castle East,
Robinson Zone, Ontario, Canada with an effective date of
May 28, 2020 and a signature date of
July 13, 2020 (the "Technical
Report").
This Technical Report documents the first mineral resource
estimate (press release of May 28,
2020) for the Robinson zone discovery.
The mineral resource has been estimated in conformity with CIM
Estimation of Mineral Resource and Mineral Reserves Best Practices
Guidelines and is reported in accordance with Canadian Securities
Administrators' NI-43-101.
The Technical Report can be found under the Company's Issuer
profile on www.sedar.com and the Company's website at
www.canadasilvercobaltworks.com.
The Company also announces that it has completed its previously
announced repurchase from Granada Gold Mine Inc. ("Granada Gold")
of a back-in option on five mining leases forming part of the
Castle Silver Cobalt Mine property in Ontario.
In payment, the Company issued 2,941,000 common shares to
Granada Gold at a deemed price of $0.51 per share, for total deemed consideration
of approximately $1,500,000. Each of
the shares was accompanied by one common share purchase warrant.
Each warrant will entitle Granada Gold to acquire one additional
common share of Canada Silver Cobalt for $0.55 for a period of five years. All securities
issued in connection with the re-purchase are subject to a
four-month and a day hold period expiring on November 11, 2020, in accordance with applicable
Securities Laws.
Under the policies of the TSX Venture Exchange, Granada Gold is
a "Non Arm's Length Party" to Canada Silver Cobalt in that
Frank Basa, Jacques Monette, Robert Setter and
Dianne Tookenay, each of whom is a director and/or officer of
Canada Silver Cobalt, are also directors and/or officers of Granada
Gold. In determining the purchase price, Canada Silver Cobalt
relied on, among other things, a valuation opinion dated
May 13, 2020 prepared by Watts, Griffis and McOuat Limited of
Toronto. The repurchase of the
back-in option is not a "related party transaction" under
Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions.
Qualified Person
The technical information in this
news release was prepared under the supervision of Mr. Merouane Rachidi, Ph.D., P.Geo., (APGO, APEGNB
and OGQ) of GoldMinds Geoservices, a qualified person in accordance
with NI 43-101.
About Canada Silver Cobalt Works Inc.
Canada Silver
Cobalt's flagship Castle mine and 78 sq. km Castle Property
features strong exploration upside for silver, cobalt, nickel, gold
and copper in the prolific past producing Gowganda high-grade Silver-Cobalt District of
Northern Ontario. With an
important new discovery at Castle East, underground access at the
Castle mine, a processing facility (TTL Laboratories) in the nearby
town of Cobalt, a proprietary hydrometallurgical process known as
Re-2OX, and the Beaver and Violet properties, CCW is strategically
positioned to become a Canadian leader in the silver-cobalt
space.
"Frank J. Basa"
Frank J. Basa, P. Eng.
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 Canada Silver Cobalt Works Inc.