TORONTO, July 25, 2018 /CNW/ - Cobalt Blockchain Inc.
("COBC" or the "Company") (TSXV:COBC) is pleased to announce that
it has received final approval for its application for a cobalt and
copper license in the Democratic Republic
of the Congo ("DRC").
The federal Ministry of Mines today certified the license
application, renewable after two years, based on the Company's
submissions and the provincial approval from DRC authorities in
Lualaba and Haut-Katanga provinces.
With this new export trading license, COBC is now able to export
cobalt and copper from the DRC in addition to tin, tantalum, and
tungsten under its existing license. The Company is now fully
licensed to establish regional buying depots, process minerals
in-country, and ultimately export metal concentrates to
international buyers.
"With more than twelve percent of global cobalt production
currently originating from artisanal and small-scale mining (ASM)
operations in the DRC, the granting of our export trading license
is another important step forward in our goal of delivering
certified, ethically-sourced cobalt to the market," notes
Lance Hooper, COBC President &
Chief Operating Officer.
The Company has accelerated its arrangements for its cobalt
trading facilities in Lualaba Province, which include a 1,000
square metre depot with storage, assay lab clinic and office
capabilities, including perimeter fencing and security
equipment.
On completion, COBC will purchase cobalt concentrate from an
established mining cooperative as per the cobalt supply agreement
announced on April 6, 2018.
Under this supply agreement COBC will be supplied with a
minimum of 40,000 tonnes of cobalt concentrate per annum (1%
minimum grade, with an expected average grade of 3-4% cobalt).
Mr. Hooper continued: "International cobalt offtake buyers
outside the DRC require us to have this licensing in order to
export cobalt concentrate, and the license grant is the final link
in the chain, the signal they have been waiting for that we are now
open for business."
About Cobalt Blockchain Inc.
Cobalt Blockchain Inc. (TSXV:COBC) is a Canadian resource
company expanding its exploration and development business to
include cobalt assets in the Democratic
Republic of the Congo (DRC). COBC has acquired a 100%
interest in an existing metals trading business specializing in
sourcing minerals from artisanal and small-scale mines in the DRC,
in compliance with international procurement standards.
Leveraging its experience with existing supply chain due diligence
initiatives, COBC is working with partners to develop a
blockchain-based reporting platform to provide greater certainty of
provenance and further assurance that all minerals procured are
ethically-sourced. Senior management have over twelve years of
experience working in the DRC and a proven international track
record in exploration success and the trading of certified
conflict-free, child-labour-free minerals.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Cobalt Blockchain Inc.