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MEI Online: Plant Operation News: North America: November 7th 2019

 
 

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:: Canada Cobalt Signs Binding LOI to Acquire Mineral Processing Facility

 

Canada Cobalt Works Inc. is pleased to announce that the Company has signed a binding Letter of Intent to acquire the assets of PolyMet Resources Inc., owner of PolyMet Labs (ISO certified) and the Northern Ontario Silver-Cobalt Camp’s only permitted and operating mineral and precious metal processing facility.

The Transaction, consummated at a strategic time in the precious metals cycle, provides Canada Cobalt with multiple immediate and long-term advantages including a bullion furnace to pour payable silver and gold dore bars, and a 23,400 sq. foot facility with district leading sampling and analytical capabilities that can also host the Company’s proprietary and environmentally friendly Re-2OX Process.

Highlights:

  • The lab and mineral processing facility will become the new headquarters of Canada Cobalt and is located in the town of Cobalt, immediately adjacent to a rail line and just a short distance from the Company’s Castle mine and Beaver Property;
  • This well-established sampling and analytical facility, specializing in high-grade mineralization, provides commercial assaying, crushing, screening, grinding, bulk sampling, upgrading and smelting services all in one location, driving multiple revenue streams at a time when gold prices in Canadian dollars have hit new record highs. PolyMet has demonstrated that in an 8-hour shift it can pour up to 10 dore silver bars of 1,000 ounces each (90% to 95% fine);
  • PolyMet is currently making inroads into the potentially lucrative e-waste business that can be leveraged through Canada Cobalt, its extensive relationships and its Re-2OX Process. Material from mixed computer boards is being processed through the facility’s shredder and ball mill to recover precious and base metals.

Mr. Frank Basa, President and CEO of Canada Cobalt, stated: “This deal builds dramatically on Canada Cobalt’s current competitive advantages and opportunities - technological, on the ground and underground - in a rejuvenated silver-cobalt district recognized as the birthplace of Canadian hard rock mining. With such a unique and fully operational facility in the town of Cobalt, so close to the Castle mine and other properties, Canada Cobalt achieves a key goal of becoming a vertically integrated leader in Canada’s silver-cobalt heartland while it also exploits a powerful new cycle in precious metals.”

Mr. Gino Chitaroni, majority owner of PolyMet Resources Inc., commented: “We see some really exciting synergies here. Canada Cobalt’s track record of success in this district made them the perfect fit to take the PolyMet Lab and facility to the next level while I remain involved to assist Canada Cobalt from an operational standpoint.

“We appear to have entered a dynamic new cycle for silver and gold, which could really help to ignite this business in terms of its traditional drivers, while we’re seeing exciting new opportunities in the e-waste sector that can be more fully exploited through this Tansaction,” Chitaroni continued. “Bullion pouring, bulk sampling, commercial assaying and e-waste are PolyMet’s four key immediate profit centers that merge with Canada Cobalt, creating powerful new synergies. Hosting Re-2OX and accelerating the development of such a unique and environmentally friendly process at this facility is a major coup for the town of Cobalt and the broader district.”

 

 

   

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