Mr. Greg Burns reports

QUANTUM REPORTS UP TO 8.33% COBALT IN GRAB SAMPLES FROM HISTORIC MINE WORKINGS AT THE "NIPISSING LORRAIN MINE" PROJECT NEAR COBALT ON, CONSIDERS PROCESSING MINE HISTORIC DEVELOPMENT ROCK PILE.

Quantum Cobalt Corp. has received assay results from the recent exploration program at the Nipissing Lorrain mine cobalt-silver-nickel property, located 26 kilometres southeast of Cobalt, Ont. The property is adjacent to First Cobalt's Silver Centre claims. Six separate underground workings have been historically mined for cobalt-silver-nickel on the property.

The first phase exploration program included grab samples from the historic development rock pile of the historically mined Staples vein. Twenty-eight samples were collected, with 15 submitted for analysis. The average grade of the samples taken from the pile was over 2.33 per cent Co, with a peak value of 8.33 per cent Co. Several samples surpassed detection limits for both copper and nickel, and are currently being reanalyzed to gain absolute values. All sample analysis are being completed by Bureau Veritas in Timmins, Ont. The grab samples selected are samples and are not necessarily representative of the mineralization hosted on the property.

Due to the positive lab results, Quantum is now considering options to produce cobalt from the historic workings.

About the Nipissing Lorrain cobalt project

Location

The Nipissing Lorrain mine cobalt property is located 26 kilometres southeast of the town of Cobalt near the eastern border of Ontario. Cobalt is the epicentre of past cobalt mining in Ontario. The district is mining friendly, with a rich history of cobalt and silver production.

Property status and configuration

The property consists of 29 claim units for approximately 464 hectares.

Access and infrastructure

The property is accessible by road, 26 kilometres from Cobalt. From north Cobalt, follow Highway 567 to Silver Centre. After 26.85 km, turn left on Maiden Road and continue for another 4.35 km. The road passes through the property with the Staples vein visible on the left-hand side of the road. Past production means power and infrastructure are accessible within the area.

Mineralization

Cobalt, silver and nickel mineralization occurs on multiple fracture zones and veins within the property. Mineralization is associated with calcite veins within close proximity to diabase sills. Mineralization occurs as Co-Fe-Ni arsenides, argentite, niccolite and native silver. Silver grades up to 261 grams per tonne, and cobalt grades up to 14.75 per cent have been reported from the property. This information is from mineral deposit inventory for Ontario (MDI31M03NW00011 & MDI31M03NW00024).

History

Sporadic mining and exploration have continued the property since 1925. The first shafts were sunk into the Staples vein in 1925 by Nipissing Mining Co. Ltd. Underground mining continued until 1940 with numerous shafts and up to five different mining levels developed. Total production is reported as 2,507 kilograms Co, 1,597 kg Ni and 10,886 kg Ag from 122 tonnes. From 1961 until 1967 further exploration, sampling and geophysics programs were completed. Since then, bulk sampling was completed on the Staples vein waste pile in 1982 and 1994. "Grades from bulk sampling ranged from 0.05 ounces per tonne to 1.25 oz/t Ag (for a 20 pound sample)." This information is from mineral deposit inventory for Ontario (MDI31M03NW00011).

Qualified person

Graham Davidson, PGeol, is the qualified person as defined in National Instrument 43-101, that has reviewed and approved the contents of this press release.

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