Highlights:
- Cyclops Nickel-Cobalt project license fully compliant under updated mining registration process
- National, provincial and local support received for project
- Strategic partner / investor discussions have commenced
VANCOUVER, British Columbia, Feb. 14, 2020 (GLOBE NEWSWIRE) -- Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE: BOLT) (OTCQB: PCRCF) (FRANKFURT: NXFE) is pleased to announce it has received approval from the OMBUDSMAN of the Republic of Indonesia for the registration of the Cyclops Nickel-Cobalt Project license in the Directorate General of Minerals and Coal and the Ministry of Energy and Mineral Resources of the Republic of Indonesia. The project license will be transferred into a Foreign Investment License where it will be administered by the central government. The license will then be fully compliant with the regulation of the Minister of Energy and Mineral Resources No. 11 of 2018 regarding the procedure for the granting of licenses and reporting on mineral and coal mining business activities.
Ranjeet Sundher, CEO of Pacific Rim Cobalt, commented: “2019 was a pivotal year for us, and we’re pleased to carry this momentum into 2020. Obtaining approval from Indonesia’s OMBUDSMAN is an important step toward our goal of securing strategic partnerships and participating in Asia’s growing battery metals supply chain.”
During 2019, the Company carried out an extensive exploration and development program at its flagship 5000 hectare, Cyclops Nickel-Cobalt project, located in Papua Province, Indonesia. Drilling identified significant horizons of nickel mineralization and bench-scale scoping tests returned positive results for processing of this nickel rich material. The Cyclops Project is mining and environmentally permitted with year round access.
- The recovery percentages form the bench-scale test program are set out below (for further information, please refer to the Company’s press release of October 28, 2019):
| Sample | Nickel (%) | Cobalt (%) | Iron (%) |
| Limonite | 99.26 | 98.82 | 97.77 |
| Low Iron Transition | 99.75 | 97.03 | 99.22 |
| Saprolite | 99.77 | >99.9 | 99.74 |
- Selected elevated nickel drill results are provided below from the Company’s shallow drilling program (for further information, please refer to the Company’s press releases of March 5, April 1, April 23, June 13, June 20 and September 10, 2019):
| Intersection length (metres from surface) | Nickel (%) | Cobalt (%) | ||
| 7.0 | 2.15% | 0.03% | ||
| 4.0 | 1.96% | 0.04% | ||
| 2.0 | 2.00% | 0.01% | ||
| 2.0 | 1.91% | 0.05% | ||
The company is currently in discussions with several strategic partners and investors who have expressed interest in the Cyclops project, and will update the market accordingly on any formal developments.
The Company also announces that it closed a non-brokered private placement (the “Offering”) for aggregate gross proceeds of $742,165 through the issuance of 6,184,704 units in the capital of the Company (each a “Unit” and together, the “Units”) at a subscription price of $0.12 per Unit. Each Unit is comprised of one (1) common share in the capital of the Company (each a "Common Share") and one (1) transferable Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one (1) Common Share for one year at an exercise price of $0.16 per Common Share. In connection with the Offering, the Company paid a total of $17,543 in cash to eligible finders who introduced subscribers to the Offering. All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a four month resale restriction expiring June 7, 2020. The Company intends to use the net proceeds from the Offering to fund development of its nickel-cobalt business in Indonesia as well as general working capital purposes.
The Company further announces that it has granted stock options to acquire up to 3,600,000 Common Shares of the Company to certain employees and consultants, 1,550,000 of which were granted to certain directors and officers of the Company. Each of the stock options is exercisable for a two-year term expiring on February 14, 2022 at a price of $0.26 per Common Share. On February 14, 2020, the last day that the Common Shares traded prior to the granting of the stock options, the closing trading price of the Common Shares on the Canadian Securities Exchange was $0.26. Any Common Shares issued pursuant to the exercise of the stock options will be subject to a four month hold period expiring on June 15, 2020.
National Instrument 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Mr. Garry Clark, PGeo, independent director of Pacific Rim Cobalt and a Qualified Person as defined by National Instrument 43-101.
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian‐based exploration company focused on the acquisition and development of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium‐ion battery industry. Visit https://pacificrimcobalt.com/ to find out more.
Pacific Rim Cobalt Corp.
Ranjeet Sundher – President and CEO
(604) 922-8272
rsundher@pacificrimcobalt.com
Steve Vanry – CFO & Director
(604) 922-8272
steve@vanrycap.com
Sean Bromley – Director & Investor Contact
(778) 985-8934
sbromley@investfortuna.com
Reader Advisory
This news release may contain statements which constitute “forward-looking information” that are subject to risks and uncertainties. All statements herein, other than statements of historical fact, are to be considered forward-looking, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company and with respect to the results of exploration and prospective plans in regards to the Cyclops project. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Information provided in this document is necessarily summarized and may not contain all available material information. Although Pacific Rim Cobalt has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, success of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release, and the Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.