AMN - DRC: First Cobalt opts out of alliance

First Cobalt Corp has elected not to complete a strategic alliance over seven cobalt exploration properties in the Democratic Republic of the Congo. The company will instead focus its efforts in 2017 on the Canadian Cobalt Camp.

First Cobalt's mergers with Cobalt One and CobalTech Mining will be completed later this year, resulting in a combined land position of more than 10,000 hectares in the Cobalt Camp containing approximately 50 past producers and mine workings.

First Cobalt says that the high number of advanced exploration targets ready for immediate work in the Cobalt Camp greatly offset the potential in the DRC properties at this time.

The company may evaluate cobalt opportunities elsewhere in the future, where the exploration project potential aligns with the company's overall strategy to offer investors leveraged access to the growing cobalt market.

First Cobalt's president and chief executive officer Trent Mell said, "Investors are very supportive of our vision for the Canadian Cobalt Camp and we are aligned with their desire to focus on the bulk mining potential of this district, located in the best mining jurisdiction in the world. The Canadian Cobalt Camp is emerging as one of the most prospective targets for cobalt exploration.

"The DRC remains very appealing geologically but the investment climate has deteriorated since the strategic alliance was announced and we have significantly expanded our footprint in Canada."

First Cobalt's objective is to create the largest pure-play cobalt exploration and development company in the world.

The company's primary focus is on its Greater Cobalt Project, including an option for the former producing Keeley-Frontier mine, a high-grade mine that produced over 3.3 million pounds of cobalt and 19.1 million ounces of silver from 301,000 tonnes of ore, as well as a joint venture on a fully permitted cobalt refinery in Cobalt, Ontario.

www.firstcobalt.com