TORONTO, Feb. 21, 2019 /CNW/ - First Cobalt Corp.
(TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the "Company") is pleased to
announce the appointment of former Governor C.L. "Butch" Otter to the Company's Board of
Directors. Gov. Otter has had a long and prominent political career
including both federal and state positions. In January 2019, Gov. Otter retired as Governor of
Idaho following a 12-year tenure,
making him the longest consecutively-serving governor in
the United States. The addition of
Gov. Otter to the Company's Board of Directors will allow First
Cobalt to draw on his extensive knowledge of the Idaho state landscape as First Cobalt advances
the Iron Creek Cobalt Project in Idaho, US. Before devoting his career
full-time to politics, Gov. Otter had a more than 30-year career as
a business leader including 12 years as President of Simplot
International.
"It is an honour to welcome Butch to the Board." said
Paul Matysek, Chairman of First
Cobalt's Board of Directors. "The former Governor brings
extensive political experience and a strong business acumen, both
of which will serve our Company and shareholders well. This key
addition to the board of First Cobalt will certainly help advance
our interests in becoming a leading producer in the United States."
First Cobalt and Gov. Otter believe in developing a domestic
supply of cobalt within the US to supply the growing demand over
the coming years.
"Idaho has a long and rich
mining history and the Idaho Cobalt Belt is strategically important
to America as we seek to reduce our reliance on foreign sources of
cobalt and other critical minerals," said Gov. Otter. "Our
country needs to become more self-reliant for minerals that are of
strategic importance to our military and industry. First Cobalt has
demonstrated a commitment to move swiftly and responsibly to
develop a domestic supply of cobalt and I am keen to help with
these efforts."
"I am grateful to have another strong director join the board
and I look forward to working with Butch on our Idaho project," said Trent Mell, President & Chief Executive
Office of First Cobalt. "First Cobalt's strategy is to explore,
mine and refine cobalt material in North
America with the goal of providing cobalt to the American EV
market. Gov. Otter's deep roots in Idaho as well as his breadth of understanding
of the federal and state-level political landscapes will be a
tremendous asset as we continue to advance the Iron Creek Cobalt
Project."
About Gov. Butch Otter
C.L. "Butch" Otter is an American
businessman and politician who served as the 32nd Governor of
Idaho, from 2007 to 2019. He was
elected in 2006 and reelected in 2010 and 2014. Gov. Otter served
as lieutenant governor for 14 years, from 1987 to 2001, and in U.S.
Congress from the first district from 2001 to 2007. When he left
office in January 2019, Gov. Otter
was the longest-serving governor in the
United States whose time in office had ran consecutively, at
12 years. His election win in 2014 was his tenth consecutive
victory.
Before devoting his career full-time to politics. Gov. Otter
spent more than 30 years as a business leader including 12 years as
President of Simplot International, a potato, livestock, and
feeding company. Simplot has an integrated portfolio that includes
phosphate mining, fertilizer manufacturing, farming, ranching and
cattle production, food processing, food brands, and other
enterprises related to agriculture. Simplot's major operations are
located in the U.S., Canada,
Mexico, Australia, and China, with products marketed in more than 40
countries worldwide. For more information, visit
http://www.simplot.com.
In connection with this appointment, the Company has issued
incentive grants to purchase an aggregate of 150,000
deferred share units and 1,000,000 common shares of First
Cobalt exercisable at a price of $0.18 for a period of five years. The grant of
options remains subject to the approval of the TSX Venture Exchange
and the requirements of the Australian Securities Exchange.
About First Cobalt
First Cobalt is a North American pure-play cobalt company whose
flagship asset is the Iron Creek Cobalt Project in Idaho, USA, which has Inferred mineral
resources of 26.9 million tonnes grading 0.11% cobalt equivalent.
The Company also owns the only permitted primary cobalt refinery in
North America. While currently on
care and maintenance, the Company is exploring a potential restart
of the Refinery, which has the potential to produce up to 1,000
tonnes of cobalt material per year.
On behalf of First Cobalt Corp.
Trent Mell
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Estimates of
Resources
Readers are cautioned that mineral resources are not economic
mineral reserves and that the economic viability of resources that
are not mineral reserves has not been demonstrated. The estimate of
mineral resources may be materially affected by geology,
environmental, permitting, legal, title, socio-political, marketing
or other relevant issues. The mineral resource estimate is
classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum's "2014 CIM Definition Standards on
Mineral Resources and Mineral Reserves" incorporated by reference
into NI 43-101. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies or economic studies except for Preliminary Economic
Assessment as defined under NI 43-101. Readers are cautioned not to
assume that further work on the stated resources will lead to
mineral reserves that can be mined economically. An Inferred
Mineral Resource as defined by the CIM Standing Committee is "that
part of a Mineral Resource for which quantity and grade or quality
are estimated on the basis of limited geological evidence and
sampling. Geological evidence is sufficient to imply but not verify
geological and grade or quality continuity. An Inferred Mineral
Resource has a lower level of confidence than that applying to an
Indicated Mineral Resource and must not be converted to a Mineral
Reserve. It is reasonably expected that the majority of Inferred
Mineral Resources could be upgraded to Indicated Mineral Resources
with continued exploration."
Cautionary Note Regarding Forward-Looking
Statements
This news release may contain forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws and
the United States Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans",
"expects', "estimates", "intends", "anticipates", "believes" or
variations of such words, or statements that certain actions,
events or results "may", "could", "would", "might", "occur" or "be
achieved". Forward-looking statements involve risks, uncertainties
and other factors that could cause actual results, performance and
opportunities to differ materially from those implied by such
forward-looking statements. Factors that could cause actual results
to differ materially from these forward-looking statements are set
forth in the management discussion and analysis and other
disclosures of risk factors for First Cobalt, filed on SEDAR at
www.sedar.com. Although First Cobalt believes that the information
and assumptions used in preparing the forward-looking statements
are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release,
and no assurance can be given that such events will occur in the
disclosed times frames or at all. Except where required by
applicable law, First Cobalt disclaims any intention or obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
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SOURCE First Cobalt Corp.