Bolt Metals Announces Cyclops Project Licence Impacted in Mass Cancellation of Mining Permits by Indonesian Government
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Bolt Metals Announces Cyclops Project Licence Impacted in Mass Cancellation of Mining
Permits by Indonesian Government
Vancouver, B.C. – Bolt Metals Corp. (“Bolt” or the “Company”) (CSE: BOLT) (FRANKFURT:
A2QEUB) (OTCQB: PCRCF) announces it’s Indonesian subsidiary received notification from the
Head of BKPM (Investment Coordinating Board)/Minister of Investment for Indonesia that the
mining permit (IUP) for the Cyclops nickel/cobalt Project has been revoked.
Bolt, through its Indonesian subsidiary has for the last 4-years been working with government
agencies to register its license into the Directorate General Mineral and Coal, Ministry of Energy
and Mineral Resources database, a requirement for the extension of the Cyclops project IUP. The
license was successfully registered in July 2020. The Company’s application for IUP extension
commenced in 2021 with all the demanded requirements from the Directorate General Mineral
and Coal having been fulfilled, including submission of certificates of bank deposit of a joint
TNM/Directorate General Mineral and Coal Account for Reclamation and Post Mining bonds.
The Company’s Indonesian advisors have suggested several strategies to have the IUP extended
and intends to pursue one or more courses of action. When available, the Company will provide
updates regarding a possible reinstatement of the mining permit for Cyclops as well as any impact
to the conditional sale of the Cyclops Project announced December 23, 2021 (the Transaction).
About Bolt Metals
Bolt Metals 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://boltmetals.com/ to find out more.
Bolt Metals Corp.
Ranjeet Sundher – President and CEO
(604) 922-8272
Steve Vanry – CFO & Director
(604) 922-8272
Sean Bromley – Director & Investor Contact
(778) 985-8934
Reader Advisory
This news release may contain statements which constitute “forward -looking information”,
including statements regarding the timing and terms of the Transaction, satisfaction or waiver of
closing conditions to the Transaction, receipt of regulatory and shareholder approval for the
Transaction and the plans, intentions, beliefs and current expectations of the Company, its
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directors, or its officers with respect to the future business activities of the Company. The words
“may”, “potential”, “should”, “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. Investors are cautioned that any such
forward-looking statements are not guarantees of future business activities and involve risks and
uncertainties, and that the Company’s future business activities may differ materially from those
in the forward-looking statements as a result of various factors, including, but not limited to, the
status of the Transaction, fluctuations in market prices, successes 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 are advised to rely on their own evaluation of such uncertainties. 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 news release.