Pacific Rim Cobalt Provides Business Update
Pacific Rim Cobalt Provides Business Update
Recent project development results prove strong nickel‐cobalt mineralization
In pursuit of nickel and cobalt; life giving DNA of the electric vehicle
Vancouver, B.C. – March 21, 2019 – Pacific Rim Cobalt Corp. (the “Company” or “Pacific Rim Cobalt”) (CSE:
BOLT) (OTCQB: PCRCF) (FRANKFURT: NXFE) today provides Cyclops, nickel/cobalt project development
update, next steps and battery metals market commentary.
Recent successes
The Company reported drilling as well as mini‐bulk sample results indicating strong mineralization occurring
from surface with nickel values of up to 2.65% and 1.78% respectively and cobalt of up to 0.24% and 0.16%
respectively. The drill and mini‐bulk sample results are both c onsistent with data wh ich formed the basis
of the Historical Estimate1 for the Project.
The Company’s mineral process and extraction partner completed a successful bench scale scoping
program which yielded recoveries of up to 98.6% nickel and 96.5% cobalt respectively. The evaluation was
for a proprietary leach technology and was conducted on two (2) Indonesian cobalt and nickel bearing
laterite samples2 at a facility in Ontario, Canada. (The samples were not sourced from a property in which
the Company has an interest)
Stakeholder agreements were completed which provide access to a ll areas of the project including those
hosting the historically identified core mineralized zones. The Company is now well positioned to undertake
all facets of its programs fundamental to publishing a resource calculation in 2019.
2019 next steps
The Company continues to receive results from drilling which it expects to disclose regularly through the
balance of 2019. Approximately 15% of the planned Phase 1 and P hase 2 drilling programs for the year
have been completed with approximately 50% of holes drilled having been assayed and made public.
To date drilling has been focused on an area of the project whi ch covers ground peripheral to the main
laterite zone of interest and over which historical exploration was carried out. This drilling is currently
delineating the north east boundary of this zone and will progressively expand into the primary areas during
the remainder of calendar 2019. Current drilling is yielding strong results and is expected to continue
throughout the program as the main areas of interest are accessed.
Mini‐bulk samples in 100kg batches are being prepared for shipment to a specialized laboratory in Canada
for bench scale studies to test the mineralized material’s amenability for production of a mixed Ni‐Co
hydroxide product. Results of this program are expected to be available during calendar Q3 of 2019. Subject
to the results of the bench scale studies, the Company may be i n a position to initiate commissioning and
construction of a pilot plant.
Additionally, the Company aims to complete its maiden resource estimate at Cyclops in accordance with
National Instrument 43‐101 Standards of Disclosure for Mineral Projects , which together with results of
testing on processing options, will allow consideration for eco nomic studies to optimize development of
the project.
2019 may also mark commencement of formal negotiations with Beijing Easpring Material Technology Co.,
Ltd. in relation to achieving a binding Offtake Agreement for n ickel and cobalt sulphates. The Companies
are currently party to a Preliminary Offtake Agreement signed in July 2018.
The case for nickel
Batteries play a vital role in modern society, powering everyth ing from flashlights and phones to electric
cars. While the role of cobalt and lithium in these batteries is widely recognized, nickel is also critically
important. The element is a primary ingredient in the productio n of a wide range of batteries, including
those installed in the majority of electric cars.
Nickel also plays an important part in steel production, which led to a surge in demand from China a decade
and a half ago. At that time, production efforts increased to meet the demand; today, the growing
importance of nickel in batteries is causing fresh pressure, along with a supply deficit.
Nickel is further differentiated from other battery metals in i ts inability to respond quickly on the supply
side due to the fact that bringing on a new large‐scale nickel mine can often run in to the billions of dollars.
(Anthony Milewski, The Often Forgotten Battery Metal (Benchmark Minerals, 2018))
Emergence of the electric vehicle
I n t e r e s t i n e l e c t r i c v e h i c l e s a n d d e m a n d f o r t h e b a t t e r i e s n e e ded to power them is gaining significant
momentum. One of the most compelling reasons behind that increased demand is the desire for clean
energy.
More than 40 automakers are pivoting towards electric vehicles. W h i l e T e s l a i s g r a b b i n g m o s t o f t h e
headlines, most recently by reducing the price on its Model 3 to make electric cars more affordable,
established car companies are also getting into the game. It to ok five years to sell the first million EVs but
just six months to sell the next million and forecasts are for sales up to 36 million units in 2030. Electric cars
are increasingly common, as are the charging stations they need, and all but one of the major electric
vehicle manufacturers use nickel in their batteries. (Bloomberg NEF)
Global automaker investments in EVs now total more than US$90 billion, with at least US$19 billion
attributed to the US, $21 billion to China and $52 billion to Germany. CRU predict that EVs will account for
30% of car sales by 2030, up from just 2% in 2020 – a staggerin g compound annual growth rate of above
30% over this period. If EVs account for 30% of automobile sale s, this will require an estimated additional
1.1 million tons of nickel and 314kt of cobalt.
Indonesia is nickel
One of the world’s largest sources of nickel production by nation is Indonesia. The country is rich with
deposits of the metal, many of which have yet to be effectively exploited.
The dominant source of nickel in country is laterite deposits. The Company’s Cyclops is such an occurrence.
Nickel Laterites are composed of long tabular bodies, over several hundred meters, but only tens of meters
deep.
Other laterite projects in the region include MMC’s $2.1 billion Ramu nickel mine in Papua New Guinea @
1 . 0 % n i c k e l ; E R A M E T ’ s W e d a B a y @ 1 . 3 6 % n i c k e l ; a n d A N T A M ’ s G a g island @ 1.63% nickel, both in
Indonesia.
Pacific Rim Cobalt’s management in pleased to have established a presence in Indonesia; a strategically‐
located, ethical jurisdiction within the geographic sphere of C hina, the dominant EV market player on the
planet.
The Cyclops Project; location is key
The Cyclops Project area located in Papua Province, Indonesia, benefits from excellent infrastructure,
including proximity to a work force and supplies, sealed roads, ocean access, nearby port facility, and gentle
topography. The road system enables year‐round access to the project and connects it with the large town
of Sentani, located about 15 kilometres (kms) to the east, and with Jayapura, the capital city of Papua
province, located about 40kms to the east.
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 Pers on as defined by National Instrument 43‐
101.
1Historical Estimate
A historical estimate, which dates from before the requirement for uniform regulatory compliance and
therefore fails to meet the current standards of National Instrument 43‐101, is being referenced as a guide
for Pacific Rim Cobalt's 2018 work program. This early data emp loyed measurements still in use today and
indicate mineralization from surface with an estimated potential of 37 million tonnes of 0.11 per cent cobalt
and 1.31 per cent nickel at a 0.8‐per‐cent‐nickel‐cut‐off grade. The company intends to validate the resource
and, where possible, expand upon the historical estimate, as only five of the nine known cobalt/nickel
occurrences were the subject of t he historical studies. The com pany affirms this data in no way implies an
estimated resource valuation but are offered as a basis for its current exploratory efforts and approach.
Pacific Rim Cobalt considers the cobalt and nickel tonnage and grade estimates contained herein to be
historical estimates. The historical estimates are contained in the summary geologic investigations, PT
Pacific Nikkel Indonesia 1969 (Reynolds, 1979). These historical e s t i m a t e s d o n o t u s e c a t e g o r i e s t h a t
conform to current CIM (Canadian Institute of Mining, Metallurg y and Petroleum) definition standards on
mineral resources and mineral reserves as outlined in National Instrument 43‐101 (Standards of Disclosure
for Mineral Projects) and have not been redefined to conform to current CIM definition standards. These
estimates were prepared in the 1980s prior to the adoption and implementation of NI 43‐101. A qualified
person has not done sufficient work to classify the historical estimates as current mineral resources, and
Pacific Rim Cobalt is not treating the historical estimates as current mineral resources. More work, including,
but not limited to drilling will be required to conform the est imates to current CIM definition standards.
Investors are cautioned that the historical estimates do not me an or imply that economic deposits exist on
the company's project. Efforts to obtain any additional informa tion regarding relevant historical work are
continuing, although there are no assurances that these original data will be found. Pacific Rim Cobalt
believes that the historical estimates are relevant to continuing exploration on the project. For more
information, please refer to the technical report, filed on SED AR on Dec. 8, 2017, and available under the
company's profile at SEDAR.
About Pacific Rim Cobalt
Pacific Rim Cobalt is a Canadian‐based exploration company focu sed 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
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” that are subject
to risks and uncertainties. All statements herein, other than s tatements 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 achieve ments 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 antici pated, estimated or intended. F actors that could cause actual results to
differ materially from those in f orward‐looking information inc lude, 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 t h e d a t e o f t h i s n e w s r e l e a s e , a n d t h e
Company does not assume any obligation to update any forward‐lo oking information except as required
under the applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this
release.