Pacific Rim Cobalt Secures Government Approvals
Pacific Rim Cobalt Secures Government Approvals
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, B.C. – February 18, 2020 – 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.
o 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
o 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
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 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.