Canada Silver Cobal T Provides Bi-Weekl Y St Atus Report
CANADA SILVER COBAL T PROVIDES BI-WEEKL Y ST ATUS REPORT
Coquitlam, BC, May 30, 2023 - Canada Silver Cobalt Works Inc. (TSXV: CCW) (OTC: CCWOF) (Frankfurt: 4T9B)
(the “Company” or “Canada Silver Cobalt”) is providing this bi-weekly default status report in accordance
with National Policy 12-203 - Management Cease Trade Orders (“NP 12-203”). In its May 3, 2023 news
release (the “Notice”), the Company announced a delay in the filing of its audited financial statements and
management's discussion and analysis for the financial year ended December 31, 2022 (collectively, the
"Annual Documents"). The Company announced that it would not file the Annual Documents by the
prescribed legal deadline of May 1, 2023 due to the fact that the Company had to make the necessary
arrangements with its auditors to complete the audit of its annual financial statements. The Company is
working diligently with its auditors to complete the annual financial statements, with the goal of filing the
Annual Documents on or before June 5, 2023.
A management cease trade order was granted by the British Columbia Securities Commission (the “BCSC”)
on May 2, 2023 (the “MCTO”). The MCTO prohibits the Chief Executive Officer and Chief Financial Officer of
the Company from trading in securities of the Company until the Company files the Annual Documents and
the BCSC revokes the MCTO. The issuance of the MCTO does not affect the ability of persons other than the
CEO and CFO to trade in the Company's securities.
Pursuant to NP 12-203, the Company must file bi-weekly status reports in the form of further news releases
during the period from the Notice until the MCTO is revoked. The Company reports that since the Notice:
(i) there have been no material changes regarding the information contained in the Notice that have not
been disclosed in a bi-weekly default status report or in a news release referenced therein; (ii) there have
been no failures by the Company in fulfilling its stated intentions with respect to satisfying the provisions
of the alternative information guidelines under NP 12-203; and (iii) there has not been any specified default
subsequent to the defaults announced in the Notice. There is no other material information concerning the
affairs of the Company that has not been generally disclosed.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered a major high-grade silver vein system at Castle East
located 1.5 km from its 100%-owned, past-producing Castle Mine near Gowganda in the prolific and world-
class silver-cobalt mining district of Northern Ontario. The Company has completed a 60,000 m drill
program aimed at expanding the size of the deposit with an update to the resource estimate underway.
In May 2020, based on a small initial drill program, the Company published the region’s first 43-101
resource estimate that contained a total of 7.56 million ounces of silver in Inferred resources, comprising
very high-grade silver (8,582 grams per tonne un-cut or 250.2 oz/ton) in 27,400 tonnes of material from
two sections (1A and 1B) of the Castle East Robinson Zone, beginning at a vertical depth of approximately
400 meters. Note that mineral resources that are not mineral reserves do not have demonstrated economic
viability. Please refer to Canada Silver Cobalt Works Press Release May 28, 2020, for the resource estimate.
Report reference: Rachidi, M. 2020, NI 43-101 Technical Report Mineral Resource Estimate for Castle East,
Robinson Zone, Ontario, Canada, with an effective date of May 28, 2020, and a signature date of July 13,
2020.
The Company also has: (1) 14 battery metals properties in Northern Quebec where it has recently
completed an almost 15,000-metre drill program on the Graal property and an airborne VTEM geophysical
Canada Silver Cobalt Works Inc.
3028 Quadra Court
Coquitlam, B.C., V3B 5X6
CanadaSilverCobaltWorks.com
Draft Only
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survey is being conducted at its Lowney-Lac Edouard property; and (2) the prospective 1,000-hectare Eby-
Otto gold property close to Agnico Eagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where it is
exploring in 2022.
Canada Silver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. km Castle Property feature strong
exploration upside for silver, cobalt, nickel, gold, and copper. With underground access at the fully-owned
Castle Mine, an exceptional high-grade silver discovery at Castle East, a pilot plant to produce cobalt-rich
gravity concentrates, a processing facility (TTL Laboratories) in the town of Cobalt, and a proprietary
hydrometallurgical process known as Re-2Ox (for the creation of technical-grade cobalt sulphate as well as
nickel-manganese-cobalt (NMC) formulations), Canada Silver Cobalt is strategically positioned to become a
Canadian leader in the silver-cobalt space. More information at www.canadasilvercobaltworks.com.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.