Cobalt Power Group Announces Acquisition of the Bende and Kingston Properties
Cobalt Power Group Announces Acquisition of the Bende and Kingston
Properties
TSX.V: CPO
VANCOUVER, March 29, 2017 /CNW/ - Cobalt Power Grou p Inc. (the "Company") (TSX.V: CPO) is
pleased to announce signing an option to purchase a 100% interest in the Bende and Kingston patented
mining claims in the Coleman and Bucke Townships of Ontario, respectively, which cover 220 acres (89
ha). The Bende property contains known historical workings, including two mine shafts, three identified
veins, and a trench. The Kingston property is located immediately to the west of several historic mine
sites which each contained a multitude of veins. This acquisition brings the Company's total land pack age
in the Cobalt region to 2042 acres (826.4 ha).
The option requires a payment of $20,000 CDN and an allotment of 400,000 of the Company's common
shares on the Effective Date (date the agreement is accepted for filing by the TSX) followed by the
payment of $20,000 CDN and allotment of 400,000 of the Company's common shares six (6) months
following the Effective Date, upon TSX approval.
"The Bende and Kingston claims fall within areas of mapped silver/cobalt vein swarms and thereby
complement our already robust Smith Cobalt asset," comments Dr. Andreas Rompel, President &
CEO. "As well, the presence of historical workings and mapped data gives us a significant head start with
regards to exploration and development of the property. Both assets form low risk exploration targets
which can be advanced in a relatively short period of time."
Additionally, the Company is in the process of receiving quotations from several drilling companies an d
expects to choose a contractor shortly. Phase 1 drilling, expected to begin in Q2 2017, will proceed once
the geophysical interpretation of the recently comp leted induced polarization survey has been finalized
and drill targets have been delineated.
About the Smith Cobalt Project
The Smith Cobalt project is underlain by a sequence of Archaean volcanics which are uncomformably
overlain by Huronian sediments. These formations ha ve been intruded by the Proterozoic-age Nipissing
diabase sill. Faulting, on both a regional and local scale, has been found by surface mapping and in d rill
cores. Polymetallic veining, and especially pinkish-white carbonate veins, has also been reported. Thus,
all the necessary geological components of accepted mineralization models for cobalt-silver have been
identified on the properties.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture
Exchange (TSX-V: CPO) focused on cobalt exploration and development.
The Company has made a series of strategic property acquisitions over the past year, seeking cobalt
mineralization near Cobalt, Ontario - a region with a long history of silver and associated cobalt
production. Property holdings total 826.4 hectares (2042 acres) in contiguous and strategic claim bloc ks.
There are several historic mining operations on the properties that are potentially accessible, includ ing
the Smith Cobalt shaft and its underground workings.
Chris M. Healey, P. Geo, a Director of Cobalt Power Group is the qualified person responsible for the
technical content of this release, and consents to its dissemination.
On behalf of the Board of Directors
"Andreas Rompel"
_________________
Dr. Andreas Rompel, President and CEO
Cobalt Power Group Inc.
www.cobaltpowergroup.com
We seek safe harbor.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapprove d the contents of this press release.
Forward Looking Information
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this News Release. WARNI NG: The Company relies on litigation protection for
"forward looking" statements. Actual results could differ materially from those described in the news
release as a result of numerous factors, some of which are outside the control of the Company. This
news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in
the United States. The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securi ties
Act and applicable state securities laws or an exemption from such registration is available.
SOURCE Cobalt Power Group Inc
To view the original version on PR Newswire, visit:
http://www.newswire.ca/en/releases/archive/March201 7/29/c6384.html
%SEDAR: 00029608E
For further information: Daniel Caamano, VP Corporate Communications or Jud y A. McCall,
Corporate Secretary at: 604.620.7737. The company's profile may also be viewed on www.sedar.com.
CO: Cobalt Power Group Inc
CNW 06:00e 29-MAR-17