Cobalt Power Group Closes Canadian Cobalt Project Acquisition
Cobalt Power Group Closes Canadian Cobalt Project Acquisition
TSX.V: CPO, Pink Sheets: CBBWF
VANCOUVER, Dec. 4, 2017 /CNW/ - Cobalt Power Group Inc. (the "Company") (TSX.V: CPO, OTC Pink:
CBBWF) is pleased to announce that the TSX Venture Exchange has accepted for filing a share
purchase agreement dated Oct. 23, 2017, between Cobalt Power Group Inc., Canadian Cobalt Projects
Inc. (the vendor) and all of the shareholders of Canadian Cobalt. Cobalt Power has agreed to purchase
all of the issued and outstanding common shares in the capital of Canadian Cobalt, which is the
registered holder of 33 mineral claims located in the South Lorrain Township, Ontario. Consideration is
29.95 million common shares of the company. Under t he agreement, a 1.5-per-cent net smelter royalty
will be granted, on a pro rata basis, to the shareholders of Canadian Cobalt.
Highlights:
• Acquisition is comprised of approximately 7,500 ha of strategically located mining claims in the Silver
Center area of the Cobalt Camp, Ontario.
• With the addition of this land package, Cobalt Pow er becomes one of the largest landowners in the
prolific Cobalt and Silver Center camps, holding over 8,700 ha. First Cobalt, Cobaltech, and Cobalt
One announced a merger earlier this year resulting in a land package slightly larger than Cobalt
Power's at approximately 10,000 ha.
• The Canadian Cobalt Project land package is contig uous with, or within close proximity to, the
recently announced First Cobalt/Cobalt One lands and has a similar geological setting.
• The claim group includes the historic Silver Eagle Mine and lies near several past producing mines,
including the Keely and Frontier (held by First Cobalt), in the South Lorrain Township, Ontario. The
Silver Eagle Mine (which operated around 1918) prod uced 8,000 ounces of silver from a 6-meter
section of mine workings that crossed the property from the adjacent Wettlaufer Mine (cobalt was
not recovered, as was typical for that era).
• There are several known cobalt occurrences found o n the land package - all reported in the Ontario
Mineral Deposit Inventory files:
• Labine-McMahon showing - samples collected from a quartz-carbonate vein adjacent to an
aplite dike contain cobaltite, arsenopyrite and bismuthinite. An assessment of the heavy
material after a partial separation from the gangue returned: 32.54% As, 4.85% Fe, 21.09% Co,
1.18% Ni, 6.26% Bi and 0.09% Zn. A sample of wall rock adjacent to a ¾" wide quartz-
carbonate vein assayed 1.10% Co and 0.21% Ni. The sample was collected in 1956 and
assayed by the Cobalt Resident Geologist.
• Friday Creek showing - government reports show "a 20cm quartz-calcite veins with 17 g/t Ag, in
Nipissing diabase."
• Three Swedish tenement licence applications are in cluded in the Canadian Cobalt Projects property
package. Application decision is expected from the Swedish Mining Inspectorate shortly.
Cobalt Power Group is expected to announce a work p rogram aimed at the Canadian Cobalt Project
properties in early 2018. The Company recently comp leted a Phase 2 drill program at its Smith Cobalt
project and currently awaits results. Phase 1 drilling confirmed and enlarged the strike extent of the
known mineralization around the historical Smith Co balt shaft. Results were consistent with historical
grades and widths found throughout the Cobalt Camp, Ontario.
"We can now expand our exploration campaign into th e Silver Centre region of the Cobalt Camp,"
comments Dr. Andreas Rompel, President & CEO. "This opportunity for expansion of exploration, along
with the credibility and expertise provided by our strategic partner, Hochschild Mining, and the recen t
investment by Sprott Canada (both becoming signific ant shareholders with a combined investment of
over $1.13 million CDN), make Cobalt Power one of t he premier exploration and development companies
in the Cobalt Camp."
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian exploration company listed on the TSX-Venture
Exchange and U.S. Pink Sheets (TSX-V: CPO, OTC Pink : CBBWF) 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 including the Canadian Cobalt Project and the Coleman Township
properties total approximately 8,736 hectares (21,1 00 acres) in contiguous and strategic claim blocks.
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, V.P. Exploration and 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.
Cautionary Statement on Forward Looking Statement
Certain information contained in this news release, including information as to our strategy, projects,
plans or future financial or operating performance and other statements that express management's
expectations or estimates of future performance, constitute "forward looking statements". Actual results
may differ materially from those indicated by such statements. All statements, other than historical f act,
included herein, are forward-looking statements that involve various risks and uncertainties. There ca n be
no assurance that such statements will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
In connection with the forward-looking information contained in this news release, CPO has made
numerous assumptions. While CPO considers these ass umptions to be reasonable, these assumptions
are inherently subject to significant uncertainties and contingencies. Additionally, there are known a nd
unknown risk factors which could cause CPO's actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by the
forward-looking information contained herein.
A more complete discussion of the risks and uncertainties facing CPO is disclosed in CPO's continuous
disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking
information herein is qualified in its entirety by this cautionary statement, and CPO disclaims any
obligation to revise or update any such forward-looking information or to publicly announce the result of
any revisions to any of the forward-looking informa tion contained herein to reflect future results, events or
developments, except as required by law.
SOURCE Cobalt Power Group Inc
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%SEDAR: 00029608E
For further information: please contact Daniel Caamano, V.P. Corporate Comm unications or Judy
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 04-DEC-17