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Cobalt Power Group Announces Acquisition of the Coleman Township Properties
Cobalt Power Group Announces Acquisition of the Coleman Township Properties Canada...
About this update from Power Group Projects Corp.
[{"type":"text","content":"\n\n\n\nCobalt Power Group Announces Acquisition of the Coleman Township Properties\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Sept. 5, 2017\n\n\n\nTSX.V: CPO, Pink Sheets: CBBWF\n\n\n\nVANCOUVER, Sept. 5, 2017 /CNW/ - Cobalt Power Group Inc. (the \"Company\") (TSX.V: CPO, OTC Pink: CBBWF) is pleased to announce the purchase of a 100% interest in six parcels of patented land, totalling 180 acres (72.8 hectares), in the Coleman Township of Ontario. This acquisition, along with the recently announced Canadian Cobalt Projects property (see news release dated July 27, 2017- signed Letter of Intent), brings the Company's aggregate land package in the Cobalt Camp region of Ontario to approximately 22,000 acres (8, 900 hectares).\n\n\n \n \n\n \nThe transaction is structured as follows: $54,920 CDN payable in 2 instalments - $35,000 CDN upon signing followed by $19,920 CDN within 12 months. A 2% NSR is attached to the properties with the option to purchase the first 1% for $250,000 CDN and the second 1% for $500,000 CDN.\n\nThe Coleman Township Properties\n\nLocated in the northeast corner of the township, the parcels are contiguous with the Company's Kingston Block as well as with several staked claims in the immediate area. The properties contain the historic Cobalt Twentieth Century Mine (also known as Silver Monarch) and workings - including three shafts that were sunk between 1908 and 1926, and about 400 feet of lateral development. Additionally, 10 historic drill holes are found on the properties. The parcels are primarily underlain by Nipissing diabase sill, which in turn, is underlain by Coleman Group conglomerates.\n\n\"We are particularly pleased with the Coleman Township acquisition as the claims fall within areas of mapped silver/cobalt vein swarms and thereby complement our prolific Smith Cobalt asset,\" comments Dr. Andreas Rompel, President & CEO.  \"As well, the new properties amalgamate our northern concessions, making them contiguous with the larger Smith Cobalt property, thereby facilitating grouping for assess...