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First Cobalt Begins Testing Material for Refinery Restart
First Cobalt Begins Testing Material for Refinery Restart Canada NewsWire TORONT...
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[{"type":"text","content":"\n\n\n\nFirst Cobalt Begins Testing Material for Refinery Restart\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\nTORONTO, Nov. 8, 2018\n\n\n\nTORONTO, Nov. 8, 2018 /CNW/ - First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the \"Company\") is pleased to announce that it has commenced testing cobalt hydroxide material as feedstock for the First Cobalt Refinery.\nHighlights\nSGS Canada retained to test suitability of different cobalt feed material using the First Cobalt Refinery's current flowsheet Cobalt hydroxide material to be assessed as a source of feed for the refinery to produce cobalt sulphate or metallic cobalt products for sale into the North American market Discussions are underway with cobalt miners and commodity traders to explore options for ethically sourced cobalt hydroxide Cobalt Camp muckpile sampling and ore sorting programs indicate potential as incremental feed Trent Mell, President & Chief Executive Officer, commented:\n\"Our objective is to enter into a long-term agreement for a reliable source of ethically-mined cobalt. The cash flow potential from restarting the refinery in as little as 18 months could allow us to fund a significant amount of work to advance our flagship Iron Creek Cobalt Project in Idaho, USA while also providing a much-needed North American source of cobalt. In parallel with these tests, management has commenced discussions with third party sources of capital that would minimize or eliminate any equity dilution associated with a restart of the First Cobalt Refinery.\"\nThe First Cobalt Refinery is a hydrometallurgical cobalt refinery in the Canadian Cobalt Camp, approximately 500 kilometres from the US border. On October 10, the Company released the results of three independent studies undertaken to estimate capital requirements, operating costs, permit renewal timelines, potential feedstock options and offtake opportunities. At a 24 tonne per day feed rate and using the current flowsheet, the capital cost of the restart is estimated at US$25.7M (including a 30% contingency) and a permitting rev...