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First Cobalt Issues Clarifying Disclosure
First Cobalt Issues Clarifying Disclosure Canada NewsWire TORONTO, April 5, 2019...
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[{"type":"text","content":"\n\n\n\nFirst Cobalt Issues Clarifying Disclosure\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, April 5, 2019\n\n\n\nTORONTO, April 5, 2019 /CNW/ - First Cobalt Corp. (TSX-V: FCC; ASX: FCC; OTCQX: FTSSF) (the \"Company\") has, at the request of the staff of the Ontario Securities Commission and in connection with a staff review, refiled two documents as follows:\nThe Company has refiled the Cobalt One Business Acquisition Report to include the auditor's report for the financial statements for the year ended June 30, 2017. The Company has also refiled the October 15, 2018 technical report for Iron Creek titled \"Technical Report and Estimate of Mineral Resources for the Iron Creek Cobalt Project, Lemhi County, Idaho, USA\" to revise the second paragraph of Section 14.7 to include additional detailed assumptions as follows: \"Technical and economic factors likely to influence the \"reasonable prospects for eventual economic extraction\" were evaluated using the best judgement of the author responsible for this section of the report. Potential for underground mining was assessed by running stope optimization using mining costs ($75/t), processing costs ($22/t), and anticipated metallurgical recoveries (81% for copper and 88% for cobalt), and appropriate G&A ($11/t) costs for similar size operations in the western United States. For evaluation the open-pit potential, MDA ran a series of optimized pits using variable cobalt and copper prices, mining costs ($2.25/t), processing costs ($17.55/t), and anticipated metallurgical recoveries related to flotation recovery and smelting of the concentrate (81% for copper and 88% for cobalt), and hydrometallurgical extraction for cobalt, and appropriate G&A ($5.56/t) costs for modest-sized open pit operations. Refining costs were set at $0.35/lb Cu and $2.83/lb for Co. The factors used in defining cutoff grades are based on US$30/lb Co and US$3/lb Cu.\"\nBoth documents are available on SEDAR at www.sedar.com. \nAbout First Cobalt\nFirst Cobalt is a Canadian-based pure-play cobalt company and owner o...