Business
Bankers Cobalt Corp. Provides Update on DRC Exploration Activities
Frontrunner in DRC Cobalt and Copper Exploration Experienced DRC management team and existing relationships 14 concessions and over 210 km² of exploration poten
About this update from Magma Silver Corp.
[{"type":"text","content":" Frontrunner in DRC Cobalt and Copper Exploration Experienced DRC management team and existing relationships 14 concessions and over 210 km² of exploration potential Clean new titles and permitted for exploration No direct Government involvement in concessions One of few juniors actively exploring, drilling, completing airborne geophysics VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 16, 2017) - Bankers Cobalt Corp. (TSX VENTURE:BANC) (the \"Corporation\" or \"Bankers\") provided an update on the ongoing activities of Katanga Cobalt Corp. (\"Katanga\") in the Democratic Republic of Congo (\"DRC\"). The Corporation announced in a news release dated October 12th, 2017, that it and its special purpose subsidiary (\"Subco\") have entered into a definitive amalgamation agreement with Katanga dated October 6, 2017 under which Bankers will acquire Katanga through the amalgamation of Subco and Katanga (the \"Transaction\"). Closing of the Transaction is expected prior to the end of October, 2017. The completion of the Transaction is subject to a number of conditions, including but not limited to the approval of the shareholders of Katanga at a meeting to be held on October 17, 2017. The TSX Venture Exchange (\"TSXV\") has conditionally approved the Transaction. DRC Update Stephen Barley, President and CEO of Katanga stated: \"We are pleased to provide an update on our business approach in the DRC in anticipation of our acquisition by Bankers. Katanga is a front runner among junior mining companies in the DRC cobalt/copper sector primarily due to the previous four years of effort of our Director General, Kevin Torudag. Kevin has established many relationships necessary to successfully operate in the DRC and with experienced geological guidance has selected a land package in the DRC Copperbelt now comprised of fourteen concessions. Upon the closing of the Transaction, Katanga, and Bankers hope to maintain, what they believe is, front runner status by continuing to assess and acquire strategic land packages in the DRC and aggressively explore and develop those projects that pass a rigorous geological examination. The deficit in the cobalt mineral space is expected to continue and even widen. The business model to be followed by Bankers is simple and elegant: (a) acquire high quality projects in the DRC and develop them by applying ...