Business
REPEAT - Cameo Cobalt Initiates Comprehensive Review of Max Mill and Mine
VANCOUVER, British Columbia, March 11, 2019 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB: SY7N) (the “Company” or “Cameo”) is ple
About this update from Quebec Rare Earth Elements Corp
[{"type":"text","content":" VANCOUVER, British Columbia, March 11, 2019 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX Venture: CRU) (OTC: CRUUF) (FWB: SY7N) (the “Company” or “Cameo”) is pleased to announce it has undertaken a series of strategic corporate initiatives, including a comprehensive review of its recently acquired MAX Mill and Molybdenum Project. The Company is in the process of engaging a team of accomplished industry consultants, including mining engineers, geologists and financial advisors to administer an extensive review and analysis of the MAX Mill and Mine (the “MAX Analysis”). The MAX Analysis will include: Exhaustive inventory and asset review; 2019 replacement cost report; Review of the MAX Mine and Mill’s modern economics in relation to past production; and, Analysis of strategic funding sources. Cameo plans to formally announce these strategic consultants upon official engagement. Akash Patel, Chief Executive Officer and a Director of Cameo, stated: “2019 is set to be a transformative year for Cameo. With the addition of the Willa-Max, Cameo has redefined its corporate profile dramatically. Cameo’s Board is of the opinion that there is substantial shareholder value to be unlocked within our asset and property portfolios. The Company looks forward to advancing our exploration and development initiatives in an expeditious and responsible manner”. MAX Mill and Molybdenum Project The MAX Property covers more than 5,200 hectares near the community of Trout Lake in southeastern B.C., and includes the Max Mill and the underground workings of the MAX molybdenum project. The MAX Molybdenum project was explored by Newmont Exploration Canada Inc. in the late 1970’s and early 1980’s, including development of an underground access adit, rock dump, and roads. FortyTwo Metals Inc., the Vendor’s wholly-owned subsidiary, reportedly began mine development work and began commercial production in 2008. The mine production was suspended in September 2010 due to an underground pillar collapse, and was put into ‘care and maintenance’ in late 2011 due to continued low molybdenum prices. The MAX molybdenum project mill is the suggested site for processing the gold-copper-silver ore from the Willa deposit, as described in the Willa PEA technical report (see below; Ash, et al., 2016). The MAX mill is located 142 km from the ...