TSX.V: CPO
VANCOUVER, March 21, 2017 /CNW/ - Cobalt Power Group
Inc. (the "Company") (TSX.V: CPO) is pleased to provide
shareholders with an update of corporate activities.
Over the past months, spot cobalt prices have continued to show
significant gains. When the Company entered the cobalt space in
August 2016, the metal was trading
near $12.00 USD/lb. As of
mid-March 2017, the price has more
than doubled reaching over $24.00
USD/lb. This sustained increase is a validation for Cobalt
Power Group with respect to its ongoing exploration program.
Highlights:
- The Company successfully closed on two private placements (see
news releases dated March
1st and 10th, 2017). Both rounds were
fully subscribed.
- The geophysical program, which included Airborne Magnetics and
Induced Polarization surveys, has been completed with the final IP
report due shortly.
- Drill target identification will begin once geophysical
interpretation has been finalized.
- Requests for quotation have been sent out to select drill
contractors.
- Plans for ground work for the upcoming drill season are
underway. This will include road widening and drill pad brush
clearing.
- The Company continues to pursue further acquisitions in the
Cobalt, Ontario, region of
Canada.
Dr. Andreas Rompel, President
& CEO of Cobalt Power, comments, "We are very pleased with the
progress we have made in our exploration efforts thus far and look
forward to the start of our upcoming drilling campaign, scheduled
for Q2, 2017."
Also, effective today the Board of Directors of the Company has
approved a resolution to grant incentive stock options to purchase
1,600,000 shares of the company at $0.13 per share. The options will be exercisable
for a period of 5 years and are subject to regulatory approval from
the TSX Venture Exchange.
About the Smith Cobalt Project
The Smith Cobalt project is underlain by a sequence of Archaean
volcanics which are uncomformably overlain by Huronian sediments.
These formations have been intruded by the Proterozoic-age
Nipissing diabase sill. Faulting,
on both a regional and local scale, has been found by surface
mapping and in drill cores. Polymetallic veining, and especially
pinkish-white carbonate veins, has also been reported. Thus, all
the necessary geological components of accepted mineralization
models for cobalt-silver have been identified on the
properties.
About Cobalt Power Group Inc.
Cobalt Power Group Inc. is a publicly traded Canadian
exploration company listed on the TSX-Venture Exchange (TSX-V: CPO)
focused on cobalt exploration and development.
The company has made a series of strategic property acquisitions
over the past several months, seeking cobalt mineralization near
Cobalt, Ontario - a region with a
long history of silver and associated cobalt production. Property
holdings total 720 ha (1780 acres) in contiguous blocks. There are
several historic mining operations on the properties that are
potentially accessible, including the Smith Cobalt shaft and its
underground workings.
Chris M. Healey, P. Geo, a
Director of Cobalt Power Group is the qualified person responsible
for the technical content of this release, and consents to its
dissemination.
On behalf of the Board of Directors
"Andreas Rompel"
_________________
Dr. Andreas Rompel, President and
CEO
Cobalt Power Group Inc.
www.cobaltpowergroup.com
We seek safe harbor.
The TSX Venture Exchange Inc. has in no way passed upon
the merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
Forward Looking Information
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
News Release. WARNING: The Company relies on litigation protection
for "forward looking" statements. Actual results could differ
materially from those described in the news release as a result of
numerous factors, some of which are outside the control of the
Company. This news release does not constitute an offer to sell or
a solicitation of an offer to sell any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Cobalt Power Group Inc