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Canada Cobalt Signs Binding LOI to Acquire PolyMet Assets

Mining News - Published on Mon, 14 Oct 2019

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Canada Cobalt Works Inc has signed a binding Letter of Intent to acquire the assets of PolyMet Resources Inc owner of PolyMet Labs and the Northern Ontario Silver-Cobalt Camp's only permitted and operating mineral and precious metal processing facility. The Transaction, consummated at a strategic time in the precious metals cycle, provides Canada Cobalt with multiple immediate and long-term advantages including a high capacity bullion melting furnace to pour payable silver and gold dore bars. The 23,400 square foot facility with district leading sampling and analytical capabilities can also host the Company's proprietary Re-20X Process for environmentally friendly extraction of cobalt, precious and base metals.

• The lab and mineral processing facility will become the new headquarters of Canada Cobalt and is located in the town of Cobalt, immediately adjacent to a rail line and just a short distance from the Company's Castle mine and Beaver Property;
• This well-established sampling and analytical facility, specializing in high-grade mineralization, provides commercial assaying, crushing, screening, grinding, bulk sampling, upgrading and smelting services all in one location, driving multiple revenue streams at a time when gold prices in Canadian dollars have hit new record highs. PolyMet has demonstrated that in an 8-hour shift it can pour up to 10 dore silver bars of 1,000 ounces each (90% to 95% fine);
• PolyMet is currently making inroads into the potentially lucrative e-waste business that can be leveraged through Canada Cobalt, its extensive relationships and its Re-20X Process. Material from mixed computer boards is being processed through the facility's shredder and ball mill to recover precious and base metals.

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Posted By : Rabi Wangkhem on Mon, 14 Oct 2019
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