Canada Cobalt Works More Than Doubles Land Holdings in Ontario
Canada Cobalt Works Inc. today announced the addition of approximately 4,800 hectares to its Castle mine land package near Gowganda, Ontario, more than doubling the total size from 29.6 sq. km to approximately 78 sq. km.
A new map of the Gowganda Camp, showing the holdings of Canada Cobalt and others, will be posted on the Canada Cobalt web site (www.CanadaCobaltWorks.com) later today.
The additional strategic contiguous ground is to the north and northeast. Most of it (approximately 4,200 hectares) was acquired in a deal with a local prospector for $15,000 cash and 200,000 shares of Canada Cobalt, subject to the approval of the TSX Venture Exchange.
The balance (approximately 600 hectares) was acquired through staking. All shares issued are subject to a four month and a day hold period pursuant to applicable Securities Laws.
Earlier in May, Canada Cobalt Works announced the appointment of Marc Bamber to the company's Board of Directors. Bamber is based in London, England and has nearly two-decades of experience in capital markets in the resource sectors. Bamber's addition to the board will help spearhead an aggressive corporate development strategy pertaining to Canada Cobalt Work's proprietary Re-20X Process.
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