WAYNE, PA – (April 30, 2018) – Baltum Minería SPA (“Baltum”), Chilean Cobalt Corp’s (“C3” or the “Company”) operating subsidiary, is pleased to announce that it has signed a Memorandum of Understanding (“MoU”) with Chilean National Mining Company, La Empresa Nacional de Minería (“ENAMI”). The purpose of this MoU is to begin collaboration to develop studies and ultimately projects that will explore, exploit, treat, and commercialize cobalt and its derivatives.
ENAMI is the national mining company that manages various mining interests that refines and smelts copper from Chile’s small and medium-scale miners. ENAMI’s alliance with local miners enables the company to be one of the country’s largest copper producers. The mission of ENAMI is to promote Chile’s small and mid-size mining sector by carrying out toll milling and processing while granting credit at favorable rates to companies. “ENAMI is one of the companies in Chile with the most experience and knowledge in metallurgical matters. Like copper, the goal is to explore opportunities with ENAMI to purchase cobalt minerals from small and medium-sized miners in Chile, and where Baltum Minería processes and commercializes cobalt. This could be very good for Chile and provide a source of additional income for the sector, especially when the value of cobalt is almost 10 times higher than copper,” said Ignacio Moreno, C3 company leader.
Pictured above: Ignacio Moreno, operating leader of Chilean Cobalt Corp. agrees to memorandum of understanding with Vice President Jaime Pérez de Árce of ENAMI.
ABOUT CHILEAN COBALT CORP AND BALTUM MINERÍA:
Chilean Cobalt Corp. is a Nevada based corporation and Baltum Minería SPA is the company’s local Chilean operating subsidiary. The company announced our flagship La Cobaltera project in January 2018 and the addition of our 650-hectare Carrizal Alto project in April 2018. The La Cobaltera area is located 700 kilometers north of Santiago, Chile, and approximately 25 kilometers south of the Port of Huasco. Strategically next to the Port of Huasco, the area offers robust mining infrastructure, including access to electricity, roads, and water. In aggregate, the company has acquired the rights to over 2,000 hectares located in the northern Atacama region.
Both projects, La Cobaltera and Carrizal Alto, have significant historical cobalt production and government data supporting ongoing potential to yield high grade cobalt deposits. It is one of only a few known resources outside of the Democratic Republic of the Congo. Over the next two years, the company will perform exploratory and development work to define the complete ore body and bankable cobalt reserve. Chilean Cobalt Corp. is led by Ignacio Moreno, former Secretary of Mining during Michelle Bachelet’s presidency.
Chile is poised to lead the green revolution as the country boasts two key critical materials in the lithium-ion battery eco-chain. Cobalt production occurred at La Cobaltera and Carrizal Alto from 1844 thru 1944, and ceased at the end of World War II. Mining was focused on oxidized secondary ores, mainly cobaltite and erythrite, for which the primary use was in super-alloys for military applications.
Chile’s Corporation for Promotion of the Production (“CORFO”) issued a report in late 2017, indicating potential to explore cobalt in the Atacama region. Historical production records, geochemical exploration, and geochemical signatures of mineral deposits indicate cobalt potential in the Chilean Iron Belt along the Lower Cretaceous metallogenic belt of the coastal cordillera of the Atacama region.
In early 2018, representatives of Genlith Inc., Chilean Cobalt Corp’s parent company, presented to an investor panel hosted by CORFO, Invest Chile, and the Chilean Association of Investment Fund Administrators. During this presentation, the Genlith team announced the revitalization and return of cobalt mining to Chile. The need for cobalt as a dominant cathode chemistry in electric vehicles has sparked voracious demand for the material.
Genlith, Inc. is a holding company focused on energy storage and critical battery materials. Through partnerships with a network of institutional investors, the Company secures and operates projects related to these and other cleantech investments. Genlith believes the responsible development of these resources provides a superior economic opportunity and is the ultimate impact investment. As the enabler of virtually all other green technologies, energy storage is the critical link to the realization of decades of socially responsible and environmental investing.
Disclaimer for Forward-Looking Information
This news release may include certain forward-looking statements, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of companies discussed in this presentation, access to capital markets, market conditions and the values of assets and liabilities. Such statements, estimates, and projections reflect various assumptions by Chilean Cobalt Corporation concerning anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingencies and may, as a result, prove to be inaccurate. Such statements, estimates, charts and projections have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, estimates or projections or with respect to any other materials herein and Chilean Cobalt Corporation disclaims any liability with respect thereto. Actual results may vary materially from the estimates and projected results contained herein. The information contained in this presentation may not contain all of the information required in order to evaluate the value of companies discussed in this presentation.
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