WAYNE, PA – (January 25, 2018)– Genlith Inc. (“Genlith” or the “Company”) is pleased to announce that its subsidiary, Chilean Cobalt Corp. (“C3”), has secured an option to acquire 100% of La Cobaltera, Chile’s historic cobalt producing region in the San Juan District, Atacama
- 1,500 hectares in Northern Chile's San Juan District, Atacama
- Historic operating site that has Chilean government production data with high grade cobalt
- C3 operating team is led by Chile’s former Undersecretary of Mining, Ignacio Moreno
“We are very excited to put forth an initiative that, after a seven-decade hiatus, will bring Cobalt mining back to Chile. Chile has a leading position in critical battery materials and we are thrilled to have Ignacio Moreno lead the effort,” says Greg Levinson, Chairman of Genlith.
Cobalt production occurred at La Cobaltera from 1844 thru 1944, and ceased at the end of World War II. Mining was focused on oxidized secondary ores, mainly erythrite, a cobalt arsenate, for which the primary use was in super-alloys for military applications. The Chilean National Service of Geology and Mining, Sernageomin, performed preliminary work on the resource in 2008. A November 2017 report by Chile’s Corporation for the Promotion of Production (“CORFO”) states that the San Juan District has cobalt mineralization in veins and mantles with average cobalt concentrations of 1.6%. The report identifies the area Chilean Cobalt Corp. secured as the premier cobalt resource in Chile. The need for cobalt as a dominant cathode chemistry in electric vehicles has sparked voracious demand for the material.
ABOUT CHILEAN COBALT CORP:
Chilean Cobalt Corp. is developing a premier cobalt project at La Cobaltera, Chile. The 1,500-hectare site has significant historical 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. Chilean Cobalt Corp.’s operating team is led by Ignacio Moreno, who previously served as Undersecretary of Mining in Chile.
Genlith, Inc. is an asset development 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.
For more information visit www.Genlith.com
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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 Genlith 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 Genlith 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. The opinions, analyses, conclusions and proposals presented herein represent the views of Genlith and not those of any third party.
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