First Cobalt to Acquire 70 percent Interest in 190 Square Kilometres in the DR Congo

First Cobalt Corp. (TSXV:FCC) (“First Cobalt” or the “Company”) is pleased to announce that it has signed an exclusive letter of intent with an associate of Madini Minerals (“Madini”), to form a strategic alliance and earn a controlling interest over seven prospective copper-cobalt (“Cu-Co”) exploration properties covering 190 square kilometres (“km”) in the Democratic Republic of the Congo (the “DRC”).
As quoted in the press release:

Trent Mell, President & Chief Executive Officer commented:
“I am very pleased to be partnering with Madini in the Democratic Republic of the Congo. Identifying the right mineral properties in the DRC is a key part of our strategy to grow our global portfolio of cobalt properties. The DRC accounts for over 60% of global cobalt production and we see significant exploration upside in the country. This transaction will allow First Cobalt to firmly establish a presence in one of the richest mining camps in the world. I also look forward to announcing the work plan for the Keeley-Frontier mine in northern Ontario in the near future as we move forward with our strategy to provide focused leverage to the cobalt market.”

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