COBALTECH MINING INC. (TSXV: CSK) (FRANKFURT: 9BN1) (WKN: A2DG59) (OTC PINK: BNCIF) (the “Company” or “CobalTech”) announces that further to its press releases of October 3, 2016 and October 19, 2016, the Company has made the final payment in connection with the Purchase Agreement (the “Purchase Agreement”) with TrioResources AG Inc. (“Trio”) with respect to the acquisition of mineral claims and related production facilities and equipment (the “Assets”) of the past-producing Duncan Kerr Project (the “Project”) located in the Cobalt region of Northeastern Ontario, Canada (the “Acquisition”).
As quoted in the press release:
The Duncan Kerr Project is located within the historical Cobalt camp in northeastern Ontario and consists of two contiguous patented mining claims totalling 32.374ha in area. The property encompasses part of the historical mine workings of the Kerr Lake Mine, as well as the historical mine workings of the Lawson Mine. An estimated total of 32,715,590 oz of Ag have been produced from the Kerr Lake and Lawson Mines as well as unknown quantity of cobalt (Sergiades, 1963). The equipment and buildings for a fully permitted 100 tpd mill are also part of the purchase.