The project is the only near-term, environmentally
permitted primary cobalt project in the U.S.
The Canadian company eCobalt Solutions Inc. (ECS:TSX; ECSIF:OTCQX; ECO:FSE)
reported that construction continues to advance on time and on budget at its Idaho Cobalt
Project, located near the town of Salmon, in the heart of the historic Idaho
Cobalt Belt. The ICP remains the sole, near-term, environmentally permitted
primary cobalt deposit in the United States.
eCobalt noted the following developments:
- Water Treatment Plant (WTP) building completed and the
placement of large components and mechanical assembly to commence
September 18
- Lining of the Tailings Waste Storage Facility (TWSF) and
ponds advancing with expected completion in September for ponds and
October for TWSF, including gravel topping
- Pumpback system pipelines installation now 65% complete
- Bulk fuel storage and distribution system complete
- Construction of surface mobile equipment maintenance
facility initiated on September 6
- Construction of the mill building foundation commenced
on September 10
"Our main priority is finalizing all environmental systems at site in
preparation for underground mine development in early 2019," stated Paul
Farquharson, president & CEO of eCobalt. "This includes getting the
Water Treatment Plant in place, the liner installed on the Tailings Waste
Storage Facility and Water Management Ponds, and electrifying the pump back
wells. These activities are part of the use of proceeds from the February,
2018 public offering and are expected to be completed in the fourth quarter
of this year. I am pleased to report that we are advancing on time and on
budget as our team has been working expeditiously during the summer
months."
The company noted that the evaluation of several project financing options
continues, including off-take, traditional financing, bond financings and
other financing alternatives to fund the development of the Idaho Cobalt
Project. "Discussions continue to progress with strong interest from
multiple parties in numerous jurisdictions with the aim of being finalized
once the Optimized Feasibility Study has been completed."
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