(TheNewswire)
Coquitlam, BC – TheNewswire- May 3, 2023 - Canada Silver Cobalt Works Inc.(TSXV:CCW) (OTC:CCWOF) (Frankfurt:4T9B) (the “Company” or“Canada Silver Cobalt”) announces that ithas obtained a management cease-trade order (“MCTO”) from theBritish Columbia Securities Commission (“BSCS”), the Company’sprincipal regulator, under National Policy 12-203 Management Cease Trade Orders ("NP 12-203") with respect to the Company’saudited financial statements and management's discussion and analysisfor the financial year ended December 31, 2022 (collectively, the"Annual Documents").
The MCTO prohibits the Chief Executive Officer andChief Financial Officer of the Company from trading in securities ofthe Company until the Company files the Annual Documents and the BCSCrevokes the MCTO. The issuance of the MCTO does not affect the abilityof persons other than the CEO and CFO to trade in the Company'ssecurities.
Canada Silver Cobalt did not file the Annual Documentsby the prescribed legal deadline of May 1, 2023 due to the fact thatthe Company had to make the necessary arrangements with its auditorsto complete the audit of its annual financial statements. The Companyhas made the necessary arrangements for the audit and is workingexpeditiously with its auditors to complete the annual financialstatements, with the goal of filing the Annual Documents on or beforeMay 10, 2023.
Canada Silver Cobalt confirms that it intends tosatisfy the provisions of the alternative information guidelines underNP 12-203 by issuing bi-weekly default status reports in the form ofnews releases for so long as it has not filed the Annual Documents.Canada Silver Cobalt is not currently subject to any insolvencyproceedings. The Company also confirms that there is no other materialinformation concerning the affairs of the Company that has not beengenerally disclosed as of the date of this news release.
About Canada Silver Cobalt Works Inc.
Canada Silver Cobalt Works Inc. recently discovered amajor high-grade silver vein system at Castle East located 1.5 km fromits 100%-owned, past-producing Castle Mine near Gowganda in theprolific and world-class silver-cobalt mining district of NorthernOntario. The Company has completed a 60,000m drill program aimed atexpanding the size of the deposit with an update to the resourceestimate underway.
In May 2020, based on a small initial drill program,the Company published the region’s first 43-101 resource estimatethat contained a total of 7.56 million ounces of silver in Inferredresources, comprising very high-grade silver (8,582 grams per tonneun-cut or 250.2 oz/ton) in 27,400 tonnes of material from two sections(1A and 1B) of the Castle East Robinson Zone, beginning at a verticaldepth of approximately 400 meters. Note that mineral resources thatare not mineral reserves do not have demonstrated economic viability.Please refer to Canada Silver Cobalt Works Press Release May 28, 2020,for the resource estimate. Report reference: Rachidi, M. 2020, NI43-101 Technical Report Mineral Resource Estimate for Castle East,Robinson Zone, Ontario, Canada, with an effective date of May 28,2020, and a signature date of July 13, 2020.
The Company also has: (1) 14 battery metals propertiesin Northern Quebec where it has recently completed a nearly16,000-metre drill program on the Graal property; and (2) theprospective 1,000-hectare Eby-Otto gold property close to AgnicoEagle’s high-grade Macassa Mine near Kirkland Lake, Ontario where itis exploring. (3) lithium property – 230 square kilometers ofgreenfield exploration ground focused along a significant volcanicsedimentary rock – Archean granite contact near Cochrane, Ontariocontiguous to Power Metals’ Case Lake Lithium properties. CanadaSilver Cobalt’s flagship silver-cobalt Castle mine and 78 sq. kmCastle Property feature strong exploration upside for silver, cobalt,nickel, gold, and copper. With underground access at the fully ownedCastle Mine, an exceptional high-grade silver discovery at CastleEast, a pilot plant to produce cobalt-rich gravity concentrates, aprocessing facility (TTL Laboratories) in the town of Cobalt, and aproprietary hydrometallurgical process known as Re-2Ox (for thecreation of technical-grade cobalt sulphate as well asnickel-manganese-cobalt (NMC) formulations),Canada Silver Cobalt is strategically positioned to become a Canadianleader in the silver-cobalt space. More information atwww.canadasilvercobaltworks.com.
“ Frank J.Basa ”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
E: waynecheveldayoff@gmail.co
Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-lookingstatements which include, but are not limited to, comments thatinvolve future events and conditions, which are subject to variousrisks and uncertainties. Except for statements of historical facts,comments that address resource potential, upcoming work programs,geological interpretations, receipt and security of mineral propertytitles, availability of funds, and others are forward-looking.Forward-looking statements are not guarantees of future performanceand actual results may vary materially from those statements. Generalbusiness conditions are factors that could cause actual results tovary materially from forward-looking statements. A detailed discussionof the risk factors encountered by Canada Silver Cobalt is availablein the Company’s Annual Information Form dated July 19, 2021 for thefiscal year ended December 31, 2020 available under the Company’sprofile on SEDAR at www.sedar.com.
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