Global Cobalt Commences Gap Analysis For Teo Konditsy And Gkz Approval For The Karakul Cobalt Project
May 22 2014 - 9:04AM
Access Wire
VANCOUVER, BC / ACCESSWIRE / May
22nd, 2014 / GLOBAL COBALT CORP. (TSXV:GCO,
OTCBB:GLBCF) ("Global Cobalt" and/or the "Company") has commissioned
Wardell Armstrong
International ("WAI") to commence the
preparation of a Gap Analysis to meet the requirements of the
Russian Techniko-Ekonomicheskoe Obosnovanie Konditsy ("TEO
Konditsy") for the Karakul Cobalt Project. The primary objective of
this study will be to identify any missing data that may impede the
process of completing the TEO Konditsy requirements and will serve
to outline specific work requirements and identify areas of cost
savings as the Company also meets Canadian regulatory
requirements.
Global Cobalt's VP
Exploration, Paul Sarjeant said:
"This Gap Analysis by Wardell Armstrong will
act as a powerful and efficient step toward achieving and
satisfying the parallel requirements of the Russian TEO Konditsy
process and Canadian regulatory conditions. This study will provide
Global Cobalt the focus, direction and accountability for future
project development activities."
During this Gap
Analysis phase, WAI will compare historical data and outline future
work that will satisfy both regulatory environments. Differences
related to project design, level of technical detail required for
baseline studies, level of public consultation, consideration and
disclosure of information, labour, coverage of community and social
issues and the preparation of a social and environmental management
system will all be taken into consideration. This comparison will
be an important exercise to alleviate knowledge gaps and justify
recommendations for subsequent stages of project
advancement.
Russian technical
documents are not generally accepted by international banks for
project finance outside Russia and international engineering
documents are not generally accepted for permitting under Russian
subsurface regulations. Global Cobalt is carrying out parallel
technical studies to satisfy local Russian regulatory requirements
and meet international fundraising and regulatory requirements
respectively.
The scope of work
for a TEO Konditsy is specified by various Russian standards, and
mainly focuses on the overall technical and economic conditions of
the project and sets out the expectations for development of the
project. This extensive and thorough report is a very technical and
scientific document that goes well beyond the criteria generally
expected in a typical western preliminary feasibility
study.
Erin Chutter, President
& CEO commented:
"The appointment of an
internationally recognized consulting firm with considerable
expertise in the Russian GKZ process is of great benefit to Global
Cobalt. We look forward to working with Wardell Armstrong in
identifying the work required to meet TEO Konditsy
requirements."
Global Cobalt
Corporation:
Global Cobalt Corporation is a
Canada-based strategic metals company focused on the development of
a new mining region in the Republic of Altai. Global Cobalt
will build upon the success of the Altai
Projects while aggressively expanding and exploring existing
properties to meet the demand for cobalt and other strategic
metals.
For Further
Information:
Mr. Mitchell Smith, Corporate
Development
Suite 1510-1050 West Pender
Street
Vancouver, BC V6E 3T4
Tel: +1 (604) 688-4219
Fax: +1 (604) 688-4215
Email: info@globalcobaltcorp.com
www.GlobalCobaltCorp.com
TSXV:GCO; OTCBB:GLBCF;
FRA:3P0; CUSIP:37890F
Cautionary
Statement on Forward-Looking Information: The statements made in
this News Release may contain certain forward-looking statements.
Actual events or results may differ from the Company's
expectations. Certain risk factors may also affect the actual
results achieved by the Company.
This news release
shall not constitute an offer to sell or the solicitation of any
offer to buy, nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful. The shares offered will not be and have not been
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") and may not be offered or sold
in the United States absent registration or an applicable exemption
from the registration requirements of the U.S. Securities Act and
applicable state securities laws.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: GLOBAL COBALT CORP.