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: [email protected]
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.
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SOURCE: GLOBAL COBALT CORP.