Mr. James Nelson reports
CRUZ PROPOSES NAME CHANGE TO CRUZ COBALT CORP.
Cruz Capital Corp. is proposing to change the company’s name to Cruz Cobalt Corp. to accurately reflect the company’s focus on high-grade North American cobalt prospects. The name change is pending exchange approval.
Cruz president James Nelson stated: “By changing the name to Cruz Cobalt Corp., management feels it will accurately reflect the company’s focus on cobalt. Cruz’s advantage is that we have multiple high-grade cobalt projects in North America and have been enjoying first mover status in the space by being able to acquire these high historical grade cobalt projects before the recent rush into the sector. We have cash on hand and plan to have a very active work season commencing shortly. Management feels that cobalt prices are starting a significant price climb, similar to the move that lithium enjoyed over the past two years. Cobalt prices closed at a new five-year high yesterday and we are extremely optimistic about the short- and long-term growth drivers on Cruz Cobalt Corp.”
On Feb. 7, 2017, the company also reported it is now fully DTC eligible on the U.S. markets. Being fully DTC eligible will now enable U.S. brokerage firms to clear Cruz shares in their home market not via the Canadian market therefore creating a much more transparent and easily accessible trading situation for the U.S. market.
“Cruz employed early mover advantage as Cruz has been able to acquire, what we feel is one of the best collections of cobalt prospects in North America before the majority of the recent cobalt entrants were in the space. Cruz currently has seven cobalt projects located in Canada and one in Idaho. Cruz’s four separate Ontario cobalt prospects, according to government mineral files, returned cobalt grades of 13 per cent on the 900-acre Coleman cobalt prospect and 10.5 per cent cobalt on the 900-acre Johnson cobalt prospect. The 5,500-acre Hector cobalt prospect was a past-producing cobalt mine and the 1,480-acre Bucke cobalt prospect returned cobalt grades of 13 per cent. Our War Eagle cobalt prospect in British Columbia covers a past-producing mine as well and returned assays of 6.5 per cent cobalt. Based on these projects, management feels that Cruz has amassed a quality portfolio of cobalt assets that have some of the highest historic cobalt grades in North America, which sets Cruz apart from most cobalt companies in the junior space. We feel that 2017 will be a breakout year for cobalt prices and Cruz is well positioned to take full advantage of this. We plan to commence full operations on these projects with our goal to make Cruz the go-to North American cobalt project generator and developer. The first half of 2017 will be an extremely active period for Cruz and management is optimistic about what will be discovered by Cruz on our cobalt properties,” stated Mr. Nelson.
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