Vancouver, BC – Bankers Cobalt Corp. (TSXV: BANC) (OTCQB:NDENF) (the “Corporation” or “Bankers”), is pleased to announce the appointment of Grant Dempsey as President and Chief Operating Officer and discloses strategic relationship initiatives in the Democratic Republic of Congo (DRC). Stephen Barley will remain as Chairman and CEO.
Grant Dempsey Highlights:
•Mechanical and Electrical Engineer with over 40 years of experience in all aspects of mining with 13 years’ experience in the DRC
•One of the most respected senior mining executives in the DRC with strong relationships within the DRC mining community
•Up until this appointment, was the technical advisor to the Board of Directors of Gecamines, the DRC government owned mining company
•President of Boss Mining (located 3 kms from the Bankers’ Kabolela project) and Frontier operations owned by Eurasian Resources Group from June 2015 to December 2016 where he was instrumental, through plant expansion, in increasing copper cathode production by 70% and reducing operating costs by 42%
•CEO of Shalina Resources’ Chemaf project from April 2012 to August 2013 where he was responsible for implementing all required processes and certifying resources, satisfying due diligence requirements for the sale of the organization
•September 2010 to March 2012 was simultaneously, Managing Director of Metorex DRC, Ruashi Mining and Kinsenda owned by Metorex (Pty) Limited and created Ruashi Mining from exploration through to construction, financing and operations. Included was the construction and operation of a Flotation Plant, Acid Plant, Solvent Extraction and Leach Plant, producing both cobalt and copper
•Recipient of the Gold Medal of Merit from the government of the DRC for adding positive sustaining value to the country
Kevin Torudag, President of Bankers DRC states, “We are extremely pleased to have a person with Grant’s background and integrity join Bankers. Grant understands every aspect of mining in the DRC from exploration through to operating and financing of projects. He has an extensive network of relationships at all levels in the mining sector and will be a driving force behind our strategic initiatives. The dynamics in the cobalt and copper space in the DRC are undergoing a rapid change. Land speculation is escalating, and with a limited supply of properties, this is an impetus for DRC processors to commence a dialogue with Bankers. Bankers has a secure and clean portfolio as well as a proven exploration team and these unique value drivers are attractive to the processors.”
Grant Dempsey, President and COO states, “I am excited to join the Bankers team and assist with all aspects of the business in the DRC. Bankers has an attractive portfolio of 26 projects that would be very difficult to replicate and has built an efficient and effective operating team in Lubumbashi that has proven their ability to execute their business plan. Bankers is uniquely positioned to create value either as a stand alone or in conjunction with other parties who require quality properties and exploration expertise, both being in short supply in this country. This is a powerful combination of a superior land package, a strong operating team, and the relationships we have in the DRC mining community.”
The Corporation has been approached by various strategic groups focused on cobalt and copper in the DRC. The scope of strategic discussions is broad and could include, but not be limited to, a strategic investment in Bankers by third parties, joint venture arrangements, the sale of all or a portion of Corporation’s projects, a sale of Bankers, a business combination with another entity, or some combination of the foregoing. At present, there can be no assurance as to what, if any, strategic relationships might be pursued by the Corporation. Bankers does not intend to disclose further details with respect to its strategic relationship discussions unless, and until, the board of directors of Bankers has approved a specific transaction or otherwise determined that further disclosure is warranted.
Bankers is a natural resource company focused on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC to world-class Canadian standards. As battery production for EV’s surges, demand for cobalt will probably exceed supply for many years. According to a recent report by Transparency Market Research, global sales of lithium-ion batteries are expected to reach US$70B by 2024, for a compound growth rate of 11.6% over the years beginning in 2016. Bankers holds rights to 26 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 391 km². Bankers has the intention to acquire interests in additional concessions. All concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement, making Bankers one of the few, and perhaps only, junior public mining company in the DRC to have 26 concessions capable of being currently explored. Bankers has an experienced operations team operating in the southern Copperbelt of the DRC. Bankers believes it is the front runner in advancing cobalt and copper exploration by a junior mining company in the DRC.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
Chairman & CEO
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This news release contains “forward-looking information” within the meaning of applicable securities laws including statements relating to the outlook of the business of the Corporation, including statements relating to the Corporation’s strategic relationships; the Corporation’s intention to acquire additional concessions, the Corporation’s ability to explore and develop the concessions, the results of any development and exploration, and the Corporation’s status as a leader in the junior mining sector for cobalt and copper in the DRC. Although the Corporation believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation its securities, or its financial or operating results.