TSX Venture: NKL
TORONTO, Nov. 13, 2019 /CNW/ - Conic Metals Corp.
("Conic" or the "Company")(TSXV: NKL) confirms
that it has been notified by majority-owner and operator
Metallurgical Corporation of China Limited ("MCC"), that processing
at the Ramu Process Facility resumed over 2 weeks ago after a short
suspension to undertake remedial works, as was previously reported
by the Company. The suspension of activities was not the result of
an environmental investigation as incorrectly reported by some
media outlets. The Company and PNG government took 11 independent
samples after the incident that occurred in late August and all
sampling showed no lasting environmental impact. The
statutory body in PNG responsible for environment protection,
Conservation and Environment Protection Authority ("CEPA"), has
declared the marine environment in Madang Province normal with no
evidence of toxic elements as a result of the incident or Ramu's
ongoing operations.
MCC's operating record at Ramu, now in its eighth year of
production, continues to meet or exceed the obligations of its
environmental and social licenses, and MCC continues to work with
all Papua New Guinea government
authorities in adopting a culture of continuous improvement at Ramu
to mitigate against any future incidents. In addition, MCC monitors
its world class deep-sea tailings management system in full
compliance with the project's Environment Permit. This
includes quarterly reporting of water quality and regular
underwater inspections of system integrity. Also, studies are
regularly conducted, in accordance with the prescribed guidelines,
to monitor biological effects on marine life. The project has been
in compliance with its permits and obligations since its
inception.
In addition, Conic is pleased to announce that the TSX Venture
Exchange ("TSX-V") has issued its final acceptance bulletin
in respect of the listing of Conic's common shares (the "Conic
Shares"). It is anticipated that the Conic Shares will commence
trading on the TSX-V on November 15,
2019 under the symbol "NKL".
Conic is a base metals investment company offering direct
exposure to nickel and cobalt, both being critical to electric
vehicles and energy storage systems. Conic was created pursuant to
a plan of arrangement between Cobalt 27 Capital Corp. and Pala
Investments Limited completed effective October 25, 2019 pursuant to which Cobalt 27
Capital Corp. transferred certain assets to Conic, including an
8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation in
Papua New Guinea, a low-cost,
long-life, producing nickel-cobalt mine and integrated refinery; a
royalty portfolio on future projects; and certain equity positions
including equity in Giga Metals Corporation.
Additional details with respect to the business and assets of
Conic, the plan of arrangement and certain other related matters
are set out in Conic's TSXV Listing Statement dated as of
November 4, 2019, as well as the
management information circular of Cobalt 27 Capital Corp. dated
August 13, 2019, as supplemented on
October 3, 2019, copies of which are
all available under Conic's profile on SEDAR at www.sedar.com.
About Conic
Conic Metals Corp. is a base metals company offering direct
exposure to nickel and cobalt, both being critical elements of
electric vehicles and energy storage systems. Conic holds an 8.56%
joint-venture interest in the producing, long-life and world-class
Ramu Nickel-Cobalt Operation located in Papua New Guinea which provides Conic with
significant attributable nickel and cobalt production. In addition,
Conic manages a portfolio of 11 nickel and cobalt royalties on
development and exploration projects in Canada and Australia. Conic will continue to invest in a
battery metals-focused portfolio of streams, royalties and direct
interest in mineral properties containing battery metals. For more
information, see Conic's website at www.conicmetals.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes
'forward-looking statements' and 'forward-looking information'
within the meaning of applicable Canadian securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "potential",
"believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to statements with respect to: the
business and assets of Conic and its strategy going forward; the
timing for trading commencement of Conic common shares on the
TSX-V; and statements pertaining to future events or future
performance. Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties, most of which are beyond
the Company's control. Should one or more of the risks or
uncertainties underlying these forward-looking statements
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements.
The forward-looking statements contained herein are made as of
the date of this release and, other than as required by applicable
securities laws, the Company does not assume any obligation to
update or revise them to reflect new events or circumstances. The
forward-looking statements contained in this release are expressly
qualified by this cautionary statement.
Neither the 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. No securities regulatory authority has
either approved or disapproved of the contents of this news
release.
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SOURCE Conic Metals Corp.