First Cobalt signs letter of intent with Kuya Silver for Cobalt Camp exploration assets

SHANGHAI, Dec 22 (SMM) – First Cobalt is pleased to announce that it has entered into a letter of intent with Kuya Silver Corporation to sell a portion of its silver and cobalt mineral exploration assets in the Canadian Cobalt Camp and form a joint venture to advance the remaining mineral assets.

The transaction will allow the two companies to resume mineral exploration activities in a historic silver district while providing First Cobalt capital for the recommissioning of its Canadian refinery.

Kuya will pay $4 million on closing for a 100% interest in the Kerr area properties. The parties intend to complete the transaction in Q1 2021, at which point Kuya will own the Kerr Assets outright.