General Magnesium and International Cobalt Merge

International Cobalt Corp of Vancouver, BC has entered into a definitive business combination agreement with General Magnesium Corp (GMC) of Perth, ON and 2857695 Ontario Inc, a newly-incorporated, wholly-owned subsidiary of International Cobalt.

Pursuant to the agreement, International Cobalt will acquire all of the issued and outstanding shares of GMC in exchange for shares of International Cobalt.

GMC’s principal asset is the Whitney talc-magnesite property in Whitney Township, 12 km southeast of Timmins, ON.

Upon completion of the transaction, the resulting company will continue the business of GMC and the development of the Whitney property.

GMC’s says its immediate objective is to commence with a Definitive Feasibility Study focused on the Phase 1 talc component of the project. As part of this process, the company intends to immediately deliver a fresh composite sample to SGS Lakefield Mineral Services to produce 10 kg of talc filter cake for evaluation by a third party.

The purification of the talc fraction of the sample will generate magnesite-rich tailings for evaluation.

Volume 35, Issue 17

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