TSX V PGP, Pink Sheets CBBWF
TORONTO, March 5, 2019 /CNW/ - Power Group Projects Corp.
("Power Group") (TSX V PGP) is pleased to announce the following changes; the portfolio of cobalt assets will now be
held in a 100 % wholly owned subsidiary named Cobalt Power Group Ltd. (Cobalt Power) The subsidiary will be guided by its own
Board of Directors.
The Board of Directors of Power Group have named Brian Stecyk, with a strong experience in
small-cap company management as well as a background in in corporate communications. Glenda Kelly,
a current director, corporate secretary of Power Group (see press March 12, 2018) is also appointed
as board members of Cobalt Power to provide stewardship for the continued Cobalt exploration
program in 2019.
The Company is now reviewing Cobalt Power proposals regarding planning the 2019 exploration season for its cobalt assets. The
proposal includes significant work to be done this season:
- The 2019 exploration plan will be announced but includes identifying targets from Helicopter-borne magnetometer and
VLF: A total of 3653.1 line-km of survey was flown by Eagle Geophysics. The survey covered all of the Cobalt area properties not included in the 2016 survey and also included the Blueberry and Little Trout
Lake properties. The final report was received on October 25 and is currently being interpreted
by renowned geophysicist, Blaine Webster of Golden Mallard Corp.
- Field observations from mapping and sampling at the historic McMahon showing have been
very encouraging.
- There is renewed excitement in area centering around increased exploration of diamond kimberlites (DeBeers) and the
airborne data review includes an extra layer of interpretation of the geological data.
The Company would like to announce the resignation of Mr. Chris Healey, P.Geo and VP
Exploration from the Board of Directors. Mr. Healey was instrumental in leading the exploration in the Cobalt Mining Camp and we
wish him success on his future endeavours.
About Power Group Project Corp.
Power Group Projects Corp. is a publicly traded Canadian exploration company listed on the TSX-Venture Exchange and U.S. Pink
Sheets (TSX-V: PGP, OTC Pink: CBBWF) focused on energy metals. The Company has made a series of strategic property acquisitions
over the past two years seeking cobalt mineralization near Cobalt, Ontario, a region with a long
history of silver and associated cobalt production, and now in the Athabasca basin of
Saskatchewan. The Cobalt Properties are held in a 100% wholly owned subsidiary named Cobalt
Power Group Ltd. with holdings totalling approximately 19,826 hectares (48,991 acres) in contiguous and strategic claim blocks.
There are several historic mining operations on the properties that are potentially accessible, including the Smith Cobalt shaft
and its underground workings.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
We seek safe harbour.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
CAUTIONARY STATEMENT:
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of Power Group Projects Corp. Forward-looking statements include estimates and statements
that describe Power Group Projects Corp.'s future plans, objectives or goals, including words to the effect that Power Group
Projects Corp. or its management expects a stated condition or result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since
forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Although these statements are based on information currently available to Power Group Projects
Corp., Power Group Projects Corp. provides no assurance that actual results will meet management's expectations. Risks,
uncertainties and other factors involved with forward-looking information could cause actual events, results, performance,
prospects and opportunities to differ materially from those expressed or implied by such forward- looking information. Forward
looking information in this news release includes, but is not limited to, Power Group Projects Corp. objectives, goals or future
plans, statements (including the terms, conditions and objectives of the Transaction), details of the exploration results,
potential mineralization, the company's portfolio, treasury, management team and enhanced capital markets profile, the receipt of
regulatory approvals for the Offering, the receipt of regulatory approvals of the Transaction, the estimation of mineral
resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited
to, failure or inability to complete the Transaction and the Offering on the terms as announced or at all, regulatory approval
processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory,
environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other
indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity
markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital
and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development
industry, and those risks set out in Power Group Projects Corp. public documents filed on SEDAR. Although Power Group Projects
Corp. believes that the assumptions and factors used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and
no assurance can be given that such events will occur in the disclosed time frames or at all. Power Group Projects Corp.
disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by law.
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SOURCE Power Group Projects Corp.
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