VANCOUVER, British Columbia, May 19, 2020 (GLOBE NEWSWIRE) -- Bolt Metals Corp. (CSE: BOLT) (FRANKFURT: NXFE) (OTCQB: PCRCF) (the “Company” or “Bolt Metals”), an Indonesia-based company focused on developing battery mineral projects in the Asia‐Pacific region, is pleased to report Indonesia’s parliament has passed revisions to its mining law aimed at removing red tape and attracting investment into the sector.
A leader in nickel production, Indonesia continues to update its national strategy and laws governing the minerals and mining sector, supporting their mandate to lead the world in battery metals and cathode material production capacity.
On May 8, 2020 BloombergNEF stated, “Indonesia’s desire to move up the value chain and leverage its nickel wealth into becoming an EV and battery manufacturing hub is supported by the fact that it may have the lowest manufacturing costs in Asia.”
Reuters reported on May 12, 2020 that Indonesia has “looked to attract foreign investors by creating a full nickel supply chain, starting from extraction, processing into metals and chemicals used in batteries, all the way to building electric vehicles.”
Bolt Metal’s flagship Cyclops project is ideally situated on the north shores of Papua Province, Indonesia. Its proximity to air and sea transport links, gentle topography and an experienced local workforce make it amenable to low cost development.
The Company is evaluating results from its bench scale test program and exploration campaign (the details of which are set out in press releases issued by Bolt Metals on October 28, 2019 and September 24, 2019 respectively) in order to initiate the construction of a pilot process test plant in Canada. The test plant will contain an integrated circuit to produce high purity nickel and cobalt strip solutions, required to develop battery grade material.
Ranjeet Sundher, CEO, remarks, “Bolt Metals has always maintained that Indonesia is perfectly placed to leverage its world leading nickel supply into a battery materials superpower. 2020 has seen the continuation of several exciting developments within the country, laying the foundations for continued future growth in every vertical of the EV supply chain. We’re looking forward to resuming operations and continuing to advance our Cyclops nickel project in the coming months, with the goal of becoming a key player in Indonesia’s emerging battery materials sector.”
About Bolt Metals
BOLT Metals is a Canadian‐based exploration company focused on the acquisition and development of production grade nickel and cobalt deposits, key raw material inputs for the growing lithium‐ion battery industry. Visit http://boltmetals.com/ to find out more.
Bolt Metals Corp.
Ranjeet Sundher – President and CEO
(604) 922-8272
rsundher@boltmetals.com
Steve Vanry – CFO & Director
(604) 922-8272
steve@vanrycap.com
Sean Bromley – Director & Investor Contact
(778) 985-8934
sean@theparmargroup.com
Reader Advisory
This news release may contain statements which constitute “forward-looking information”, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities and involve risks and uncertainties, and that the Company’s future business activities may differ materially from those in the forward-looking statements as a result of various factors, including, but not limited to, fluctuations in market prices, successes of the operations of the Company, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the Canadian Securities Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
