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Vancouver, British Columbia--(Newsfile Corp. - September 21, 2020) - Cruz Cobalt Corp. (CSE: CRUZ) (OTC Pink: BKTPF) (FSE: BR02) (WKN: A2DMG8) ("Cruz" or the "Company") is pleased to announce, further to its news release of September 04, 2020, the completion of the acquisition of all of the outstanding common shares of 1205011 B.C. Ltd.("1205011"), a private arm's length company, pursuant to the terms of a share purchase agreement dated September 1, 2020. This share issuance will not result in a change of control.
This transaction has allowed Cruz to acquire assets consisting of one cobalt project and three separate diamond projects. The cobalt project is located within the Idaho Cobalt Belt surrounding Jervois Mining Ltd. The diamond projects are all located within the Golden Mining Division of British Columbia. Cruz will now hold twelve separate projects in North America. Management cautions that past results or discoveries on properties in proximity to Cruz may not necessarily be indicative to the presence of mineralization on the Company's properties.
Jim Nelson, President of Cruz states, "We are pleased to have closed on this acquisition. Cruz is focused on acquiring and developing high quality projects. Cruz currently has approximately $1.7 million in cash on hand as of today and we plan to implement multiple work programs in both the US and Canada. We are working diligently to increase shareholder value and we are optimistic about the company's developments in the near and long term."
Mr. Greg Thomson, P.Geo., a director of Cruz and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure contained within this news release. Cruz has not performed sufficient work to verify historic assay values reported above, but Cruz believes this information is considered reliable and relevant.
About Cruz Cobalt
Cruz currently has twelve projects located throughout North America, comprising of five in Ontario, four in British Columbia, two in Idaho, and one in Nevada. Cruz's five separate Ontario prospects are all located in the vicinity of the town of Cobalt making Cruz one of the largest landholders in this district. Cruz's Ontario projects, which are prospective for Cobalt, diamonds and silver include the 2,323-acre Coleman cobalt prospect, the 1,235-acre Johnson cobalt prospect, the 6,227-acre Hector cobalt prospect, the 2,767-acre Bucke cobalt prospect and the 1,532-acre Lorraine cobalt prospect. The company's BC prospects include the 1,542-acre War Eagle cobalt prospect, the 2,552-acre Larry diamond project, the 5,572-acre Jax diamond project, and the 1,529-acre Mark diamond project. Cruz's USA projects include the 2,211-acre 'Idaho Cobalt Belt Project', the and the 80-acre 'Idaho Star Cobalt Prospect', and the 240-acre 'Clayton Valley Lithium Prospect' in Nevada. Management cautions that past results or discoveries on properties in proximity to Cruz may not necessarily be indicative to the presence of mineralization on the Company's properties.