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To: Trappist who wrote (743)	3/5/1998 7:14:00 PM
From: trypod	Read Replies (1) \| Respond to of 783

Cobatec Update: COBATEC TO PROCESS SECOND SHIPMENT OF CUBAN COBALT/NICKEL TORONTO, March 4 /CNW/ - Cobatec Inc. (TSE:CBT), announced today that it has processed nearly all of the first shipment of the cobalt/nickel feedstock from Cuba, and will begin processing a second shipment next week. Cobatec has a long-term supply agreement with Cuba that guarantees a minimum annual delivery of 1,000 tons of cobalt and 2,000 tons of nickel, contained in a mixed sulphide feedstock which is sent to the company's Northern Ontario production plant. The plant separates the cobalt and nickel from the feedstock using Cobatec's proprietary, state-of-the-art solvent extraction technology. ''The technology and the Cuban Feedstock have exceeded all of our expectations in terms of both recovery efficiency and product quality,'' said Edward W. Wenger, President of Cobatec Inc. ''We are right on target to produce and sell 1.25 million pounds of high grade cobalt in 1998.'' Cobalt, a versatile metal used in a wide variety of industrial applications, currently sells for about US$24 per pound. Cobatec Inc., headquartered in Toronto, Ontario, is poised to become one of Canada's leading producers of cobalt. newswire.ca Later:Rick