Vancouver, British Columbia--(Newsfile Corp. - October 31, 2014) - Global Cobalt (TSXV: GCO) announced that its recent mining lease agreement with an option to acquire the Iron Creek Cobalt Project has been accepted for filing by the TSX Venture Exchange.

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Global Cobalt is focused on the acquisition, exploration and development of strategic base metals properties.

Its strategy has been to acquire advanced stage strategic metal properties that are either past producers, have been the subject of prior work programs, and/or contain historic resources.

The Iron Creek project provides Global Cobalt with a foothold in the Idaho Cobalt Belt, the most prolific belt of cobalt mineralisation in the United States. It covers approximately 118 acres and has an initial 20 year lease with an option to extend the lease for up to two successive terms of 20 years each. Approximately 30,000 feet of diamond drilling and 1,500 feet of underground drifting have been completed by previous operators, with historic literature defining "two distinct lenses of cobalt mineralization."

To date, the company has concentrated its operations on its Werner Lake Mineral Belt properties located in the Province of Ontario and the Karakul Cobalt Project in the Altai Republic, Russia.

The Werner Lake Mineral Belt is Global Cobalt's Canadian based priority asset and provides the nearest term primary-cobalt in Canada. Historic non NI 43-101 compliant reserves and resources total 1.1 million tonnes of 0.31% cobalt, 0.29% copper and 0.011 opt gold. Global Cobalt aims to further advance the Werner Lake Cobalt Deposit and provide a NI 43-101 compliant resource estimate with near-term production decision.

Global Cobalt's flagship asset is the Karakul Cobalt Deposit in the Republic of Altai, Russia. Significant undertakings have been made on this deposit over the past few decades with the potential of it being the largest known primary cobalt asset outside of Africa.

Erin Chutter, President & CEO stated: "The addition of Iron Creek into our cobalt project portfolio is exciting and diversifies our project mix at a time when cobalt is becoming increasingly important in the battery sector. Karakul continues to be important to the company, but some shareholders are interested in projects in other regions like our Canadian Werner Lake project and now this US based asset."

Paul Sarjeant, VP Exploration added: "This property has the potential to add significant value to our portfolio of cobalt properties. The Iron Creek project shares characteristics with a series of sediment hosted cobalt-copper deposits within the 60 km long Idaho Cobalt Belt, including Formation Metal's proposed Idaho Cobalt Mine and the Blackbird Mine. This transaction provides tremendous upside potential for our shareholders."

The company currently trades at $0.06, and with 88.6 million shares outstanding, the company is capitalized at $5.3 million.

For more information, please visit the company's website GlobalCobaltCorp.com, contact Mitchell Smith at 604-688-4219 or email info@globalcobaltcorp.com.

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