Ms. Erin Chutter reports

GLOBAL COBALT RECEIVES CONFIRMATION THAT THE KARAKUL SETTLEMENT PROCESS IS UNDERWAY

Global Cobalt Corp. has received written confirmation from Invest Project LLC (IP) and Imperial Mining Holding Ltd. (IMHL) that the two parties have agreed to continue their discussion to reach a settlement on the issue of the receivership with respect to the Karakul cobalt project held by AltaiRudaMetal (ARM) in Altai, Russia. ARM is a wholly owned subsidiary of IMHL, Global Cobalt's largest shareholder.

The IMHL-IP settlement will be presented to the appropriate arbitration courts in Russia to begin the process of having ARM formally released from the court receiver process once terms are agreed. During this settlement period, IMHL will continue to own ARM and its assets including the Karakul cobalt project as a subsidiary. IP further confirmed in its letter to Global Cobalt that the option agreement that Global Cobalt holds for the Karakul project remains in good standing. Furthermore, IMHL has notified the company that the next hearing date is scheduled for Oct. 24, 2015, and that an extension will be sought.

"This is encouraging news for our shareholders," said Erin Chutter, president and chief executive officer. "We are pleased to learn that both IMHL and IP have agreed to openly communicate a final settlement."

Invest Project represents the majority and largest creditor group in the IMHL-ARM receivership process that is being administered by the Arbitration Court of the Republic of Altai.

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