TORONTO, March 1, 2018 /CNW/ - Peat Resources Limited (the
"Company") (TSXV: PET) is pleased to announce that it has engaged
Better Chain S.L. ("BetterChain") in the launch of the Company's
project to provide a blockchain-based platform to demonstrate
compliance of cobalt and other minerals (the "Cobalt Blockchain
Project") with international standards on responsible
procurement.
"Manufacturers and end-users are increasingly demanding more
transparency on the origin of minerals to ensure compliance with
international standards and that all materials procured are
conflict- and child-labour-free," said Lance Hooper, President and Chief Operating
Officer of the Company. "To help meet these demands we are pleased
to welcome Benjamin and his team to the Cobalt Blockchain Project.
Their wealth of experience will add immense value to our efforts in
developing an integrated platform for mineral supply chains with an
immediate focus on unlocking the potential of ethically-sourced
cobalt from the DRC."
BetterChain is a Spanish company headquartered in Barcelona. Its principals are experts in the
design of innovative solutions to encourage responsible procurement
practices, with unique experience in conflict-free assurance for
tin, tantalum, tungsten and gold supply chains. They maintain a
strong local network in the Democratic
Republic of the Congo (DRC) and among other mineral supply
chain stakeholders.
BetterChain will support the Company in establishing an
integrated due diligence program for the cobalt supply chain, from
the mining assets being developed by the Company all the way to
cobalt end-users. BetterChain founder Benjamin Clair and director Hélène Helbig de
Balzac, as well as the rest of the
BetterChain team assigned to the Company's Cobalt Blockchain
Project, will be working alongside Dr. Samuel Peralta, technology advisor to and a
Director of the Company.
"We are excited to be working on the Cobalt Blockchain Project,"
said Benjamin Clair, Managing
Director of BetterChain. "This is a remarkable opportunity to
promote local due diligence efforts and provide further assurance
to end-users. This project can serve as a blueprint for end-to-end
supply chain reporting for all minerals."
The initial phase of the Cobalt Blockchain Project includes the
identification of local (upstream) data requirements to not only
demonstrate compliance with international standards for responsible
procurement of minerals but also generate value for international
(downstream) supply chain participants and investors, in order to
facilitate financial engagement at the mine level. The Company
is in active discussions with participants at all levels in the
cobalt supply chain to form a broad-based coalition to help define
these requirements.
Platform Architecture
Upstream due diligence information and certification will be
made available on a blockchain-based platform for permissioned
access by subsequent supply chain participants. This will improve
transparency and demonstrate to international stakeholders that the
Company's metals are sourced and traded in accordance with
recommendations from the Organisation for Economic Co-operation and
Development (OECD) Due Diligence Guidance for Responsible Supply
Chains of Minerals from Conflict-Affected and High-Risk Areas—the
reference framework endorsed by regulators and industry groups.
The platform is initially being planned around Ethereum, an
established blockchain, but with flexibility to migrate to other
frameworks such as Stellar or EOS to account for the
rapidly-evolving technological landscape, and maximize scalability
potential. Between mine and export, a range of tools are being
considered to report on the chain of custody, including
digitization of mineral certification tags via Near Field
Communication ("NFC"), Quick Response ("QR") code, or Radio
Frequency Identification ("RFID"), if necessary in conjunction with
other blockchain protocols that integrate such input. The final
design of local data collection and reporting solutions will
integrate feedback from all key stakeholders.
Annual General Meeting
In line with this project, the Company is seeking a shareholder
resolution at its annual and special meeting on March 13, 2018, as detailed in its recent
Information Circular available on SEDAR, to approve the name change
of the Company to "Cobalt Blockchain Inc." or such other name as
the board of directors of the Company may determine and that is
acceptable to the TSX Venture Exchange and applicable regulatory
authorities.
Attendance at PDAC 2018
Peat Resources Limited will be attending the Prospectors &
Developers Association of Canada
2018 International Convention at the Metro Convention Centre in
Toronto, Canada. Members of the
Board and Management team will be available to discuss the Cobalt
Blockchain project from Sunday, March
4th to Wednesday, March 7th.
Please contact Lance Hooper
(info@peatresources.net) to arrange a meeting with the company.
About Peat Resources Limited
Peat Resources Limited is a Canadian resource company expanding
its exploration and development business to include interests in
cobalt and other mineral assets, with existing licenses for
conflict-free mineral and metals provisioning in the DRC, and
exploring distributed ledger technology-based certification to
ensure a socially-responsible cobalt supply chain with the Cobalt
Blockchain project. Senior management have over twelve years
of experience working in the DRC and have a proven international
track record in exploration success and the trading of certified
conflict-free minerals.
About Better Chain S.L.
Better Chain S.L. aims to secure sustainable funding channels
for upstream mineral supply chain due diligence, in a context where
costs associated with responsible procurement expectations are
fundamentally passed through to mining companies and communities.
The BetterChain framework is designed for mineral / metal end-users
to incentivize transparent provision of local information that is
relevant to their own compliance and communication activities.
Forward-Looking Information
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, exploration drilling, exploitation
activities and events or developments that the Company expects are
forward-looking statements. Although the Company believes the
expectations expressed in such statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in the statements. There are certain factors
that could cause actual results to differ materially from those in
forward-looking statements. These include market prices,
exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the Company,
investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE Peat Resources