CobalTech Provides Update on Merger With First Cobalt

TORONTO, ON--(Marketwired - October 26, 2017) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

COBALTECH MINING INC. (TSX VENTURE: CSK) (the"Company"or"CobalTech"), is pleased to announce that the Information Circular and related proxy materials for the previously announced merger with First Cobalt Corporation ("First Cobalt") (TSX VENTURE: FCC) (OTC: FTSSF) have been mailed to shareholders. Under the terms of the Arrangement, CobalTech will receive 0.2632 of a First Cobalt common share for each CobalTech common share (a "CobalTech Share"), representing the equivalent of $0.20 per CobalTech Share.

Under the terms of the Arrangement, consent must be obtained from registered shareholders and voting material has been mailed for the vote scheduled for November 21^st, 2017. Shareholders of record as of September 22, 2017 will be entitled to vote at the meeting.

The Arrangement has a number of benefits for CobalTech shareholders.

Benefits to CobalTech Shareholders:

• Creates a leading pure-play cobalt exploration company with a portfolio of high quality exploration assets, 14 former producing mines and a mill facility in the Cobalt, Ontario mining camp.
• Experienced management team based in Toronto, with a proven track record of discovery, development, and finance, and located in close proximity to the Cobalt Camp.
• Increased scale of the combined company will enhance its capital markets profile, liquidity, provide greater access to capital across the exchanges and provides for rerating potential.
• CobalTech will maintain a position in First Cobalt, allowing for upside participation as First Cobalt progresses with exploration programs.

Terms of the Arrangement

Under the terms of the Arrangement, CobalTech will receive 0.2632 of a First Cobalt common share for each CobalTech common share (a "CobalTech Share"), representing the equivalent of $0.20 per CobalTech Share as of the date of the announcement of the merger.

Completion of the Arrangement is subject to a number of conditions, including approval by the shareholders of CobalTech and receipt of all required regulatory approvals, including the approval of the TSXV. The Arrangement cannot close until these conditions are satisfied and the required approvals are obtained.

ON BEHALF OF THE BOARD

(signed) "Bruce Bragagnolo"
Bruce Bragagnolo
Chief Executive Officer

About CobalTech

CobalTech Mining Inc. is a North American cobalt company with assets in Cobalt, Ontario, Canada in an area known for its geological setting responsible for unique mineralization composed of quartz-carbonate veins enriched in silver-cobalt-nickel-bismuth-arsenic.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.