M2 Cobalt Appoints Mahendra Naik as Advisor to the Board of Directors

Mr Naik is a Chartered Professional Accountant and was one of the founding directors and key executives who started IAMGold Corp. ("IAMGOLD"), a TSX and NYSE listed gold mining company. As Chief Financial Officer of IMAGOLD from 1990 to 1999, he was involved in the negotiation of a number of mine joint ventures with Anglo American and in putting together over $550m in major debt and equity financings for IAMGOLD including its IPO. Since 2000, Mahendra has been a Director and member of the Audit and Compensation committees for IAMGOLD. Today IAMGOLD has a market capitalization of approx. CDN $3.1 Billion.

Mr. Naik is also the Chairman of the Board, Audit and Compensation Committees of Fortune Minerals Ltd., a TSX listed company focused on the NICO cobalt-gold-bismuth-copper Project in the North West Territories. As Chairman of Fortune, Mr. Naik has been actively involved in helping to raise in excess of $100 million for the Company and in the negotiation of several joint ventures. Mr. Naik is also a Director of Goldmoney Inc, a TSX listed precious metals financial services company and is involved in number of non-profit organizations including the Indus Entrepreneurs and Trillium Hospital Foundation.

In connection with Mr Naik's appointment, the Board of Directors has approved the grant of 200,000 incentive stock options to Mr Naik. The options vest immediately and are exercisable at a price of $0.63 for a period of thirty-six months.

Simon Clarke, Chief Executive Officer of the Company commented, "We are extremely pleased that Mahendra has agreed to join our Team. He is a well-respected and well-connected figure in the North American Capital Markets and brings a wealth of expertise in helping to grow junior resource companies into world players. Mahendra is very well versed in the cobalt markets and related metals and he has first-hand experience of developing mining projects in Africa. We believe that Mahendra will bring a lot of value to M2 Cobalt and the current intention is for him to join our Board at our AGM which will be held later this year."

For further information, contact Simon Clarke at sclarke@m2cobalt.com or Andy Edelmeier at andy@m2cobalt.com

On behalf of the Board,

M2 COBALT CORP.

Simon Clarke, Chief Executive Officer

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