ALTIUS�S NLRC ANNOUNCES
POSITIVE DECISION ON FEDERAL ENVIRONMENTAL ASSESSMENT
St. John�s - Newfoundland
and Labrador Refining Corporation (NLRC), of which Altius
Minerals Corporation is a major shareholder, has provided an update with
respect to environmental permitting of its proposed new oil refinery project in
Placentia Bay, Newfoundland and Labrador.
A copy of the NLRC news
release is provided below in its entirety.
For additional information
please contact:
Brian F. Dalton
President& CEO or Chad Wells
Vice President - Corporate Development
Date: April 30, 2008
Release: NLRC-0802
NEWFOUNDLAND AND LABRADOR
REFINING CORPORATION REPORTS
POSITIVE DECISION ON FEDERAL ENVIRONMENTAL ASSESSMENT
St. John�s, Newfoundland
and Labrador - Newfoundland and Labrador Refining Corporation (�NLRC�) is
pleased to report that today the Hon. John Baird, Minister of Environment
Canada, through the Canadian Environmental Assessment Agency (CEAA), has
announced a positive decision regarding the company�s Southern Head Marine
Terminal and Associated Works related to a Crude Oil Refinery Development Proposal
in Placentia Bay, Newfoundland.
Having taken into
consideration the Comprehensive Study Report and the results of the public
comment period pursuant to section 22 of the Canadian Environmental Assessment
Act (the Act), the Minister has stated that:
- No additional information is necessary and that public concerns
raised have been addressed through the comprehensive study;
- The project, taking into account the mitigation measures
described in the Comprehensive Study Report, is not likely to cause significant
adverse environmental effects; and
- The mitigation measures and follow-up program described in the
Comprehensive Study Report are appropriate for the proposed project.
The Minister has referred
the project back to the responsible authorities, Transport Canada and Fisheries
and Oceans Canada for appropriate action under section 37 of the Act.
The Minister has
recommended that the responsible authorities ensure the implementation of the
mitigation measures described in the comprehensive study report. The Minister
also recommends that the responsible authorities implement the follow-up
program described in the Comprehensive Study Report, in order to determine the
effectiveness of the measures taken to mitigate any adverse environmental effects,
and to verify the accuracy of the environmental assessment of the project.
This decision follows
extensive public consultation and input on the Comprehensive Study Report,
which was prepared and issued by the federal departments of Transport and
Fisheries and Oceans through the Canadian Environmental Assessment Agency
(CEAA) as well as a joint federal - provincial assessment through the Province
of Newfoundland and Labrador�s Department of Environment and Conservation.
The decision and additional
information can be viewed at the website of the Canadian Environmental
Assessment Agency - http://www.ceaa.gc.ca/050/viewer_e.cfm?cear_id$726.
NLRC considers this
regulatory approval an important milestone in its ongoing proposed refinery
development initiative. However, it cautions that North American capital market
conditions have not improved since its most recent update (see NLRC�s news release
dated March 14, 2008 (http://nlrefining.com/files/pr_1205511133.pdf). The Company continues to explore
project financing alternatives in other world markets with potential strategic
partners as well as with potential lenders.
For further information
please visit the NLRC website at www.nlrefining.com or contact our corporate office.
Media Contacts:
Brian Dalton (Director) or Roland Butler (Community Inquiries), 1-888-570-3442
brian@nlrefining.com
/ roland@nlrefining.com