Formation Metals Begins Earthworks Construction at Idaho Cobalt Project Mine Site
Published : July 26, 2011
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 26, 2011) - Formation Metals Inc. (News - Market indicators) ("Formation") announced today that its 100% owned subsidiary, Formation Capital Corporation, U.S. (the "Company"), has been informed that mine site earthworks construction has commenced on its 100% owned Idaho Cobalt Project ("ICP").

Portal bench mine site earthworks have commenced. The mine site access road upgrade segment of Stage II Construction is essentially complete with over 8.7 miles (14 km) of improvements now in place. The current stage of portal bench and portal access construction will be joined by concurrent mill and concentrator site earthworks. The mine site earthworks bidding analysis completed with the contract awarded to Dahle Construction LLC of Salmon, Idaho, who has mobilized earth moving heavy equipment and established a crushing facility nearby to provide raw materials for construction.

"We knew it was only a matter of time, but it is still very gratifying to see heavy equipment turning dirt at the mine site," commented Mari-Ann Green, CEO of Formation Metals Inc. "Getting a start on the portal bench now will help keep us on that critical path to production for Q2 of next year."

JDS Energy & Mining Inc. ("JDS"), the Company's Project and Construction Manager, is continuing its review of the earthworks quantities of materials required to reduce time schedules and cost. Powerline construction bids have been received and are under review while the tram engineering re-alignment is now complete and is ready for survey and final confirmation. In conjunction with the increased traffic and earthworks equipment arriving at the mine site, the Company has implemented a security check point at the entrance to the mine site access gate.

At the cobalt production facility outside of Kellogg, Idaho, where ICP concentrate is to be processed into high purity end product cobalt copper and gold, progress over the past several months concentrated on process design, building design, and commencement of equipment specification preparation and bidding activities. The mass balance engineering is now sufficiently advanced to allow for equipment specification, sizing and development to proceed. According to current JDS progress reports, it is anticipated that the process design will be essentially complete before the end of July, 2011.

With the process flowsheet established, the cobalt production facility building size was finalized and preliminary concrete foundation drawings have been prepared. The request for proposal package for the design, supply and installation of the cobalt beneficiation plant was sent to several vendors with a bid closing date scheduled for the end of July, 2011. It is anticipated that ground breaking at the refinery could commence in the second half of August, 2011, with building assembly starting later in September.

In addition, the Company's mandated lead arranger for the credit facility has concluded the technical and legal portions of the due diligence process with no fatal flaws reported. This represents a significant advancement in securing the credit facility required to support the recovery zone facility bonds held in trust for the Company (see December 31, 2010 news release).

Formation Metals Inc. is a well established, mineral exploration, development and refining company that is dedicated to the principles of environmentally sound mining and refining practices, and believes that environmental stewardship and mining can co-exist. Formation trades on the Toronto Stock Exchange under the symbol FCO.

FORMATION METALS INC.

Mari-Ann Green, C.E.O.

This press release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward- looking terminology. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on the Company is available at www.sedar.com.

The statements contained in this news release in regard to Formation Metals Inc. that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Formation Metals Inc.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that actual outcome and the actual results could differ from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, commodity price and marketplace changes.



Formation Metals Inc.
E.R. (Rick) Honsinger, P.Geo.
V.P. Corporate Communications
604-682-6229
inform@formationmetals.com
www.formationmetals.com

VanEck Vectors Global Alternative Energy ETF

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CODE : FCO.TO
ISIN : CA34637V1013
CUSIP : 34637L
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Formation Metals is a cobalt development stage company based in Canada.

Formation Metals develops cobalt, copper and gold in USA, and holds various exploration projects in Canada.

Its main asset in development is IDAHO COBALT PROJECT in USA and its main exploration properties are QUEEN OF THE HILLS in USA, COMPASS LAKE, KERNAGHAN LAKE, BIG CREEK HYDROMETALLURGICAL COMPLEX, VIRGIN RIVER, BLACK PINE and MORNING GLORY in Canada and EL MILAGRO in Mexico.

Formation Metals is listed in Canada, in Germany and in United States of America. Its market capitalisation is 27.0 millions as of today (US$ 20.8 millions, € 18.6 millions).

Its stock quote reached its highest recent level on June 05, 1998 at 9.94, and its lowest recent point on June 14, 2013 at 0.06.

Formation Metals has 47 442 200 shares outstanding.

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Corporate Presentations of VanEck Vectors Global Alternative Energy ETF
11/17/2007Research Report on Formation Capital
Financings of VanEck Vectors Global Alternative Energy ETF
4/13/2011Proposes to Extend Warrants
3/10/2011Completes $80 Million Equity Financing
3/3/2011Prices up to $80 Million Equity Offering
2/24/2011on $80,000,000 equity offering
12/20/2007Flow Through Financing Completed for Formation's Saskatchewa...
Nominations of VanEck Vectors Global Alternative Energy ETF
6/13/2013Leading Independent Proxy Advisory Firms Recommend Formation...
1/8/2008(Idaho Cobalt Project) Hires General Manager for Idaho Cobalt Project
Project news of VanEck Vectors Global Alternative Energy ETF
5/2/2013(Idaho Cobalt Project)' Defers Underground Development Decision for Idaho Cobalt P...
12/12/2012(Idaho Cobalt Project)' Idaho Cobalt Project Minesite and Refinery Update
7/12/2012(Idaho Cobalt Project)' Idaho Cobalt Project and Hydrometallurgical Plant Update
3/29/2012(Idaho Cobalt Project)' Idaho Cobalt Project Construction Update
12/21/2011(Idaho Cobalt Project)' Idaho Cobalt Project Geotechnical Drilling Complete
12/6/2011(Idaho Cobalt Project)' Idaho Cobalt Project Construction Update
10/6/2011(Idaho Cobalt Project)' Bond Issuers Extend Date for Idaho Cobalt Project Credit F...
9/14/2011(Idaho Cobalt Project)' Idaho Cobalt Project Construction Crew Resume Operations
9/8/2011(Idaho Cobalt Project)Provides Construction Update on Idaho Cobalt Project
7/26/2011(Idaho Cobalt Project)Begins Earthworks Construction at Idaho Cobalt Project Mine ...
5/31/2011(Virgin River)Drilling on Formation Metals' Uranium Project To Commence in...
5/13/2011(Idaho Cobalt Project)Idaho Cobalt Mine Construction on Track for Q2, 2011
4/28/2011(El Milagro)' Mexican Subsidiary Acquires Central Core Land Position on ...
4/7/2011(Idaho Cobalt Project)Cobalt Mine Commencement of Construction Targeted for Q2, 20...
1/21/2011(Idaho Cobalt Project)Extends Cobalt Deposit Strike by 14%
1/6/2011(Idaho Cobalt Project)Signs EPCM Letter of Intent with JDS for Idaho Cobalt Projec...
7/28/2010(Idaho Cobalt Project)Drills to Optimize Mine Design and Assess Rare Earth Element...
11/6/2009(Idaho Cobalt Project)Critical Path to Finalize Formation's Idaho Cobalt Project M...
9/15/2009(Idaho Cobalt Project)Permanent Access Across Blackbird Mine Site Authorized for F...
6/30/2009(Virgin River)Conceptual Studies Commence on Formation Capital's Virgin Ri...
2/11/2009(Idaho Cobalt Project)Receives NPDES Permit and 401 Certification for Idaho Cobalt...
2/3/2009(Idaho Cobalt Project)Record of Decision Describes Conditions Approving Formation'...
1/21/2009(Idaho Cobalt Project)Forest Service Issues Revised Positive Record of Decision fo...
11/28/2008(Idaho Cobalt Project)Expects Idaho Cobalt Project new Record of Decision in mid J...
11/17/2008(Idaho Cobalt Project)Resolves Appeals with Environmental Groups on Idaho Cobalt P...
9/8/2008(Idaho Cobalt Project)Idaho Cobalt Project 78% Complete on Engineering and Procure...
8/26/2008(Idaho Cobalt Project)Idaho Cobalt Project Appeal Resolution Process Underway
8/7/2008(Idaho Cobalt Project)Completes Modified Mine Plan of Operations on Idaho Cobalt P...
7/25/2008(Idaho Cobalt Project)Idaho Cobalt Project's Record of Decision Outlines Measures ...
6/27/2008(Virgin River)In-Fill Drilling on Virgin River Uranium Project Confirms Co...
5/29/2008(Idaho Cobalt Project)Biological Opinions Grant Endangered Species Act; Exemption ...
5/1/2008(Idaho Cobalt Project)Detailed Design and Procurement of Idaho Cobalt Project Mine...
3/13/2008(Idaho Cobalt Project)Receives Water Right Permit for Idaho Cobalt Project
3/7/2008(Virgin River)Highest Grade Uranium Mineralization to date Encountered on ...
1/9/2008(Idaho Cobalt Project)Completed Biological Assessment Significantly Advances Permi...
12/14/2007(Virgin River)Highest Grade Uranium Mineralization Encountered to Date on ...
11/15/2007(Idaho Cobalt Project)Engineering & Procurement Progressing Well on Formation's Id...
10/30/2007(Idaho Cobalt Project) Drops Water Right Notice of Protest on Formation's Cobalt P...
10/27/2007(Idaho Cobalt Project) Announces Court Ruling in Arizona is not Expected to Delay ...
Corporate news of VanEck Vectors Global Alternative Energy ETF
7/7/2016Formation Appoints Red Cloud as Capital Markets Advisor
6/21/2016Feasibility Study on Formation's Idaho Cobalt Project Awarde...
6/1/2016Formation Metals Completes Oversubscribed $4.4M Private Plac...
5/10/2016Private Placement Amendment: Granting Of Up-size Option To A...
5/4/2016Formation Metals Announces $3 Million Private Placement
4/23/2015/R E P E A T -- Formation Metals Announces Positive Results ...
4/22/2015Formation Metals Announces Positive Results from a Prelimina...
10/11/2013Secures Proceeds of US$12 Million From Sale of Refinery
9/16/2013to Sell Refinery for US$12 Million
7/5/2013Executes Mutual Release with Waterton
7/5/2013Executes Mutual Release with Waterton
6/6/2013Enters Binding Letter Agreement to Sell Refinery for US$9.0 ...
5/28/2013Welcomes New Board Member Gregory Hahn
5/13/2013Redeems US$43.6 in Bond Debt
10/17/2012Issues US$5 Million Convertible Note as Part of Larger Plann...
5/14/2012Capital Corporation, U.S. and Idaho Conservation League Anno...
5/2/2012Begins Processing Silver & Gold Concentrates
4/4/2012Drilling on Formation Metals' Uranium Project Continues to R...
3/22/2012' Cobalt Project Finance Update
2/29/2012Commences Trading on the OTCQX Market
2/7/2012Union Bank Takes Over as Lead Arranger for Formation Metals'...
1/12/2012Drilling on Formation Metals' Uranium Project to Continue in...
8/29/2011Signs Agreement for Underground Mining Operations and Provid...
7/29/2011(Idaho Cobalt Project)Receives Commitment for Financing of Idaho Cobalt Project
6/16/2011' Earthworks Contractor Mobilizing Equipment for Idaho Cobal...
5/12/2010Grandich Client Update - Formation Metals
3/26/2010Peter Grandich Client Update on Formation Metals
11/10/2009Announces Name Change and Share Consolidation
2/27/2009Endorses Lemhi County Commissioners Establishment of Industr...
2/19/2009U.S. and Idaho Conservation League Announce Grantees of Cons...
2/5/2009Boom in battery sector anticipated
12/30/2008Closes Financing for Saskatchewan Uranium Projects
12/17/2008Receives Air Permit Pre-Construction Authorization
12/15/2008Receives Platinum Award for Corporate Excellence
9/15/2008No Material Reason for Share Price Decline
9/9/2008Courts Grant Formation Capital Access Across Blackbird Mine ...
8/18/2008and Idaho Conservation League Release Details of Conservatio...
8/14/2008and Idaho Conservation League Reach Agreement on Environment...
7/16/2008Clarifying News Release - Continuous Disclosure Review
7/10/2008Hires Key Personnel to Help Expedite Cobalt Project Engineer...
6/16/2008Forest Service Record of Decision Signals Green Light for Id...
4/2/2008 Receives Annexation Approval for Staging Property
1/15/2008Cobalt price soars as stockpiles run low
12/19/2007Former Idaho Governor & Secretary of the Interior Elected to...
11/27/2007Cobalt nears record $35 per lb
4/4/2007Sullivan Deeps SD3 Drilling Update; Top of the Lower Aldridg...
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