Formation Metals Inc.

Published : October 30th, 2007

Drops Water ...

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Keywords :   Cobalt |

Re:        News - Tuesday, October 30, 2007
Title:     BMSG Drops Water Right Notice of Protest on Formation's Cobalt Project


Vancouver, B.C., October 30, 2007 Formation Capital Corporation (FCO-TSX)
(the Company) announced today that its wholly owned subsidiary Formation Capital Corporation U.S. is in receipt of an order issued by the Department of Water Resources of the State of Idaho accepting stipulation for withdrawal of protests on certain water rights. What this means is the Blackbird Mine Site Group (BMSG) has withdrawn its notice of protest which it filed in January 2006 against the Company's application to the Department for a water right for its 100% owned Idaho Cobalt project, located in east central Idaho.

The order states, among other things, that "the application to appropriate water ..., filed by Formation Capital Corporation U.S. shall be processed in due course as a non protested application". A hearing scheduled to review the details of the protest has therefore been cancelled. The Compnay expects a water right will be issued once administrative processes are completed.

BMSG is the "doing business as" name of the subsidiaries of several companies, apparently including Alcan, Inc. and Xstrata PLC., which, collectively, are liable to the United States for on-going and past discharges of hazardous substances (primarily metals) from the old Blackbird Mine site to local streams, rivers and ground water. The BMSG has raised concerns about Formation's future mining operations interfering with remedial work at the site which prompted their original water rights protest. The Company maintains its belief that these claims are unfounded.

"This is a welcome move and clearly demonstrates a path forward" said Mari-Ann Green, Chairman and CEO of Formation Capital. "The removal of this water right protest seems to suggest the BMSG is gaining confidence that our mine plan will not affect remedial work or local waters, which was their primary concern relayed to the courts regarding access over their property. Thus we are confident that access over the BMSG property will also be resolved in due course."

Formation Capital Corporation is dedicated to the principles of environmentally sound mining and refining practices, and believes that environmental stewardship and mining can co-exist. The Company trades on the Toronto Stock Exchange under the symbol FCO.

Formation Capital Corporation
"Mari-Ann Green"
Mari-Ann Green
C.E.O.

For further information please contact: Formation Capital Corporation 1510 -- 999 West Hastings Street, Vancouver, BC, V6C 2W2 Head Office: 604-682-6229 Investor Relations: Contact Encompass Communications toll free 1-877-566-6592 Email: inform@formcap.com - Or visit our Web site at: formcap.com



The statements contained in this news release in regard to Formation Capital Corporation that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Formation Capital Corporation'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.

Copyright © 2007 FORMATION CAPITAL CORPORATION (FCO) All rights reserved. For more information visit our website at http://www.formcap.com/ or send email to inform@formcap.com ..
Message sent on Mon Oct 29, 2007 at 4:39:21 PM Pacific Time

Formation Metals Inc.

DEVELOPMENT STAGE
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 CA$ 60.3 millions as of today (US$ 46.3 millions, € 41.5 millions).

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

Formation Metals has 105 702 405 shares outstanding.

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Corporate Presentations of Formation Metals Inc.
11/17/2007Research Report on Formation Capital
Financings of Formation Metals Inc.
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 Formation Metals Inc.
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 Formation Metals Inc.
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 Formation Metals Inc.
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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TORONTO (FCO.TO)Other OTC (FCACF)
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