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Re: News - Wednesday, March 25, 2009
No Appeals Filed Against Formation's Idaho Cobalt Project NPDES
Permit
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Vancouver, B.C., March 25, 2009 - Formation Capital Corporation
("Formation", FCO-TSX) is pleased to announce that its 100% owned
subsidiary, Formation Capital Corporation, U.S. (the Company) has been
informed by the U.S. Environmental Protection Agency, Region 10 (EPA)
that no appeals were filed against the National Pollutant Discharge
Elimination System (NPDES) permit for the Idaho Cobalt Project (ICP).
"This is a very significant and positive development for the project",
stated Guy Jeske, General Manager for the ICP. "A great deal of the
permitting process revolves around the issue of water quality. The
Company's commitment to ensure the mine will have no effect on the
quality of water in the basin is clearly evident here".
Bill Scales, President of the Company, added, "The NPDES permit is now
final and cannot be appealed judicially. The NPDES permit is one of
the three main items required by the Forest Service before the project
can proceed. The second requirement is the final revision to the Plan
of Operation, which will be completed after the Regional Forester
upholds the Record of Decision for the ICP, expected towards the end of
April. The third requirement is the placement of an appropriate
reclamation bond, which is part of the mine financing."
As previously announced in a Formation news release dated February 11,
2009, the NPDES permit allows the Company to discharge treated water
from the ICP to Big Deer Creek and outlines the terms and conditions
necessary to ensure compliance. In addition, included with the NPDES
permit is the Idaho Department of Environmental Quality (IDEQ) Final
Section 401 Water Quality Certification stating that the terms and
conditions of the NPDES permit comply with Idaho Water Quality
Standards.
Once in production, Formation's Idaho Cobalt Project will provide the
United States with high purity super alloy grade cobalt metal required
for critical applications such as the construction of jet airplane
engines, land based turbines, catalysts for coal and gas to liquid
technology, and batteries used in hybrid and electric cars. It will
also provide close to 200 well paying jobs in Lemhi and Shoshone
Counties in Idaho, and generate over US$8 million in tax revenues for
the County, State and Federal governments. The Company trades on the
Toronto Stock Exchange under the symbol FCO.
Formation Capital Corporation
"Mari-Ann Green"
Mari-Ann Green, C.E.O.
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Copyright (c) 2009 FORMATION CAPITAL CORPORATION (FCO) All rights
reserved. For more information visit our website at
http://www.formcap.com/ or send mailto:inform@formcap.com
Message sent on Tue Mar 24, 2009 at 3:52:19 PM Pacific Time
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Formation Metals Inc.
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DEVELOPMENT STAGE |
CODE : FCO.TO |
ISIN : CA34637V1013 |
CUSIP : 34637L |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Formation Metals is a cobalt development stage company based in Canada. Formation Metals develops cobalt, copper and gold in USA, and holds various exploration projects in Canada. Its main asset in development is IDAHO COBALT PROJECT in USA and its main exploration properties are QUEEN OF THE HILLS in USA, COMPASS LAKE, KERNAGHAN LAKE, BIG CREEK HYDROMETALLURGICAL COMPLEX, VIRGIN RIVER, BLACK PINE and MORNING GLORY in Canada and EL MILAGRO in Mexico. Formation Metals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 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. |