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Formation Metals' Defers Underground Development Decision for Idaho Cobalt Project
Published : May 02, 2013
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Keywords :   Cobalt |

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 2, 2013) - Formation Metals Inc. (News - Market indicators) (the "Company") announced today that it will not be proceeding, at this time, with the underground development on its 100% owned Idaho Cobalt Project (the "ICP") or any related construction as was anticipated in the Company's news release dated December 12, 2012. 

"Although cobalt prices have recently exhibited signs of recovery, the weak prices seen over the last year, coupled with enhanced adversity to risk by potential financiers in these turbulent markets has made financing costs unattractive for the further development of the ICP at this time," stated Mari-Ann Green, CEO of Formation Metals Inc. She continued, "We have been working hard to reduce capital costs and increase recoveries at the ICP and we will be ready when the markets recover. This way we can preserve Formation's cobalt, copper and gold resources until economic circumstances merit their extraction. In the meantime we will pursue those projects that have the best likelihoods of realizing cash flow in the shortest time possible under current market conditions. The ICP is a valuable asset and we intend to preserve it for future development once conditions improve."

In addition, to ensure the financial health of the Company's existing treasury, we have been eliminating and are continuing to eliminate all non-essential capital and operating spending and are targeting significant savings over the next year. We have implemented cost savings measures and have been reducing general and administrative costs at our office locations through salary reductions and the re-deployment and elimination of positions. We sincerely appreciate the commitment and many contributions made by all our employees as well as the team that has been diligently developing the ICP. In particular, we acknowledge the forthrightness and cooperation of JDS Energy and Mining Inc., who managed the engineering, procurement and construction of the ICP.

Management intends to focus its efforts on the advancement of the business at the Sunshine Precious Metals Refinery to increase cash flow, and on a strategic review of its precious metals properties. The Refinery business consists of the established precious metals refining of high content silver materials, such as doré, the copper SX-EW refinery and the retrofit and start-up of the hydrometallurgical plant to process concentrates. Silver bullion produced at the refinery is accepted as "Good Delivery" on the COMEX. These businesses operate separately from the Company's ICP. 

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 information update 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 information update 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
Companies Mentionned : Bullion | Energy X X I | Formation Metals | Metals X | Reliance | Strategic |
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Formation Metals Inc.

DEVELOPMENT STAGE
CODE : FCO.TO
ISIN : CA34637V1013
CUSIP : 34637L
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Formation Metals is an exploration gold and copper company based in Canada.

Formation Metals develops gold, copper and cobalt 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$ 30.9 millions as of today (US$ 23.7 millions, € 21.2 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 90 890 000 shares outstanding.

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Financings of Formation Metals Inc.
4/13/2011Proposes to Extend Warrants
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.
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
11/22/2011(Idaho Cobalt Project)Secures Letter of Credit to Support Low Interest Bonds for I...
11/3/2011(Idaho Cobalt Project)Idaho Cobalt Project Senior Debt Facility Not Proceeding
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
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 ...
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...
12/31/2010(Idaho Cobalt Project)Closes $77.7 Million Bond Issue for Idaho Cobalt Project
11/30/2010(Idaho Cobalt Project)Mandates BNP Paribas to Arrange Idaho Cobalt Project Debt
10/21/2010(Idaho Cobalt Project)Drills Cobalt Project to Optimize Mine Design
9/27/2010Engages Auramet for Cobalt Mine Finance
7/28/2010(Idaho Cobalt Project)Drills to Optimize Mine Design and Assess Rare Earth Element...
2/25/2010(Idaho Cobalt Project)Begins Construction of Idaho Cobalt Project
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...
4/24/2009(Idaho Cobalt Project)Record of Decision Affirmed for Formation Capital's Idaho Co...
4/2/2009(Idaho Cobalt Project)Idaho Cobalt Project Permitting Process Expected to Conclude...
3/26/2009(Virgin River)Highest Grade-Thickness Intervals Intercepted to Date on For...
3/25/2009(Idaho Cobalt Project)No Appeals Filed Against Formation's Idaho Cobalt Project NP...
2/11/2009(Idaho Cobalt Project)Receives NPDES Permit and 401 Certification for Idaho Cobalt...
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...
Corporate news of Formation Metals Inc.
12/8/2015Formation Metals Successfully Produces High Purity Cobalt Sa...
6/26/2015Formation Metals Inc. Reports Annual General Meeting Voting ...
5/11/2015Formation Metals Announces SEDAR filing of a Positive Prelim...
5/11/2015Formation Metals Announces SEDAR filing of a Positive Prelim...
4/23/2015/R E P E A T -- Formation Metals Announces Positive Results ...
4/22/2015Formation Metals Announces Positive Results from a Prelimina...
1/16/2015/R E P E A T -- Formation Metals to Complete a PEA on the Vi...
1/15/2015Formation Metals to Complete a PEA on the Viability to Produ...
10/1/2014Formation Metals Responds to BCSC Clarification Request and ...
7/9/2014Formation Metals Pursues EV Battery Sector Cobalt Opportunit...
6/25/2014Formation Metals Inc. Reports Annual General Meeting Voting ...
5/29/2014Dundee Drops Lawsuit Against Formation Metals
3/21/2014Formation Metals adds Mr. David Christie to the Board
3/21/2014Formation Metals Adds Mr. David Christie to the Board
3/14/2014Formation Metals Welcomes Mr. Scott Hean to the Board
3/14/2014Formation Metals Welcomes Mr. Scott Hean to the Board
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...
10/20/2011Enhances Management Team
8/29/2011Signs Agreement for Underground Mining Operations and Provid...
12/16/2010Stimulus Act Recovery Zone Bond Allocation Increased to US $...
9/16/2010Receives Stimulus Act Recovery Zone Facility Bond Allocation...
7/19/2010Client Update - Formation Metals Inc.
7/8/2010Uranium Project 2010 Winter Drilling Discovers Potential New...
5/12/2010Grandich Client Update - Formation Metals
3/4/2010Receives First Term Sheet for Project Finance Bank Debt Faci...
1/7/2010Uranium Project 2009 Drilling Expands Centennial Deposit Min...
11/10/2009Announces Name Change and Share Consolidation
5/11/2009Receives Further Administrative Licenses and Approvals for C...
4/29/2009Closes Oversubscribed $8.56 Million Financing
4/3/2009Announces $6.25 Million Financing
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
10/24/2008on Operations
10/6/2008Confident Record Of Decision Will Be Quickly Corrected
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
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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