Boss Power Receives Statement of Defence in Lawsuit Against Province of British Columbia
Province Claims Uranium and Thorium Reserve Does not Apply to Blizzard Property
Vancouver, B.C. - Monday, December 1st , 2008: Boss Power Corp. (TSX.V: BPU) reports that the Company has now received the Statement of Defence of the Government of British Columbia in response to our action in the Supreme Court of British Columbia which alleged that the Province prevented the company from developing the Blizzard Uranium Property by imposing an Uranium and Thorium Reserve under the Mineral Tenure Act on April 24th, 2008. The Statement of Claim sought compensation for expropriation and damages.
The Statement of Defence filed by the Province on Friday, November 28th, 2008 states that as the Blizzard Property claims were registered prior to the Uranium and Thorium Reserve Regulation coming into effect, the Regulation does not apply to the Blizzard Property and "does not affect the rights, titles or interests of the Plaintiffs in any way."
President Randy Rogers noted: "The Uranium and Thorium Reserve was declared by the Government of British Columbia within days of the Company having applied for work permits for the 2008 field season. Our Notice of Work application was received by the Cranbrook field office of the Minister of Energy, Mines and Petroleum Resources on April 21st, 2008 following a series of meetings between Boss Power management and senior provincial officials up to the Assistant Deputy Minister level in which we were assured that our permit applications would be processed in a fair and transparent manner."
"We have now lost the opportunity to conduct an orderly exploration program on the Blizzard Property in the 2008 field season and we have not for the past seven months had even the courtesy of a response to our application for work permits. If the Province of British Columbia intends to market itself to the world as a 'mining-friendly' jurisdiction they certainly appear to be falling seriously short of the mark."
"The Province's position that the Uranium and Thorium Reserve does not now apply to our project is in direct conflict with the government's own news release on the Reserve and begs the question: if the Reserve doesn't apply to us, where are our work permits?"
Boss Power Corp. remains committed to the exploration for uranium as an alternative energy source to promote the reduction of greenhouse gases.
Forward Looking Statements:
Some of the statements in this news release may contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Boss Power Corp. Actual results may differ materially from those currently anticipated in such statements.
About Boss Power Corp:
Boss Power Corp. is a Canadian public company currently focused on the exploration and development of the Blizzard Uranium Deposit in British Columbia. Boss Power is actively seeking other exploration opportunities worldwide. Boss Power's shares trade under the banner BPU on the TSX Venture Exchange (TSX-V).
The Blizzard deposit is a well-known historically reported uranium resource and the subject of a NI 43-101 compliant Technical Report dated November 15, 2006 (revised on February 23, 2007 and May 30, 2007). The Blizzard deposit was the subject of a detailed engineering evaluation by Kilborn Engineering in the late 1970's, based on a total of 21,184 metres of drilling in 478 reverse circulation and diamond drill holes.
The Kilborn Engineering Feasibility Study generated an historical reserve calculation of 2.2 million tonnes grading 0.214 percent U3O8, at a cut-off grade of 0.025% U3O8 and including a 15% mining dilution (for an estimated 10.4 million pounds of U3O8). This was re-classified into an indicated and inferred resource to reflect current usage as the Kilborn Engineering Feasibility Study is not in compliance with NI 43-101. Readers are cautioned that Boss Power has not undertaken any independent verification of the data on which the Kilborn resource is based, or the feasibility results, hence the results should not be relied upon.
Qualified Person:
Randy Rogers, M.Sc., P.Geol. a "Qualified Person" for the purposes of National Instrument 43-101, Standards for Disclosure for Mineral Projects of the Canadian Securities Administrators, and the President and Chief Executive Officer of Boss Power, has verified the data disclosed herein and supervised the preparation of the information that forms the basis of the disclosure contained in this news release.
For additional information, please visit Boss Power's website at www.bosspower.ca
On Behalf of the Board of Directors
BOSS POWER CORP.
"Randy Rogers"
Randy Rogers, M.Sc., P.Geol,, President & CEO
Phone: 250-558-8952
Email: r.rogers@bosspower.ca
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.