January 8, 2008
Formation Capital Hires General Manager for Idaho Cobalt Project
Vancouver, B.C., January 8, 2008 - Formation Capital Corporation (the “Company”, FCO-TSX,)
is pleased to announce the appointment of Mr. Guy Jeske as General
Manager for the Underground Mine and Mill of the Company’s Idaho Cobalt
Project. Formation Capital is developing a primary cobalt mine in Lemhi
County, Idaho, and is currently operating the Sunshine
Hydrometallurgical Facility in Shoshone County, Idaho.
Mr. Jeske brings to Formation a wide range of operations and maintenance
experience in mining, crushing, and milling and possesses strong
business, environmental and management skills. He was most recently the
Vice President and General Manager for the Rochester mine in Nevada
owned and operated by Coeur d’Alene Mines Co. He has over 31 years of
mine management and explosives industry experience, including 11 years
with Cyprus Minerals including five years as Resident Manager of the
Yellowstone Talc Mine near Ennis, Montana and two tours of service at
Thompson Creek. He has a Bachelor of Science degree in geological
engineering and holds Professional Engineer’s licenses for mining
engineering in both Nevada and Michigan.
Mr. Jeske will manage the development of the mine and mineral processing
plant from final design through construction and operation. He will be
responsible for directing daily operations and the implementation of
goals, objectives, policies, procedures and work standards. Management
is very pleased to welcome Mr. Jeske to the Formation Capital team.
Formation Capital’s cobalt deposit is slated to provide the United
States with cobalt concentrates and premium grade superalloy cobalt.
Premium grade superalloy cobalt is necessary for construction of jet
airplane engines, batteries for hybrid and electric cars, high
temperature gas turbines, and batteries for computers and other high
technology uses. It is estimated that the U.S. currently consumes
approximately 20% of the world’s cobalt and more importantly,
approximately 60% of the high purity material, but does not have any
domestic source of superalloy cobalt or cobalt concentrates.
Approximately 80% of the world’s premium superalloy cobalt supply is
controlled by one privately owned Swiss company.
Formation Capital Corporation
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
- 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.
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News Release:January 9th, 2008, Completed Biological Assessment Significantly Advances Permitting on Idaho Cobalt Project