September 8, 2008
Idaho Cobalt Project 78% Complete on Engineering and Procurement for Mine and Mill
Vancouver, B.C., September 08, 2008 Formation Capital Corporation (FCO-TSX)
has been provided an update by its wholly owned subsidiary, Formation
Capital Corporation, U.S. (“the Company”) regarding the engineering and
procurement status of its 100% owned Idaho Cobalt Project (ICP) located
near Salmon, Idaho.
Engineering and procurement for the ICP is being conducted by Samuel
Engineering, Inc. (Samuel) with construction management under the joint
direction of Samuel and MTB Project Management Professionals, Inc.
(MTB). In addition, civil design for roads and portal bench is being
conducted by Telesto Solutions, Inc. (Telesto).
Samuel reports detailed design, engineering and procurement for the
surface facilities is steadily progressing with 78% completed as at July
31, 2008. Engineering activities include: concrete and steel design,
piping and instrumentation diagrams, paste backfill plant design, piping
system design, electrical one-line diagrams, and instrumentation work.
Samuel also reports that almost all major equipment has been purchased
and is either under fabrication or has arrived at the Company’s staging
area in Salmon, Idaho. Equipment secured at staging area includes: the
crusher and concentrator buildings, tram track cables, tram bull wheel,
tram towers, ore and rock hoppers, vibratory feeders and batch loader.
Equipment in fabrication / storage / transit includes: ball mill
rubber liners, tram components, bridge crane, flotation cells, ball mill
shell and other components, concentrator filter, main transformer and
mine dewatering sump pump.
After much process optimization and process and equipment evaluation,
detailed engineering on the modifications at the Company’s
hydrometallurgical facility near Kellogg, Idaho is now 25% complete.
Engineering activities include: process flow diagrams final revision
and process design (complete), piping and instrumentation diagrams, mass
balance (being finalized), equipment specifications (70% complete),
magnesium hydroxide and nickel hydroxide circuit design (finalized).
Management is pleased with the progress of the engineering and
procurement for the ICP and hydrometallurgical facility and continues to
work closely with Samuel Engineering, Inc. and MTB Project Management
Professionals Inc. to advance the project.
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
For further information please contact:
E.R. (Rick) Honsinger, P.Geo. V.P. Corporate Communications, Formation Capital Corporation
1730 - 999 West Hastings Street, Vancouver, BC, V6C 2W2
Tel: 604-682-6229 - Email: email@example.com - Web: 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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