Essential Power…Infinite Possibilities

September 15, 2008

No Material Reason for Share Price Decline

Vancouver, B.C., September 15, 2008 Formation Capital Corporation (FCO-TSX), announces today that it is not aware of any material reason for today’s decline in its share price. Recent news releases dated September 08 and September 09, 2008, disclosing positive advancements on engineering and procurement and the granting of access for mining purposes across an adjacent property respectively, reflect the current status of the Company’s 100% owned Idaho Cobalt Project. Cobalt prices continue to be strong with current trades around US$36.50 per pound.

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
“Mari-Ann Green”
Mari-Ann Green,
C.E.O.

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: inform@formcap.com — Web: formcap.com

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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.
View the Previous News Release:
September 9th, 2008, Courts Grant Formation Capital Access Across Blackbird Mine Site to Mine Cobalt
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October 6th, 2008, Formation Capital Confident Record Of Decision Will Be Quickly Corrected