December 12, 2005
Poll Reveals Strong Local Support for Idaho Cobalt Project
Vancouver, B.C., December 12, 2005 - Formation Capital Corporation (Formation, FCO-TSX)
announced today that its wholly owned subsidiary, Formation Capital
Corporation, U.S., headquartered in Salmon, ID, reported that Lemhi
County residents overwhelmingly support a proposed new, multi-million
dollar underground cobalt mine 40 miles west of Salmon, according to a
recent survey of Lemhi County registered voters. Details of the survey,
conducted by nationally respected survey firm — Moore Information of
Portland, Oregon — were shared with Lemhi County Commissioners today.
The Idaho Cobalt Project would produce America’s only domestic supply of
cobalt, a critical metal important to modern technology in ways ranging
from hybrid automobiles to reducing pollution by assisting in the
production of cleaner burning fuels. Once operational, the mine will
employ 150 highly-paid workers and will generate a $9.5 million annual
payroll. The mine will pay more than $8 million in local, state and
federal taxes annually.
Mr. Bill Scales, President of Formation Capital Corporation, U.S., the
company developing the project, reported to the Commissioners that “We
are extremely gratified by the level of public support for the Idaho
Cobalt Project and we are committed to developing an environmentally
sensitive mine that will not disturb groundwater or nearby streams.
Cobalt is truly a ‘green metal’ and we are planning a mine that will
produce this strategic metal in a way that will strengthen Idaho and the
The telephone survey consisted of 300 interviews among a representative
sample of Lemhi county residents 18 years and older, with a margin of
error of plus or minus 6%. Some highlights included the fact that
economy and jobs was the single most important issue on the mind of
Lemhi county residents; some 43% saw agriculture as the most important
county industry, double that of the 21% who cited tourism; 69% of those
questioned considered mining to be important to the area with 24%
saying it wasn’t important.
The survey also indicated that 68% were aware of the Idaho Cobalt
Project and of those aware of it, it was favored by a margin of 77% to
7%. Additionally, of those aware 73% believed the mine could be
operated in an environmentally sound way as claimed by the project
sponsors, while 9% doubted the claim and 18% said they did not know.
Finally, after being read a set of facts about the project, those
favoring the project jumped to 84% with opposition dropping to 6%.
Lemhi County Commissioners were also presented with a draft of a
proposed “Good Neighbor Policy” from the company as an added expression
of the company’s determination to work closely with the community in all
stages of the project’s development and its operation.
“We hope the Commissioners and the community recognize how committed we
are to doing this project correctly and to working closely with the
community to alleviate any concerns anyone may have,” said Scales.
As a footnote, Scales pointed out that Moore Information, the survey
firm that conducted the research project, has extensive national and
Idaho experience. The firm has conducted research recently in Idaho
for, among others, the Idaho Conservation League and has polled
extensively in the past for current Idaho politicians.
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. Formation Capital
Corporation trades on the Toronto Stock Exchange under the symbol FCO.
Formation Capital Corporation
For further information please contact:
Formation Capital Corporation
1510 — 999 West Hastings Street
Vancouver, B.C. V6C 2W2
Investor Relations: Contact Encompass Communications toll free 877-566-6592
- Or visit our Web site at: www.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.
View the Previous
News Release:December 2nd, 2005, Formation Capital Corporation Gives Notice of Warrant Extension
View the main News Releases
View the Next
News Release:January 6th, 2006, Continued Successful Uranium Exploration Results from Virgin River Project