April 23, 2009
Record of Decision Affirmed for Formation Capital's Idaho Cobalt Project
Vancouver, B.C., April 23, 2009 - Formation Capital Corporation (“Formation”, FCO-TSX),
is pleased to announce that its wholly owned subsidiary, Formation
Capital Corporation, U.S. (the “Company”) has received notice from the
United States Department of Agriculture Salmon Challis National Forest
(the “Forest Service”) that the Record of Decision (ROD) issued in
January 2009 for the Company’s 100% owned Idaho Cobalt Project (the ICP)
has now been affirmed and that the relief sought in Xstrata plc’s
appeal of the project has been denied.
In a letter from the Forest Service’s Appeal Deciding Officer addressed
to the legal counsel of Xstrata’s subsidiaries Noranda Exploration Inc.
and the Blackbird Mining Co. Ltd., the Appeal Deciding Officer stated,
“After considering your issues and the project documentation, the Appeal
Reviewing Officer recommends the Forest Supervisor’s decision [the ROD]
be affirmed”. The letter continues, “After careful consideration of
the above factors, I affirm the Forest Supervisor’s decision to
implement the Idaho Cobalt Project. Your request for relief is denied.”
Relief was also denied for the one other appeal filed by an individual.
In a release issued today by the Forest Service, they stated, “This
action completes the administrative appeal process for the Agency and is
the culmination of an extensive effort involving FCC [Formation
Capital] and the Forest Service. With the affirmation by the Deputy
Regional Forester of my decision of January 2009, the final pathway for
the company to follow has been established”, stated Bill Wood, Forest
Supervisor of the Salmon-Challis National Forest.
“This is the last significant permitting hurdle we needed to cross to
move forward with the development of the project” stated Bill Scales,
President of Formation Capital Corporation, U.S.
Mari-Ann Green, CEO of Formation Capital Corporation, stated with
enthusiasm, “This is something we have been working on for a very long
time — something that countless local community members and
shareholders alike have been waiting for. Now it’s time to complete the
final details and create sorely needed jobs for the people of Idaho.”
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, 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
Head Office: 604-682-6229, Investor Relations: Email: email@example.com
- 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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