September 25, 2006
Sunshine Precious Metals Refinery Approved as Dubai Good Delivery
Vancouver, B.C., September 25, 2006 - Formation Capital Corporation (the “Company”, FCO-TSX),
is pleased to announce that its 100% owned Sunshine Precious Metals
Refinery (Sunshine) in Kellogg, Idaho was accepted for membership in the
Dubai Multi Commodities Centre (DMCC) on September 18, 2006. This means
that silver produced by the refinery is now accepted for good delivery
on both the DMCC and the Dubai Gold and Commodities Exchange (DGCX).
The DMCC was created by the Dubai government to establish a commodity
market place in Dubai. Rated ‘A’ by Standard & Poor’s, it provides
industry-specific market infrastructure and a full range of facilities
for the gold & precious metals, diamonds & coloured stones,
energy and other commodities industries.
The DGCX, the world’s newest online commodities derivatives exchange,
commenced trading on 22nd November 2005. It is the first international
commodities derivatives market in the Middle East region and, therefore,
the first in the critical time zone between the markets of Europe and
the Far East. The DGCX is a joint venture between the Dubai Multi
Commodities Centre (DMCC) — Government of Dubai, Financial Technologies
(India) Limited and Multi Commodity Exchange of India Limited (MCX).
Sunshine regards this as an important step forward. The company expects
that its first acceptance on an international precious metals exchange
will be followed in due course by memberships in other major exchanges.
Because the LME and COMEX require their members to have been in
production for at least three and five years respectively we will need
to wait before making application to those exchanges.
Since starting production in 2004, Sunshine has become firmly
established as a refiner and has shipped approximately 135 tons of
bullion grade 99.95 or better silver, all of which has met or exceeded
Formation Capital Corporation
Chairman and C.E.O.
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.
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