Formation Capital Hires General Manager for Idaho Cobalt Project
Vancouver, B.C., January 8, 2008 - Formation Capital Corporation (the "Company", FCO-TSX,)
is pleased to announce the appointment of Mr. Guy Jeske as General
Manager for the Underground Mine and Mill of the Company's Idaho Cobalt
Project. Formation Capital is developing a primary cobalt mine in Lemhi
County, Idaho, and is currently operating the Sunshine
Hydrometallurgical Facility in Shoshone County, Idaho.
Mr. Jeske brings to Formation a wide range of operations and
maintenance experience in mining, crushing, and milling and possesses
strong business, environmental and management skills. He was most
recently the Vice President and General Manager for the Rochester mine
in Nevada owned and operated by Coeur d'Alene Mines Co. He has over 31
years of mine management and explosives industry experience, including
11 years with Cyprus Minerals including five years as Resident Manager
of the Yellowstone Talc Mine near Ennis, Montana and two tours of
service at Thompson Creek. He has a Bachelor of Science degree in
geological engineering and holds Professional Engineer's licenses for
mining engineering in both Nevada and Michigan.
Mr. Jeske will manage the development of the mine and mineral
processing plant from final design through construction and operation.
He will be responsible for directing daily operations and the
implementation of goals, objectives, policies, procedures and work
standards. Management is very pleased to welcome Mr. Jeske to the
Formation Capital team.
Formation Capital's cobalt deposit is slated to provide the United
States with cobalt concentrates and premium grade superalloy cobalt.
Premium grade superalloy cobalt is necessary for construction of jet
airplane engines, batteries for hybrid and electric cars, high
temperature gas turbines, and batteries for computers and other high
technology uses. It is estimated that the U.S. currently consumes
approximately 20% of the world's cobalt and more importantly,
approximately 60% of the high purity material, but does not have any
domestic source of superalloy cobalt or cobalt concentrates.
Approximately 80% of the world's premium superalloy cobalt supply is
controlled by one privately owned Swiss company.
Formation Capital Corporation
"Mari-Ann Green"
Mari-Ann Green
C.E.O.
For further information please contact:
Formation Capital Corporation, 1510 -- 999 West Hastings Street, Vancouver, BC, V6C 2W2
Head Office: 604-682-6229, Investor Relations: Contact Encompass Communications toll free 1-877-566-6592
Email: inform@formcap.com - Or visit our Web site at: formcap.com
