Formation Capital Receives Water Right Permit for Idaho Cobalt Project
Vancouver, B.C., March 13, 2008 Formation Capital Corporation (FCO-TSX),
announced today its wholly owned subsidiary, Formation Capital
Corporation, U.S. ("the Company") located in Salmon, Idaho, has
received a Water Right Permit from the Department of Water Resources of
the State of Idaho for its proposed 100% owned Idaho Cobalt Project.
The Company is very pleased with this latest advancement as it
represents a significant development in the overall permitting process
for the project.
The permit will allow the Company to appropriate water from the Ram
deposit which will be used in the milling process. Specifically, it
allows the Company to pump water from the Ram deposit to the mill site,
where it will be used in the milling and froth flotation circuits to
produce a cobalt / copper concentrate. The concentrate will then be
shipped to the Company's 100% owned Big Creek Hydrometallurgical
facility, located in northern Idaho, for processing into high purity
end product cobalt and copper metals.
Engineering studies indicate the amount of water that will be pumped
from the Ram workings will be more than adequate to satisfy the milling
and concentrating requirements. In addition, the permit allows for the
appropriation of water from the Sunshine Deposit, which is currently
not considered in the Bankable Feasibility Study, as well as two
locations on the Big Flat area where the millsite and other ancillary
facilities will be located. Unused water will be treated and discharged
in accordance with all state and federal water quality standards to
will ensure no measurable impact to surface waters.
"The issuance of this permit is a welcome move that demonstrates clear
progress in the permitting of the project." said Mari-Ann Green,
Chairman and CEO of Formation Capital Corporation. "As the first of the
permits needed to open the Idaho Cobalt Project, this is a significant
milestone. We are working hard to see the remaining permits issued in
time to begin mine construction this coming season."
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
1510 -- 999 West Hastings Street, Vancouver, BC, V6C 2W2
Head Office: 604-682-6229
Email: inform@formcap.com - Or visit our Web site at: formcap.com
