Formation Capital Receives Annexation Approval for Staging Property
Vancouver, B.C., April 02, 2008 Formation Capital Corporation (FCO-TSX),
has been informed by its wholly owned subsidiary, Formation Capital
Corporation, U.S. ("the Company") located in Salmon, Idaho, that the
Salmon City Council has given its official final approval to the
annexation of property that will be used as a personnel and materials
transfer site by the Company for its Idaho Cobalt Project. The
annexation allows the Company to use Salmon City services such as water
and sewer, thus precluding the need for water well and septic permits.
Located on the outskirts of Salmon, the property was purchased last
year to provide an efficient staging area for the off-loading of future
mine concentrate for transportation to a suitable facility for
processing into high purity cobalt metal. The 9,600 square foot
building is ideally located on a 3 acre lot in a Highway Commercial
Zoning Area off of paved Highway 93 South. The required Annexation and
Zoning Ordinances passed the third reading at the March 05, 2008, City
of Salmon council meeting. The council also approved associated formal
agreements between the Company and the City of Salmon.
In a related matter, the Salmon City Council approved a letter of
support for the Idaho Cobalt Project to be sent to Salmon/Challis
National Forest Service.
"The approval of the annexation and the letter of support for the
project by City Council clearly demonstrate local government support
for the Idaho Cobalt Project" said Mari-Ann Green, Chairman and CEO of
Formation Capital Corporation. "We are gratified to see the town behind
us on this project and we are working closely with the Forest Service
to get final approval for the mine. Our goal is to commence
construction as soon as possible and create some welcome, long-term
jobs for locals in the area."
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
Tel: 604-682-6229 - Email: inform@formcap.com -- Web: formcap.com
