Biological Opinion Completed on Idaho Cobalt Project, Formation Hires Environmental Manager
Vancouver, B.C., May 22, 2008 - Formation Capital Corporation ("Formation", FCO-TSX,)
is pleased to announce that its wholly owned subsidiary, Formation
Capital Corporation, U.S. (the "Company") has been advised that the
Biological Opinions for its Idaho Cobalt Project ("ICP") have been
completed by National Oceanic and Atmospheric Administration and U.S.
Fish and Wildlife Service. The finalized reports are expected to be
received by the Company in a matter of days. The Biological Opinions
are the last documents required to finalize the Environmental Impact
Statement and Record of Decision for the ICP. The Company is developing
the ICP, a primary cobalt mine in Lemhi County, Idaho, and is currently
operating the Sunshine Refinery, part of the Big Creek
Hydrometallurgical Facility in Shoshone County, Idaho.
In addition, the Company is pleased to announce the appointment of Mr.
Preston F. Rufe as Environmental Manager for the Company's ICP. Mr.
Rufe brings exceptional leadership and technical abilities to the
Company with a wide range of professional experience in environmental,
geotechnical and civil engineering with the United States Air Force
("USAF"), and recently managed a branch of a top 100 ranked engineering
consulting firm. During his eight-year career with the USAF, he served
at bases in Alaska, Maryland, Ohio and Iraq. He held a variety of
progressively more responsible operational and technical positions,
including Deputy Chief, Environmental Planning & Integration,
Readiness Flight Chief, responsible for installation of emergency
management functions, and as second in command of a construction
engineer unit repairing damaged roads in Iraq. He has worked with
government and environmental agencies to administer the National
Environmental Policy Act (NEPA), which governs the permitting process
of the Company's ICP, and has designed and integrated technical
environmental air, water and soil project plans.
He is a licensed Professional Engineer and holds a Bachelor of Science
in Civil Engineering from the United States Air Force Academy, and a
Master of Science in Engineering Management of Applied Environmental
Science, from the USAF Institute of Technology. Mr. Rufe has further
education in the areas of Environmental Management Systems,
Environmental Planning, Programming and Budgeting, Writing NEPA
Documents, and Soil and Erosion Control.
Mr. Rufe will develop, direct and manage environmental programs,
monitoring and compliance activities and will represent the Company
with government agencies and in legislative activities. He will provide
technical guidance on environmental issues, develop and monitor budgets
and respond to developing regulatory and compliance issues. "Management
is extremely pleased to welcome Mr. Rufe to Formation's team",
commented Mari-Ann Green, Chairman and CEO of Formation Capital
Corporation, "His addition to our team is a testament of our commitment
to the environment and our long held belief that, with the right people
and policies in place, environmental stewardship and mining can
co-exist", she continued.
Formation Capital's Idaho Cobalt Project will provide the United States
with high purity super alloy grade cobalt metal required for critical
applications such as the construction of jet airplane engines, land
based turbines, high temperature gas to liquid technology, and
batteries used in hybrid and electric cars. 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, Investor Relations: Email: inform@formcap.com - Or visit our Web site at: formcap.com
