VANCOUVER, BRISTISH COLUMBIA -- (Marketwired) -- 07/12/13 -- Formation Metals Inc. (TSX: FCO) ("Formation" or the "Company") is pleased to provide an update on the Idaho Cobalt Project as well as an update relating to the potential sale of Formation's Sunshine Precious Metals Refinery at the Big Creek Hydrometallurgical Complex.
The Idaho Cobalt Project continues to be the Company's primary focus. With cobalt prices rising 52% since bottoming in December 2012, this project warrants renewed attention. Operations at the ICP site were substantially restricted to preserve cash in early 2013; however, the permits are being maintained and staff continue to work with governmental agencies to remain in compliance. Maintenance is ongoing to the mining and milling equipment situated at the Company's warehouses and lay-down yards. The Company is also initiating surface environmental actions such as road armor protection, log chipping, water testing and sediment control. Optimization studies continue with the goal of reducing both capital and operating costs once a decision to proceed with underground development is made.
Following the recently announced termination by the Company of the sale of the Sunshine Precious Metals Refinery to certain entities associated or affiliated with Waterton Global Resource Management, Inc., the Company is pursuing alternative, superior potential transactions and is assisting potential buyers with their due diligence efforts.
Formation is a well-established mineral exploration, development and refining company that owns 100% of a fully permitted primary cobalt deposit located in Idaho which has been prepared for the commencement of underground development, pending additional mine financing. Formation has additional interests in base, precious metal and uranium projects in Canada, the United States and Mexico. Formation 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 Metals Inc.
Mari-Ann Green, CEO
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Generally, forward-looking statements can be identified by the use of forward- looking terminology. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Further information on the Company is available at www.sedar.com.
The statements contained in this news release in regard to Formation Metals Inc. that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Formation Metals Inc.'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.
Formation Metals Inc.
E.R. (Rick) Honsinger, P.Geo.
V.P. Corporate Communications
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