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Message: No Appeals Filed Against Formation's Idaho Cobalt Project NPDES Permit

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No Appeals Filed Against Formation's Idaho Cobalt Project NPDES Permit

posted on Mar 25, 09 04:57AM

March 25, 2009

No Appeals Filed Against Formation's Idaho Cobalt Project NPDES Permit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 25, 2009) - Formation Capital Corporation ("Formation") (TSX:FCO) is pleased to announce that its 100% owned subsidiary, Formation Capital Corporation, U.S. (the Company) has been informed by the U.S. Environmental Protection Agency, Region 10 (EPA) that no appeals were filed against the National Pollutant Discharge Elimination System (NPDES) permit for the Idaho Cobalt Project (ICP).

"This is a very significant and positive development for the project," stated Guy Jeske, General Manager for the ICP. "A great deal of the permitting process revolves around the issue of water quality. The Company's commitment to ensure the mine will have no effect on the quality of water in the basin is clearly evident here."

Bill Scales, President of the Company, added, "The NPDES permit is now final and cannot be appealed judicially. The NPDES permit is one of the three main items required by the Forest Service before the project can proceed. The second requirement is the final revision to the Plan of Operation, which will be completed after the Regional Forester upholds the Record of Decision for the ICP, expected towards the end of April. The third requirement is the placement of an appropriate reclamation bond, which is part of the mine financing."

As previously announced in a Formation news release dated February 11, 2009, the NPDES permit allows the Company to discharge treated water from the ICP to Big Deer Creek and outlines the terms and conditions necessary to ensure compliance. In addition, included with the NPDES permit is the Idaho Department of Environmental Quality (IDEQ) Final Section 401 Water Quality Certification stating that the terms and conditions of the NPDES permit comply with Idaho Water Quality Standards.

Once in production, Formation'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, catalysts for coal and gas to liquid technology, and batteries used in hybrid and electric cars. It will also provide close to 200 well paying jobs in Lemhi and Shoshone Counties in Idaho, and generate over US$8 million in tax revenues for the County, State and Federal governments. The Company trades on the Toronto Stock Exchange under the symbol FCO.

Formation Capital Corporation

Mari-Ann Green, C.E.O.

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