Mining companies get help for ROADS in Quebec from Government.
Maybe the ONTARIO Government will be stepping forward in not the to distant future and making a similiar announcement for the ROF roads..
March 23, 2009
QUÉBEC ANNOUNCES FUNDING FOR THE
“ROUTE DES MONTS OTISH”
Stornoway Diamond Corporation (TSX-SWY) is pleased to report that in the recently released Québec provincial budget for fiscal year 2009-2010 an allocation of $698 million dollars has been set aside for two road infrastructure projects in the north of Québec, including the Route des Monts Otish from Chibougamau to the Otish Mountains. The Route des Monts Otish, now known as the Route 167 Extension, is the road development project designed to connect the communities of Chibougamau and Mistissini to the Renard Diamond Project by way of several other prospective mining projects and the proposed Albanel-Témiscamie-Otish Park. The Renard Diamond Project, contained within the Foxtrot Property, is a 50:50 joint venture between Stornoway and SOQUEM INC.
Matt Manson, President and CEO stated, “This announcement of major capital funding for the Route 167 Extension is a significant milestone in the development of the James Bay region of northern Québec. We welcome the proactive and expeditious approach taken by the Government of Québec in the provision of infrastructure support for the region, which will greatly assist the development of what we hope will become Québec’s first diamond mine.”
Mme. Monique Jérôme-Forget, Minister of Finance and the Minister responsible for Infrastructure, made this announcement in the context of a package of energy and infrastructure measures designed to confront the current economic recession within Québec and in the context of Québec’s recently announced “Plan Nord” (see Government of Québec Press Release). Currently, the Route 167 Extension project is the subject of a $1 million pre-feasibility study being carried out by Genivar Inc. under the auspices of Transport Québec. The results of the pre-feasibility study are expected within the second quarter of this year, whereupon a social and environmental impact assessment process is expected to commence.
