More good news from FCO...
posted on
Dec 17, 2008 04:29AM
The only high grade cobalt deposit in the Western hemisphere
Hello Guys,
Here's more news from Idaho....Let's get going!
Sincerely,
Long for Cash
Formation Receives Air Permit Pre-Construction Authorization
Wednesday December 17, 8:00 am ET
|
Having key personnel in place is a priority for successful construction and operation of the ICP, and the Company is pleased to announce the hiring of Mr. William Hasz for the position of Mine Superintendent. Mr. Hasz brings to the Company a strong engineering background and over 20 years experience in underground mining including mine development, underground systems development, production planning and scheduling and personnel management. He most recently served as Technical Services Manager and Chief Engineer for the Sunshine Mine in Northern Idaho. Mr. Hasz has a Bachelor of Science degree in Mining Engineering and is a member of the Society for Mining Metallurgy and Exploration. Guy Jeske, General Manager of the Company, commented, "we welcome Mr. Hasz to our team and look forward to his leadership in the development, construction, startup, and operation of our cobalt mine."
The timely purchase of long lead time items in preparation for the commencement of construction is a critical factor in the procurement process. Specialized equipment for the Idaho Cobalt Project's mine and mill operations continues to arrive at the Salmon, Idaho staging areas and, in the past two months, items received include: flotation cells, structural steel for the tram discharge and loading terminals, tram power unit, main power transformer, mill hydro-cyclones, ball mill shell and trommel screen, concentrator bridge crane and the concentrate scale. The tram ore bucket and accessories are scheduled to arrive by year end in preparation for production start-up.
The prevailing state of world-wide financial markets presents a challenging global mining environment in which to move the ICP forward. In response, Formation's management has taken significant proactive measures to reduce spending and institute cost saving measures wherever possible, including, but not limited to, release of outside contractors and engineering companies, cancellation of media spending, re-negotiation of outstanding supplier payables, eliminating and/or capping business travel, subleasing office space and a 15-30% company-wide wage rollback. Although markets are invariably cyclical and management remains optimistic about future economic conditions, these short term measures must be adopted to ensure that the Idaho Cobalt Project is not compromised and to allow Formation to thrive in its business transactions going forward.
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