Canada Fluorspar Inc.

October 25, 2010 08:00 ET

Canada Fluorspar Receives Environmental Approval for Fluorspar Exploration in St. Lawrence, Newfoundland

TORONTO, ONTARIO--(Marketwire - Oct. 25, 2010) - Canada Fluorspar Inc. (TSX VENTURE:CFI) (the "Company") today announced that it has received environmental approval from the Government of Newfoundland and Labrador for the proposed development of the Company's St. Lawrence fluorspar deposits.

"We are extremely pleased with the province's environmental approval," noted Lindsay Gorrill, President and CEO of Canada Fluorspar Inc. "This is an important step in advancing Canada Fluorspar to the next stage of our stated objective of becoming a producing mine and mill and we look forward to updating all of our stakeholders in the months to come as we turn our attention to funding requirements and operational objectives."

The government's approval allows the Company to move forward into the next phases of its development including pilot plant work, permitting, engineering and design initiatives. All of these support a construction timeline commencing in the second half of 2011. 

The Company also announced that it has entered into an agreement with the Government of Newfoundland and Labrador for a $10 million interest-free loan in adherence to the proposed wharf development to enable shipment of Fluorspar concentrate from St. Lawrence. 

Canada Fluorspar is a specialty mineral company engaged in the development and production of fluorspar deposits.

Cautionary Note Regarding Forward-Looking Information:

This news release may contain forward-looking statements including but not limited to the future development of the St. Lawrence project, the Company's ability to meet the contemplated construction timeline, development of the proposed wharf and future updates to stakeholders from the Company regarding developments all of which may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give any assurance that such expectations will prove to be correct. Results of the Company may be affected by a variety of variables and risks including but not limited to obtaining the necessary permits and financing to continue the development of the St. Lawrence project and the proposed wharf. The Company must obtain future financing to continue the development of the St. Lawrence project and there is no guarantee or assurance that such financing shall be obtained. There is no guarantee or assurance that the development of the St. Lawrence project will ever be completed or put into operation. As such the future plans and objectives of the Company are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. The Company has, in part, relied on information, reports and forecasts provided by third parties involved in the industry and by the Company's management in estimating the contemplated construction timeline and planning the future development of the St. Lawrence project. Such information includes but is not limited to the necessary permits and operational steps to be taken in developing the St. Lawrence project, the timing required to obtain such permits or take such operational step, and the availability of capital to finance the development of the Company when needed and there is no assurance that the assumptions, forecasts or information relied upon by the Company are correct, or will not be affected by events or circumstances beyond the control of the Company. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, the Company does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.

"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

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