Orbite Aluminae Inc.
TSX : ORT

Orbite Aluminae Inc.

November 29, 2011 17:52 ET

CORRECTION/Orbite to Host a Webcast Conference Call on Wednesday November 30 at 11:00 AM ET to Discuss the Results of the PEA on its Planned Smelter Grade Alumina Plant

MONTREAL, QUEBEC--(Marketwire - Nov. 29, 2011) - This document corrects and replaces the release that was send earlier today at 5:22 PM EST.

Orbite Inc. ("Orbite") (TSX:ORT) will host the conference call on Wednesday November 30 at 11:00 AM Eastern time to discuss the results of the Preliminary Economic Assessment on its planned Smelter Grade Alumina Plant. Given the overwhelming level of interest from investors, the preferred way is to connect to the webcast at www.orbitealuminae.com . A limited number of lines will be open for a short Q & A period following the presentation.

About Orbite

Orbite owns 100% of the mining rights on approximately 6,441 hectares of a Grande-Vallée property, the site of an aluminous clay deposit located 23 km to the south of Grande-Vallée, and a 2 600 sq. m. full scale pilot plant in Cap Chat, in the Gaspé region. The NI 43-101 report issued in August 2011 has identified an Indicated Resource of about 1 Billion tonnes of aluminous clay in part of the deposit. The Company also owns the intellectual property rights to a unique Canada and U.S.-patented process for extracting alumina from aluminous ores and for which patents are also pending in other countries. www.orbitealuminae.com

Regulation 43-101 and forward-looking statements

The Preliminary Economic Assessment ('PEA') referred to herein constitutes a "preliminary economic assessment" within the meaning of Regulation 43-101 respecting standards of disclosure for mineral projects (Québec) ("Regulation 43-101"). All references contained in this PEA pertains only to the production of smelter grade alumina (SGA) (including projected daily production levels) and the production of other resources, including rare earths, and have been made by assuming that the technical, financial and economic feasibility of such operations will be further demonstrated. No preliminary feasibility study, pre-feasibility study, nor a feasibility study pursuant to the requirements of Regulation 43-101 has been completed to date.

Certain information contained in this document may include "forward-looking information", particularly regarding the daily production of the projected plant described in this PEA, the anticipated cost of the construction of such plant producing SGA and other resources including rare earths. Without limiting the foregoing, the information and any forward-looking information may include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management's Discussion and Analysis ( MD&A) entitled "Risk and Uncertainties" as filed on November 14, 2011 on SEDAR, and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws. As for projected dates of beginning of operations, namely the year 2013 for the SGA production plant projected to be put into service, this date is an objective and that many steps (feasibility study, financing, environmental and government authorizations and other important an usual conditions) remain before confirming any particular schedule. Notwithstanding the PEA, no independent study has confirmed the feasibility of putting the production plant described herein into service according to the projected dates and its projected financial and economic performance.

Readers are invited to consult the Report on the Geological Study prepared in conformity with Regulation 43-101 and the Annual Information Form of the Corporation, both amended and restated and respectively filed on August 21 and 25, 2011 and the Management's Discussion and Analysis filed on November 14, 2011 which are available at www.sedar.com or on the Corporation's website at www.orbitealuminae.com.

Contact Information

  • MEDIA
    Frederic Berard
    Vice-President
    HKDP Communications and public affairs
    514-395-0375, ext. 259

    INVESTOR RELATIONS
    Louis Morin
    Investor Relations
    514-591-3988

    Jason Monaco
    Managing Partner
    First Canadian Capital Corp.
    416-742-5600

    Nicole Blanchard
    Investor Relations
    Sun International Communications
    450-973-6600

    Jacques Bedard
    Vice-President Finance and Chief Financial
    Orbite Aluminae Inc.
    514-744-6264