Formation Capital Corporation

Formation Capital Corporation

April 12, 2007 13:54 ET

Formation Capital CEO Encouraged by Outreach Efforts

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 12, 2007) - Formation Capital Corporation (Formation) (the Company) (TSX:FCO), owner of the Idaho Cobalt Project, reported today that its Chief Executive Officer, Mari-Ann Green, returned from an April 4th and 5th visit to Boise strongly encouraged about maintaining the schedule for obtaining its operating permits.

Following a lengthy meeting with a key representative of the Idaho Conservation League (ICL), Ms. Green stated, "We have made it a priority for this project to be truly environmentally compatible and one worthy of support from Idaho's conservation community. To that end we have held several meetings with the Idaho Conservation League to hear what their concerns are and commit to do our level best to appropriately address any issues or questions they have."

"It is probably too much to hope for that a conservation group would endorse a mining project, but even if we can maintain an open dialogue we have done much to move the review process forward," she added.

The Company's CEO indicated the ICL had raised six issues of interest and said the Company was busily working to address each one, confident this can be done to everyone's mutual satisfaction. "I honestly do not believe the ICL would have sat down with us a second time if they did not recognize our commitment to constructing and operating an environmentally sound project," she said.

While in Boise, she reported having had dinner with Canada's ambassador to the United States, the Honorable Michael Wilson, and was pleased to be able to brief the ambassador about the project, and she met with the editorial board of The Idaho Business Review.

Underscoring the importance the Company places on a solid public outreach effort, she also reported the President of their subsidiary, Formation Capital Corporation, U.S., Bill Scales, had met this past week with the Lemhi County Commission and with the City Council and Mayor of Salmon, where he presented both bodies with the Company's proposed "Good Neighbor Agreement".

Scales reported to the local elected bodies that the U.S. Forest Service had extended the comment period on the Draft Environmental Impact Statement 30 days and that the comment period would now close on May 24th.

"It is fairly common for the Forest Service to grant extensions. The important thing is that several U.S. Forest Service officials have told us they intend to stick to the previously announced schedule for a Record of Decision which is expected to come in late summer," Scales concluded.

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.

Formation Capital Corporation trades on the Toronto Stock Exchange under the symbol FCO.

Formation Capital Corporation

Mari-Ann Green, C.E.O.

The statements contained in this news release in regard to Formation Capital Corporation that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Formation Capital Corporation's beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that actual outcome and the actual results could differ from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate, commodity price and marketplace changes.

Contact Information

  • Formation Capital Corporation
    Mari-Ann Green
    (604) 682-6229
    (604) 682-6205 (FAX)
    Contact Encompass Communications
    Investor Relations
    Toll Free: 1-877-566-6592