Strateco Resources Inc.
TSX : RSC
FRANKFURT : RF9

Strateco Resources Inc.

October 29, 2013 08:31 ET

Strateco Lifts Stay of Proceedings Against Minister Yves Francois Blanchet

BOUCHERVILLE, QUÉBEC--(Marketwired - Oct. 29, 2013) - Strateco Resources Inc. ("Strateco") (TSX:RSC)(FRANKFURT:RF9) announced today that it intends to resume legal proceedings against Quebec's Minister of Sustainable Development, the Environment, Wildlife and Parks (the "Minister") after agreeing on August 15, 2013, to stay the proceedings.

The Company agreed to stay the legal proceedings at the Minister's request for a 30-day period following the filing of Strateco's observations on the granting of the certificate of authorization for the Matoush underground exploration program. The document sent to the Minister with Strateco's observations can be found on the Company's website (www.strateco.ca).

Despite the filing of these observations on September 20, 2013, and the expiry of the agreed stay period, the Minister has still not rendered a decision on the granting of the certificate of authorization being sought by Strateco.

Strateco is therefore picking up where it left of with its legal action against the Minister. The action will first aim to challenge the Minister's motion of July 15, 2013, to dismiss the mandamus proceedings. Strateco will then continue with its action to obtain an order for the issuance of the certificate of authorization for the Matoush project, as mentioned in its amended petition for mandamus.

Strateco has been awaiting a decision from the Minister for over two years, since August 2, 2011. This period has been characterized by losses of well-paid jobs (85 layoffs), as well as substantial uncertainty surrounding the $125 million already injected into Quebec by the Company through its investors. The granting of this certificate of authorization for the advanced exploration phase of the Matoush project would create 180 direct jobs.

This news release contains "forward-looking statements" subject to certain risks and uncertainties. There can be no assurance that these statements will prove to be correct. Actual results and future events could differ significantly from those implied by such statements. These risks and uncertainties are discussed in Strateco's annual information form filed with the securities commissions of British Colombia, Alberta, Ontario and Quebec.

Contact Information

  • STRATECO RESOURCES INC.
    Guy Hebert
    President & Chief Executive Officer
    450.641.0775 or 1.866.774.7722
    450.641.1601 (FAX)
    ghebert@strateco.ca

    Jean-Pierre Lachance
    Executive & Exploration Vice President
    450.641.0775 or 1.866.774.7722
    450.641.1601 (FAX)
    jplachance@strateco.ca
    www.strateco.ca