Strateco Resources Inc.
OTC Bulletin Board : SRSIF
FRANKFURT : RF9
TSX : RSC

Strateco Resources Inc.

November 26, 2010 08:56 ET

Strateco Recieves Strong Support at Public Hearings on the Matoush Uranium Project

BOUCHERVILLE, QUEBEC--(Marketwire - Nov. 26, 2010) - Strateco Resources Inc. ("Strateco") (TSX:RSC)(FRANKFURT:RF9)(OTCBB:SRSIF) is pleased to announce that it received strong support at public hearings held in Mistissini and Chibougamau on November 23 and 25 in relation to the underground exploration phase of the Matoush project. Nearly 50 people, organizations, companies and local and regional authorities confirmed their support for the project in letters, briefs and presentations.

One of the supporters who tabled a brief in favour of the Matoush project was the Conférence régionale des élus de la Baie-James ("CREBJ"), whose members include Luc Ferland, the Member of National Assembly for Ungava (Quebec), Manon Cyr, mayor of Chibougamau and Steve Gamache, mayor of Chapais, stressing the importance for Strateco to obtain the Cree Nation of Mistissini's support. The CREBJ represents the population of the James Bay territory, meaning the more-than 14,000 residents of Chapais, Chibougamau, Lebel-sur-Quévillon and Matagami, as well as the Municipality of James Bay, made up of the communities of Radisson, Valcanton and Villebois. The James Bay territory covers a surface area of 350,000 km2.

Strateco also received the support of tallymen and Cree families whose trap lines are located in the vicinity of the Matoush project, in the Otish Mountains. The representative of the Coonishish family, whose trap line covers infrastructures and ore body of the Matoush project, has stated his support for the project during the public hearing held in Chibougamau, on behalf of his extended family. Their support is crucial to the development of the Matoush project, which lies on Category III lands. The James Bay and Northern Quebec Agreement ("JBNQA") created a territorial system under which Category III lands are "Quebec public lands" where Aboriginal peoples "have exclusive rights to the harvesting of certain aquatic species and fur-bearing animals" (INAC, 2009).

At the public hearing in Mistissini, the chief of the local community, Richard Shecapio, indicated that the community does not support the Matoush project. Strateco intends to develop and deepen relations with the Mistissini Cree in order to respond appropriately to their concerns and eventually secure their support. The Grand Council of the Crees did not formulate a position at the public hearings.

The Mistissini and Chibougamau public hearings were a forum for the commissioners of the federal review panel ("COFEX-South") and the provincial review panel ("COMEX") to assess differing views on the Matoush project. The hearings were the final stage of the public review process for the environmental impact study on the underground exploration phase of the Matoush project. A public presentation on the technical aspects of the project, led by the CNSC, will follow. Assuming it obtains a licence, Strateco plans to begin its underground exploration program in mid 2011.

Matoush Uranium Project

The Matoush uranium project, today considered one of the highest-grade uranium projects in the world, was started by Strateco in 2006. It is located in Otish Mountains of Quebec, about 275 km north of Chibougamau and 210 km north-east of Mistissini. Strateco intends to become the first company in Quebec and the first so-called junior company in Canada, during the present cycle, to move ahead with a uranium exploration project involving underground exploration. Due to the tremendous potential of its Matoush project, Strateco is aiming for commercial production in 2013/2014.

Contact Information