Strateco Resources Inc.

Strateco Resources Inc.

June 08, 2012 19:00 ET

Strateco Resources Inc./Public Hearings: The Licencing Process for the Matoush Project Underground Exploration Program Draws to a Close

BOUCHERVILLE, QUEBEC--(Marketwire - June 8, 2012) - Strateco Resources Inc. ("Strateco") (TSX:RSC)(FRANKFURT:RF9) announced today that the public hearings stage held in Mistissini and Chibougamau on June 5 and 7 was the final step in the Canadian Nuclear Safety Commission ("CNSC") licencing process for the underground exploration program at the Matoush uranium project, located in the Otish Mountains of northern Quebec.

At the public hearings, Strateco received the support of James Bay elected officials, while the Cree Nation of Mistissini reiterated its opposition to the advanced exploration program and called for a moratorium on uranium mining and exploration.

The CNSC held the public hearings to review Strateco's application for a site preparation and construction licence for the Matoush project underground exploration program. Some 90 submissions were filed with the CNSC by individuals, organizations and various authorities from, amongst others, the communities of Mistissini, Chibougamau and Chapais, the province of Québec and Canada.

Strateco fully appreciates the position taken by the Cree Nation of Mistissini, which was clearly expressed during the public hearings and was supported by the Grand Council of the Crees. Strateco therefore plans to meet with Cree authorities to discuss, among other things, the next steps and the implementation of the communication and information agreement. It is worth recalling that this four-year agreement was signed by Mistissini and Strateco on December 23, 2011, and reflects the stakeholders' willingness to develop and implement a communication strategy to promote dialogue regarding the advanced exploration and development of the Matoush project. Strateco still wishes to work jointly with the Crees, with due respect for each other's values and the laws governing the territory surrounding the Matoush project.

The CNSC Tribunal is now in deliberations regarding the granting of the licence for the underground exploration phase of the Matoush project. The decision and the reasons for the decision are usually published within six weeks of the public hearings, but in the case of the Matoush project, no decision should be expected before 60 days.

The provincial administrator of the James Bay and Northern Quebec Agreement must also render her decision on whether or not to approve the Matoush project underground exploration program.

The CNSC will only issue a licence if it is convinced that the proposed installation in no way threatens the health and safety of persons or the environment. In this regard, CNSC staff concluded that "the project, as described, poses a low overall risk to health, safety and the environment. The proposed activities and related risks are similar to those normally encountered in conventional mining. Mining development would be for the most part through clean rock."

CNSC staff further concluded that Strateco "is qualified to carry on the activity authorized by the licence and that the applicant will, in carrying out that activity, make adequate provision for the protection of the environment, the health and safety of persons and the maintenance of national security."

CNSC staff recommended that the Commission accept their assessment and conclusions and approve the issuance of a five-year licence for site preparation and construction of an underground ramp.

Once the licence has been issued, CNSC staff will establish a compliance program that includes verification, promotion and enforcement to ensure that Strateco, as a new licensee, is in compliance with the licence and the licence conditions.

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 the annual report 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)

    Strateco Resources Inc.
    Jean-Pierre Lachance
    Executive & Exploration Vice President
    450-641-0775 or 1-866-774-7722
    450-641-1601 (FAX)

    Strateco Resources Inc.
    Jason Roy
    Investor Relations Consultant
    647-780-2837 or 514-240-7662