Strateco Resources Inc.
OTC Bulletin Board : SRSIF
FRANKFURT : RF9
TSX : RSC
November 11, 2009 09:02 ET
Strateco Resources Inc.: Another Important Step Forward for Strateco's Matoush Uranium Project
MONTREAL, QUEBEC--(Marketwire - Nov. 11, 2009) - Strateco Resources Inc. ("Strateco")(TSX:RSC)(FRANKFURT:RF9)(OTCBB:SRSIF) is pleased to announce that another important step has been taken for the Matoush uranium project, located 275 km north of Chibougamau, in Quebec's Otish Mountains.
On November 6, 2009, Strateco filed the Environmental Impact Study and all technical documentation concerning the application for the licence required to start the underground exploration work for the Matoush uranium project feasibility study.
The Environmental Impact Study can be consulted, starting November 16th, on the Canadian Environmental Assessment Agency website (http://www.ceaa-acee.gc.ca/default.asp?lang=En&n=1ED9DF1A-1) and at the regional office of Quebec City, the Mistissini Counsel and the municipal library of Chibougamau.
Furthermore, the technical documentation related to the Licence Application can be reviewed at the Canadian Nuclear Safety Commission (CNSC) offices in Ottawa and Saskatoon.
Field work for the Environmental Impact Study began in May 2007. In July 2008, Strateco presented the "Project Description" to the Evaluation Committee (COMEV), which manages the James Bay Northern Quebec Agreement. COMEV is composed of federal, provincial and Cree representatives. In February 2009, Strateco received a multilateral Guideline from the federal (COFEX) and provincial (COMEX) regulatory authorities and the CNSC.
Following this Guideline, Strateco and its technical counsellors prepared the Environmental Impact Study, which was filed on Friday, November 6, 2009. The study took 29 months to prepare and cost approximately $4.5 million.
The regulation stipulates that in 45 days (which will likely be postponed until early January), Strateco is to present the Matoush project and the conclusions of the Environmental Impact Study at a public hearing in Chibougamau and Mistissini. Following the presentation, residents and the general public will have 30 days to comment on the Environmental Impact Study.
The federal review panel (COFEX) and provincial review committee (COMEX) could render their decision on the second public hearing day or in the days that follow.
In terms of the CNSC Licence Application, Strateco filed a first application in November 2008. Strateco received guidelines and comments from the CNSC on this application in March 2009. The Licence Application filed on November 6, 2009, takes into account all the guidelines and comments received from the CNSC.
Studies and detailed engineering for the licence application started in 2007 and have cost $5.1 million to date. Strateco will be informed in the next few weeks of the CNSC timetable, which is also regulated and takes into account the Environmental Impact Study.
One of the environmental impact study conclusions concerning the risk for the ecosystem and human health states that: "...according to the results, it appears that radiological and non-radiological contaminants of potential concern will not pose adverse effects on selected valued components of the ecosystem and on human health. Natural concentrations of certain elements in water, soil and sediments already exceed existing criteria. It has been determined that an increase in concentrations due to the project would be negligible."
Guy Hebert, President and CEO of Strateco, made the following comment on the Matoush project (press release dated September 17, 2009): "The Otish Mountains area of Quebec is on its way to becoming a major uranium mining camp, and our Matoush project is the heart of this. When we acquired the property in 2006, no mineral resource had been identified, and we had set ourselves the goal of delineating 15 to 20 million pounds of U3O8 to justify commercial production of 2 million pounds U3O8 per year for 8 to 10 years. We reached that resource goal very quickly. Furthermore, the mineralization on the Matoush property has one of the highest average grades in the world.
Given the currently-available information and the drilling program presently underway, which will likely exceed 120,000 metres over the next two years focused on the Matoush structure, our objective is now to determine the possibility of reaching 60 million pounds of U3O8."
This news release has been approved by Jean-Pierre Lachance, Geol., Executive Vice President of Strateco Resources Inc., who is the qualified person as defined in National Instrument 43-101.
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, and actual results and future events could differ materially from those implied by such statements. These risks and uncertainties are discussed in the annual report filed with the securities commissions of Alberta, British Columbia, Ontario and Quebec and in the 10-K annual report filed with the US Securities and Exchange Commission.