Administrative Licenses and Approvals for Cobalt Project

Administrative Licenses and Approvals for Cobalt Project

VANCOUVER, BC – Formation Capital Corporation has reported an update by its wholly owned subsidiary, Formation Capital Corporation, U.S. regarding the remaining administrative licenses and approvals for the 100% owned Idaho Cobalt Project (ICP) located near Salmon, Idaho. Subsequent to the United States Department of Agriculture, Salmon Challis National Forest (Forest Service) upholding the Record of Decision (ROD) and the successful finalization of the National Pollutant Discharge Elimination System (NPDES) Permit by the United States Environmental Protection Agency, other administrative licenses and approvals required for mine construction and mining operations of the ICP are now being finalized by the responsible authorities. Preston Rufe, Environmental Manager, Formation Capital Corporation, U.S., said, "These approvals were expected and are being received on schedule. We are very pleased with this continued progress."

The recently received licenses, approvals and certifications were issued by the Idaho Department of Environmental Quality (IDEQ), Idaho Department of Water Resources (IDWR) and the United States Army Corps of Engineers (USACE). These approvals include an Air Quality Permit to Construct and a Clean Water Act Section 401 Certification issued by the IDEQ, a Stream Channel Alteration Permit issued by the IDWR, and a Section 404 Nationwide Wetlands Permit issued by the USACE. The IDEQ’s Air Quality Permit demonstrates any potential effects the ICP may have on air quality fall within IDEQ standards, while the remaining approvals certify that the Company now has the requisite authorizations to construct the treated water discharge pipeline for the ICP.

Bill Scales, President, Formation Capital Corporation, U.S., stated, "We will continue to work in conjunction with responsible agencies to secure all authorizations necessary for the timely advancement of the ICPÓ

The company’s address is Suite 1730, 999 West Hastings Street Vancouver, BC V6C 2W2, (604) 682-6229, fax: (604) 682-6205.