VANCOUVER, BC - Formation Capital Corporation reported that its wholly owned subsidiary, Formation Capital Corporation, U.S. has received notice from the United States Department of Agriculture Salmon Challis National Forest that the Record of Decision (ROD) issued in January 2009 for the Company's 100% owned Idaho Cobalt Project (the ICP) has now been affirmed and that the relief sought in Xstrata plc's appeal of the project has been denied.
In a letter from the Forest Service's Appeal Deciding Officer addressed to the legal counsel of Xstrata's subsidiaries Noranda Exploration Inc. and the Blackbird Mining Co. Ltd., the Appeal Deciding Officer stated, "After considering your issues and the project documentation, the Appeal Reviewing Officer recommends the Forest Supervisor's decision (the ROD) be affirmed." The letter continues, "After careful consideration of the above factors, I affirm the Forest Supervisor's decision to implement the Idaho Cobalt Project. Your request for relief is denied." Relief was also denied for the one other appeal filed by an individual.
In a release issued today by the Forest Service, they stated, "This action completes the administrative appeal process for the Agency and is the culmination of an extensive effort involving FCC (Formation Capital) and the Forest Service. With the affirmation by the Deputy Regional Forester of my decision of January 2009, the final pathway for the company to follow has been established," stated Bill Wood, Forest Supervisor of the
"This is the last significant permitting hurdle we needed to cross to move forward with the development of the project," stated Bill Scales, President of Formation Capital Corporation,
The company’s address is Suite 1730 - 999 West Hastings Street