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Formation Metals Inc. (TSX:FCO) continued progress on its Idaho Cobalt Project. Permits are being maintained, maintenance is ongoing to the mining and milling equipment, and surface environmental actions such as road armor protection, log chipping, water testing and sediment control is being initiated. Optimization studies continue with the goal of reducing both capital and operating costs once a decision to proceed with underground development is made.
The Company also provided an update in regards to the termination of the sale of its Sunshine Precious Metals Refinery at the Big Creek Hydrometallurgical Complex. Formation Metals is now pursuing alternative, superior potential transactions and is assisting potential buyers with their due diligence efforts.
The Company also provided an update in regards to the termination of the sale of its Sunshine Precious Metals Refinery at the Big Creek Hydrometallurgical Complex. Formation Metals is now pursuing alternative, superior potential transactions and is assisting potential buyers with their due diligence efforts.
As quoted in the press release:
The Idaho Cobalt Project continues to be the Company’s primary focus. With cobalt prices rising 52% since bottoming in December 2012, this project warrants renewed attention. Operations at the ICP site were substantially restricted to preserve cash in early 2013; however, the permits are being maintained and staff continue to work with governmental agencies to remain in compliance. Maintenance is ongoing to the mining and milling equipment situated at the Company’s warehouses and lay-down yards. The Company is also initiating surface environmental actions such as road armor protection, log chipping, water testing and sediment control. Optimization studies continue with the goal of reducing both capital and operating costs once a decision to proceed with underground development is made.
Following the recently announced termination by the Company of the sale of the Sunshine Precious Metals Refinery to certain entities associated or affiliated with Waterton Global Resource Management, Inc., the Company is pursuing alternative, superior potential transactions and is assisting potential buyers with their due diligence efforts.
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