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Formation Metals Inc. (TSX:FCO) provided an update and review on the Idaho Cobalt Project and its current status, additional information regarding the Sunshine Precious Metals Refinery. All necessary environmental permits have been obtained, and major earthworks have been completed.
As quoted in the press release:
Significant progress on pre-development work on the ICP has been made, including obtaining all necessary environmental permits. A total of $16.5 million has been spent on the procurement of long lead time items, including but not limited to such items as the crusher, ball mill, and flotation cells that have been secured in a Company owned warehouse and a leased staging area.
An updated Google Earth image from September of 2013 and posted on the Company’s website provides an overview of the extent of the earthworks completed to date: https://www.formationmetals.com/s/ConstructionGallery.asp.
The latest available financial statements for the second fiscal quarter ended August 31, 2013, prior to the conclusion of the sale of the Refinery, demonstrate a cash position of $7.9 million and a convertible debenture debt of $5.7 million. The statements also show a loss of $3.5 million for the six month period ended August 31, 2013 which includes a $0.8 million loss from the Refinery operations.
Click here to read the Formation Metals Inc. (TSX:FCO) press release
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