Formation Metals Reports Construction Progress on Idaho Cobalt Project

Formation Metals Inc. (TSX:FCO) reported progress in construction on its 100% owned Idaho Cobalt Project, comprised of the development of a mine and construction of a concentrator at a primary cobalt deposit in Lemhi County near the town of Salmon, Idaho, and the construction of an electrowinning cobalt production facility in Shoshone County, near Kellogg, Idaho, U.S.A.

As quoted in the press release:

Mine & Concentrator Site Construction Progress Executive Summary:

Significant progress was made since the beginning of the year on concluding engineering studies and releasing Issued for Construction (“IFC”) drawings and specifications. Detailed engineering at the mine and concentrator site is now 95% complete. In January, JDS conducted a year-end executive review and a strategy for success meeting was held later that month. Procurement activities included the release of the contract for rock bolting and the creation of additional trade contract Request for Proposal (“RFP”) packages. Working with the agencies to receive approval on design packages in order to resume construction activities was, and continues to be, a primary focus of the team moving forward. Construction activities during February included safety improvements that included brush and timber clearing for vision enhancements along the transportation route.

Cobalt Production Facility Construction Progress Executive Summary:

Significant progress on beneficiation engineering analysis was completed. These studies have shown that the installation of a new autoclave in the Cobalt Production Facility in lieu of modifying the existing autoclaves will benefit project economics by allowing the existing autoclaves to be utilized for other precious and base metals’ leaching by the Company’s 100% owned Sunshine Precious Metals Refinery. SE completed a review of the autoclave design and specifications and is preparing bids.

Process Operating Procedures have been finalized. These engineering specifications were locked and flow sheets were finalized and provided to Micon Engineering to support mine finance due diligence activities. Meetings were held at the end of February between JDS, SE and the Company which provided SE with direction to prioritize purchasing and vendor data acquisition to best suit construction sequencing. SE was also provided a directive to begin detailed engineering of the gold-leach circuit.

Click here to read the Formation Metals Inc. (TSX:FCO) press release