Falco Resources Ltd. (“Falco” or the “Company”)(TSXV:FPC) is pleased to announce a Memorandum of Understanding with the Commission scolaire de Rouyn- Noranda to acquire a building (“Pavillon Quémont”) located on the site of the Horne 5 Project. The acquisition is one of the essential and pre-requisite steps in the dewatering and development phase of the Horne 5 Project. The …
Falco Resources Ltd. (“Falco” or the “Company”)(TSXV:FPC) is pleased to announce a Memorandum of Understanding with the Commission scolaire de Rouyn- Noranda to acquire a building (“Pavillon Quémont”) located on the site of the Horne 5 Project. The acquisition is one of the essential and pre-requisite steps in the dewatering and development phase of the Horne 5 Project.
The Council of Commissioners of the Commission scolaire de Rouyn-Noranda and Falco’s Board of Directors have approved the Memorandum of Understanding regarding the relocation program for all Pavillon Quémont activities.
The Memorandum of Understanding confirms that Falco will own the building that bears the name Pavillon Quémont upon delivery of the relocation project. The Pavillon’s training and labour market integration activities will soon be provided at Complexe La Source-Polymétier (the “Complex”). Falco will fully fund and conduct the expansion of the Complex to accommodate the new activities. The agreement also includes moving Ateliers Manutex, a social economy enterprise, into the Complex.
Relocation and construction costs are estimated at $22.5 million. The work will commence in autumn 2017, following the reception of required permits and authorizations. Falco will be the prime contractor.
Mr. Daniel Candem, Chair of the Council of Commissioners of the Commission scolaire de Rouyn- Noranda, declared: “This is a successful conclusion for our students and the staff of Pavillon Quémont, who are now able to team up with the services offered by the Complexe La Source-Polymétier in an environment that fosters learning and innovation. I am equally certain that the Commission scolaire de Rouyn-Noranda and Falco Resources will reach other service agreements to the benefit of our students and future employees of the company.
Ms. Hélène Piuz, Chair of the Board of Directors of Ateliers Manutex, noted: “This is a wonderful opportunity for us to modernize our facilities and create development opportunities. This agreement aligns with our goals.”
Mr. Mario Provencher, Mayor of Rouyn-Noranda, commented: “The presence of Falco Resources can already be felt. The project is a $22.5 million investment in the field of education for our municipality. This is very positive news for Rouyn-Noranda.”
Mr. Luc Lessard, President and CEO of Falco, added: “We are very pleased with the discussions we held with all stakeholders. This agreement clearly demonstrates our ability to create major projects in Rouyn- Noranda and our genuine interest in the education and quality of life for the people of our host community. The Horne 5 Project meets all economic, social and environmental development criterias.”
TRAME, an architect firm, and SNC-Lavalin Stavibel Inc., an engineering firm, both of Rouyn-Noranda, are the professional firms retained for the engineering and supervision work.
About Falco Resources Ltd.
Falco is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns 68,600 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal property is the Horne 5 Project located in the former Horne Mine that was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Gold Royalties Ltd is the largest shareholder of the Company and currently owns 13.3% of the outstanding shares of the Company.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects’, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. Forward- looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the reliability of the historical data referenced in this press release and those risks set out in Falco’s public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although Falco believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Falco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
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