B.C. firm reports pre-construction permit for Idaho site

Vancouver-based Formation Capital Corporation (TSX: T.FCO, Stock Forum) reported Wednesday that it an "Air Permit Pre-Construction Authorization" has been received for its Idaho Cobalt Project located near Salmon, Idaho.

"This permit," says Preston Rufe, environmental manager of the company, "will allow us to proceed with construction before the 'Permit to Construct' is finalized and issued, once we secure our Record of Decision (ROD) and other conditions are met."

The company says it has submitted copper loading demonstration plans and methyl-mercury plans to the Idaho Department of Environmental Quality for review, and notes that a record of decision for the project from the United States Department of Agriculture Salmon-Challis National Forest Service is still expected in January.

Specialized equipment for the Idaho Cobalt Project's mine and mill operations continues to arrive at the Salmon, Idaho staging areas, says Formation.

“The prevailing state of world-wide financial markets presents a challenging global mining environment in which to move the ICP forward. In response, Formation's management has taken significant proactive measures to reduce spending and institute cost saving measures wherever possible, including, but not limited to, release of outside contractors and engineering companies, cancellation of media spending, re-negotiation of outstanding supplier payables, eliminating and/or capping business travel, subleasing office space and a 15-30% company-wide wage rollback,” adds the company.

On the Formation Capital Bullboard Wednesday, Digger171 said: “I think these are all steps in the right direction. Hiring now when money markets are tight shows real confidence in the mine starting up[sic].”

imafreakinidjit also noted: “Because of FCO's inability to get mine financing, I think all these continuing steps are to sell the project as virtually a turn key start up mine IF FCO gets the mine permit.... So, yes, FCO has NO OPTION but to proceed as far as its eroding capital will take it in the hope that a buyer steps forward....[sic]”