Summo Minerals Lisbon Valley Copper Project Final Environmental Impact Statement issued.
On Feb. 7, 1997 the U.S. Bureau of Land Management (BLM) issued the Final Environmental Impact Statement (FEIS) for the project. The BLM is required to publish a Notice of Availability in the Federal Register for 30 days.
Following this 30-day period the BLM will sign a formal Record of Decision approving the project. This completes an 18 month permitting process on the project, shepherded by Gochnour & Associates, Inc. of Englewood, Colorado.
Prior to completing the FEIS Summo successfully completed necessary permitting activities on the state and local levels.
Financing for final engineering and construction on the project is currently underway. Final engineering is expected to begin in March and construction is scheduled to commence in June.
Construction should be completed by the second quarter, 1998 with initial cathode copper production to follow immediately thereafter.
The project is designed to produce approximately 40 million pounds of cathode copper annually at a cash cost of US0.47/lb. for a minimum of 8 - 10 years, depending upon copper prices. Exploration drilling designed to increase the reserves is planned to begin later this spring.
Mr. Robert L. Mason has joined the board of directors of Summo Minerals Corp., replacing Mr. Matthew J. Mason. Mr. Robert Mason is senior vice president of IntraCorp Developments Ltd., a substantial real estate development corporation based in Vancouver.
Mr. Mason's insights into land-based business transactions and public relations in land-related issues are a welcome addition to the Board. -0- On behalf of the Board of Directors, Gregory A. Hahn, President, C.E.O. -0- Both the Vancouver Stock Exchange and the Toronto Stock Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this press release.
CONTACT: Summo Minerals Corporation
Clive Massey, 604/687-7545
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|Date:||Feb 10, 1997|
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