From SEDAR Oct 30th.
SCHEDULE “C”
MANAGEMENT DISCUSSION
Management is pleased to report it remains on target for the final permitting process on the Cortina landfill project despite the delays that are inherent with projects of this nature.
Studies such as transportation, land use, noise, and air quality are nearing completion, as well as other studies which make up the Environmental Impact Study (EIS). The EIS is the next and potentially final requirement before getting final regulatory approvals. The Cultural Resource section, which is the last major section of the EIS and requiring the most time to complete has been completed at the time of writing. Talks with local officials in regard to the project continue to be upbeat and positive. Once the draft EIS is complete it will be much easier to project the timetable to complete the final phase.
In other Cortina related news, Pacific Waste Services (PWS), formerly James A. Wyse Inc., has reached the required $400,000 U.S. of benefits, so that it will now be entitled to receive a 10% equity interest in the project. The interest will vest upon approval of the lease by the US Department of the Interior. PWS has the right to continue to earn interests at a rate of 1% for each $40,000 (US) of contribution to the project. The cost of this interest doubles after completion of the EIS.
Royalty payments from Solucorp were received during the quarter. While the larger one time contracts such as the Midvale Superfund site have not yet come to fruition, revenue continues to increase from the smaller in-line systems which operate on a regular basis.
The Company was not involved in any other business activities during the period and is not currently under contract for any investor relations or promotional work.
David Atkinson
President
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