FORMATION CAPITAL CORPORATION- $900m in Cobalt finds Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : FORMATION CAPITAL CORPORATION- $900m in Cobalt finds

FCO 9.420

+0.1%

Aug 6 5:00 PM EST

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: s jones who wrote ()	8/31/1999 12:07:00 PM
From: Lindsay Malcolm	Read Replies (1) of 87

August 27, 1999 DIAMOND DRILL PROGRAM UNDERWAY Formation Capital Corporation (FCO-TSE) announces commencement of a diamond drill program on the Company's 100% owned Sunshine Cobalt/Copper/Gold Project located in east central Idaho. A draft Plan of Study for Baseline Data, (Plan of Study) has been completed and the characterization of the existing environment is underway. These initiatives correspond with the recommendations of Mine Development Associates of Reno, Nevada, and have been adopted to begin the permitting and final feasibility stages of the Project. MDA completed the Pre-Feasibility Study on the Project in October 1998. MDA calculated on pre-feasibility estimates and assumptions a net present value for the Project of US $85.4 million generating an internal rate of return of 33.19% using US $20/lb cobalt, discounted at 8%. Cobalt currently trades at US $20/lb and is projected to remain at or above its current trading level for the foreseeable future. The drill program is presently concentrating on the Ram Deposit's strike extension, which remains open in both directions and at depth. The drilling is intended to augment the existing reserve/resource base as well as provide addition rock and water quality data. To date, the visual identification of mineralized horizons and the presence of favorable hanging wall lithological sequences within the drill core suggest the Ram deposit does extend further along strike to the south. Additional drilling, assays results and further calculations will be required to upgrade reserves/resources. W.G. (Bill) Scales, Project Manager and a Director of the Company oversees the program. Additional information will be released, as it becomes available. ON BEHALF OF THE BOARD "Mari-Ann Green" Chairman

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next