more good news - when this takes off we had better hold on to our hats
Attention Business Editors:
FORMATION CAPITAL CORPORATION ANNOUNCES PERMITTING AND DEVELOPMENT DIRECTOR APPOINTED TO EXPEDITE SUNSHINE PROJECT
VANCOUVER, Aug. 14 /CNW/ - Formation Capital Corporation (FCO-TSE)
announced today that Mr. Brent C. Bailey has agreed to join Formation Capital
Corporation as Director, Permitting and Development Logistics. Mr. Bailey
brings to the Company approximately 20 years of mine permitting and
environmental assessment experience. He has a M.S. Civil Engineering
(Environmental) degree as well as a Masters of Environmental Policy and
Management degree and is a registered Professional Engineer, a Registered
Environmental Manager and holds a Certified Hazardous Materials Manager
registration.
Most recently, Mr. Bailey served as Vice President, Environmental and
Governmental Affairs for Viceroy Resources Corporation. Here, he managed
permitting activities for new operations and modifications to existing
facilities. This work involved working with operations personnel, developing
operating plans and permitting schedules, identifying and securing resources,
and developing strategies for interfacing with regulatory agencies and special
interest groups. In addition Mr. Bailey reviewed reclamation and revegetation
programs and performed environmental due diligence for proposed projects and
acquisitions. Prior to his service with Viceroy, Mr. Bailey served as
Director, Environmental Services (USA) for Noranda Minerals Corp. Here, his
responsibilities included defining systems and facilities to protect the
environment while minimizing capital expenditures; development of cost
effective programs to identify, evaluate and control releases of metals and
organic compounds to soils, surface and ground waters. Mr. Bailey's early
accomplishments included Senior Engineer, Kennecott Copper Corporation where
he worked on an in-plant emission control program. Later as a consulting
engineer, Mr. Bailey was responsible for water supply and distribution, waste
water collection and waste water treatment facilities.
Mr. Bailey worked closely with Mr. Robert Metka, now a Director of
Formation Capital Corporation, in negotiating the settlement of the Blackbird
Mine reclamation agreement including the sharing of costs with past owners and
fisheries restoration initiatives. The Blackbird Mine is adjacent to the
Company's Sunshine Project in Lemhi County, Idaho. Included in this settlement
was the recognition of the right of the owners to exploit Blackbird reserves
in the future. In the near term, Mr. Bailey's experience will be a valuable
asset to Formation Capital in expediting the mine permitting process and
ensuring environmental compliance. Mr. Bailey will augment the feasibility
team which includes Dr. Corby Anderson, the Project Metallurgical Manager, and
a principal of The Center for Advanced Mineral and Metallurgical Processing
(CAMP); Dr. David Stone, the Project Geotechnical Engineer and a principal of
Sitka Corporation (SITKA) and Mr. Neil Prenn P.E, the Project Manager and the
President and Principal Engineer of Mine Development Associates (MDA). Working
with the measured, indicated and inferred resource of 3.37 million tons
grading 0.503% cobalt, 0.63% copper and 0.015 oz/ton gold as audited by MDA
utilizing a 0.2% cobalt cutoff, these gentlemen's mandate is to complete the
prefeasibility study and accelerate the permitting process which are critical
steps in bringing the deposits that comprise the Sunshine project closer to
production.
ON BEHALF OF THE BOARD
''Mari-Ann Green''
_______________________
Mari-Ann Green, Chief Executive Officer
-0- 08/14/98
For further information: Barry Girling or Bill Naylor, Investor Relations, (604) 682-6229, Fax: (604) 682-6205, Email formcap@istar.ca or visit our website at formcap.com |
