KWG Resources Inc (KWG:TSXV) - News AlertKWG Resources Inc (KWG:TSXV) - News Alert
KWG SUBSIDIARY CANADA CHROME CORP & GREENSTONE ECONOMIC DEVELOPMENT CORP FILE APPLICATION FOR $496 MILLION PPP CANADA FUNDING
Symbol on TSX Venture Exchange: KWG
Shares issued and outstanding: 636,878,941
KWG Resources Inc. (TSXV: KWG) is pleased to announce that its subsidiary Canada Chrome
Corporation, together with Greenstone Economic Development Corporation,
have today filed an application with PPP Canada for consideration of
funding support of up to $496 million for the construction of a
railroad to the Ring of Fire mining discoveries in the James Bay Lowlands of Northern Ontario.
On May 4, 2011 PPP Canada launched Round Three call for proposals of the
P3 Canada Fund, encouraging provinces, territories, First Nations and
municipalities to consider the P3 model for their public infrastructure
needs. The P3 Canada Fund is a merit-based program designed to generate
an increase in P3 public infrastructure. Eligible projects can receive
up to 25% of the direct cost of construction for a P3 project.
Canada Chrome Corporation has undertaken preliminary engineering and
construction cost estimates to build a railroad from a junction with
the Trans-Canada line of the Canadian National Railway at Exton,
Ontario. The project is presently estimated to cost $1.984 billion.
The co-applicants made the submission for themselves and a joint venture
anticipated to be formed with the Municipality of Greenstone and a
First Nations Regional Economic Development Corporation to be created
by the Matawa and Mushkegowuk First Nations.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains or refers to forward-looking information. All
statements, other than statements of historical fact that address
activities, events or developments that KWG believes, expects or
anticipates will or may occur in the future are forward-looking
information. Such forward-looking information includes, but is not
limited to, statements regarding the application to PPP Canada for
funding support, the engineering and construction of a railroad to the
Ring of Fire and the estimated cost thereof, the creation of the
proposed joint venture among the Municipality of Greenstone and a
First Nations Regional Economic Development Corporation.
This forward-looking information reflects the current expectations or
beliefs of KWG based on information currently available to it. In
connection therewith, certain factors and assumptions have been
considered, including (without limitation) completion of the railroad
engineering model, and eventual construction, financing and permitting
risks associated with railway construction, consideration of the
application by the P3 Canada Fund, and the cooperation of the proposed
joint venture partners. Although KWG believes that the assumptions
inherent in the forward-looking information are reasonable,
forward-looking information is not a guarantee of future actions and
accordingly undue reliance should not be put on such information due to
the inherent uncertainty therein.
Forward-looking information is subject to a number of risks and
uncertainties that may cause the actual results to differ materially
from the conclusions or forecasts discussed in the forward-looking
information, and, even if such actual results are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on KWG. Factors that could
cause actual results or events to differ materially from current
expectations include, but are not limited to: the railroad engineering
model producing unfavourable results, inability to complete the
construction of the railroad to construction problems, insufficient
financing, or inability to obtain required permits, inability to obtain
financing from investors, the application for funding to PPP Canada not
being approved by PPP Canada and inability of the joint venture
partners to arrive at a satisfactory joint venture agreement, and
considerations and risks normally incidental to exploration and
development of, and production from, mineral properties and/or adverse
changes in securities markets, economic and general business and
financial conditions.
Forward-looking information speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, KWG
disclaims any intent or obligation to update any forward-looking
information, whether as a result of new information, future events or
results or otherwise.
To view this news release in HTML formatting, please use the following URL:
https://www.newswire.ca/en/releases/archive/June2011/30/c2682.html
SOURCE: KWG Resources Inc.
Bruce Hodgman Communications Director 416-646-1374 info@kwgresources.com FollowUs
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