Here it is , qt 1 2017the fisical year ended sometime in Feduary !
The question is , were we mislead ????
Feasibility Study on Formation’s Idaho Cobalt Project
Awarded to Micon International Limited & SNC-Lavalin
Vancouver, B.C., June 21, 2016, Formation Metals Inc. ("Formation" or the "Company") announces today that it has
signed an agreement with Micon International Limited (“Micon”) for technical services to conduct a Bankable Feasibility
Study* on Formation’s Idaho Cobalt Project (the “ICP”). Micon will be subcontracting aspects of the study concerning the
processing, infrastructural engineering, risk assessment, project scheduling, and cost estimating to SNC-Lavalin Inc. (“SNC-
Lavalin”). This agreement represents the culmination of several weeks of a bidding process involving over half a dozen
qualified engineering firms. The initiation of this process was first announced in the Company’s March 2, 2016 news
release.
“This development is a significant milestone in the advancement of the ICP towards production”, stated Paul Farquharson,
President & CEO of Formation Metals. “As a result of our recently completed C$4.4M financing, we are now able to fast-
track the engineering of the ICP.” He continued, “During this process, expected to culminate in Q1-2017, management
will be actively pursuing additional financing opportunities with the ultimate goal of securing Capex financing to re-
commence construction of our cobalt project.”
Micon is a well-respected mining consultancy providing independent professional advice to mining companies and their
providers of capital, law firms and government agencies. Staffed by senior mineral industry consultants with extensive
international experience in the fields of geology, mining engineering, metallurgy, processing, environmental management,
market analysis and mineral economics, the firm is well qualified to carry out consulting assignments throughout the
world. Micon will be responsible for the overall management of the project, geology and resources, mining and reserves,
metallurgy, environmental review and economic evaluation.
Founded in 1911, SNC-Lavalin is one of the leading engineering and construction groups in the world, with offices in over
50 countries. It brings to the table significant experience in cobalt hydrometallurgical processing having worked on
numerous projects worldwide. SNC-Lavalin’s Mining and Metallurgy team combines global-caliber expertise with proven
capabilities to provide tailored solutions for projects of varying size, scope and complexity.
Formation Metals Inc.’s primary asset, the Idaho Cobalt Project, remains the sole, near term, environmentally permitted,
primary cobalt deposit in the United States and offers a unique potential for North American consumers to secure an
ethically sourced, environmentally sound supply of battery grade cobalt chemicals, mined safely and responsibly in the
United States. E.R. (Rick) Honsinger, P.Geo., Vice President of the Company, is the Qualified Person as defined by National
Instrument 43-101 who has supervised the preparation of this news release and has approved its contents.
Formation Metals Inc.
“J. Paul Farquharson”
J. Paul Farquharson
President & C.E.O.
For further information please contact: