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Message: fco

fco

posted on Nov 09, 2009 11:44PM

This was copied from another board

I asked FCO what the main hurdles to bring the mine to fruition that were discussed at the NOV 3rd meeting. I received the following reply;

November 9, 2009

Hi Tom,

Thank-you for your inquiry. The objective of the Nov 3 meeting to which you referred to below, was for Formation to obtain a Final sign-off from the USDA National Forest Service on all outstanding issues on the Mine Plan of Operations and, we are pleased to say, this was accomplished. Agreement, or a critical path to reach agreement by the end of November, was reached. There were a few outstanding issues (roads, water monitoring etc…) but the most important, at least from the shareholders perspective, was the amount of the Reclamation Bond Formation will be required to put up with the Forest Service. A reclamation bond is an extremely complex calculation (and sometimes very subjective) which, in the end, represents a very significant dollar value for any mining company. Formation is extremely cognizant of the impact of each business decision and makes them in accordance with maximizing value to the shareholder – both for the short term and the long term.

Sign off, or an agreement in principle with all issues, was critical in our ability to move forward with a mine financing. Any organization taking part in a mine financing wants to have risk minimized and value maximized.

We have been working very diligently on putting together a mine financing that makes sense for both the investor and the shareholders and hope to announce soon.

Thanks and best regards,

Leianne Emery

Leianne Emery

Business Improvement Director

Formation Capital Corporation

1730 - 999 West Hastings St.

Vancouver, BC V6C 2W2

Email: Lemery@formcap.com

Web: formcap.com

Phone: 604.682.6229 ext 6

Fax: 604 682 6205

Formation Capital Corporation
email:inform@formcap.com website:www.formcap.com

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