DAILY NEWS Jul 12, 2012 4:56 PM - 0 comments

COBALT DEVELOPMENT: Formation Metals presses on with Idaho project

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2012-07-12

IDAHO – Vancouver-based Formation Metals is pleased with the progress on its 100% owned Idaho cobalt project (ICP). Construction includes an underground mine and concentrator near Salmon in the central part of the state and an electrowinning cobalt refinery near Kellogg in the north. The project is managed by JDS Energy & Mining.

At the mine site, construction has been focused on the new access and haul road. This road will be an additional means (besides a tram line) of moving between the mine portal and the mill site. Major re-alignment on another section of the access road has been completed to reduce the degree of the grade and curve to accommodate concentrate haul trucks headed for the hydrometallurgical plant.

Besides cobalt, the ICP will produce copper and gold. The cobalt refinery, engineering, construction and procurement continued. There will be a new, dedicated continuous process hydromet circuit to treat cobalt concentrate. The copper EW circuits are being prepared for their restart, and the gold circuits designs are being prepared.

Estimated annual production during the 10 to 12 years of mine life is 3.3 million lb of cobalt, 3.0 million lb of copper, and 4,000 to 5,000 oz of gold. Formation anticipates mining and milling at a rate of 800 t/d of ore.

Additional details and a gallery of construction photographs are available at IdahoCobalt.com. A link to the most recent corporate video is posted at FormationMetals.com.



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