Fronteer Development Group Inc.: Nunatsiavut Government's Three-Year Moratorium to Allow Uranium Exploration
April 08 2008 - 4:52PM
Marketwired
VANCOUVER, BRITISH COLUMBIA (TSX: FRG)(AMEX: FRG) reports that
Aurora Energy Resources Inc. ("Aurora") (TSX: AXU), in which
Fronteer holds a 42.3% interest, has announced today that the
Nunatsiavut Government voted eight to seven in favour of
implementing a three-year moratorium on uranium mining on Labrador
Inuit Lands, but will continue to allow uranium exploration.
Aurora understands that the basis for the mining moratorium is
to allow time for the Nunatsiavut Government and the Government of
Newfoundland and Labrador, through the Regional Planning Authority,
to formulate a Land Use Plan as required by the Labrador Inuit Land
Claims Agreement.
"The Nunatsiavut Government has indicated that it is supportive
of natural resource development and open to evaluating ongoing
project information, but needs additional time to prepare for
significant developments like the Michelin Project," said Dr. Mark
O'Dea, President and CEO, Aurora Energy Resources Inc. "Currently
there is no uranium mining on Labrador Inuit Lands and there are no
plans for uranium mining operations for the next three years."
Nunatsiavut Government Lands and Resources Minister, William
Barbour, said following the Assembly decision today, "We are
prepared to work with any company wanting to conduct exploration
within our territory. During the course of the next three years we
will build our human resources capacity to effectively govern our
land and resources and effectively participate in environmental
protection and management together with industry and other
governments."
Aurora plans to conduct an in-fill drill program at the Michelin
and Jacques Lake deposits and continue with a pre-feasibility study
on the Michelin Project.
"We are committed to continue working closely with the
Nunatsiavut Government, Inuit Community Government members and
beneficiaries on such things as tailings management and
environmentally safe mine closure plans. We strongly believe that
we can demonstrate uranium mining can be safely carried out, with
the utmost care for the integrity of the environment," concluded
Dr. O'Dea.
The Nunatsiavut Government is a newly formed regional government
established in 2005. Aurora has no debt and approximately $120
million in cash that is fully liquid and held with a large
commercial bank.
LIQUIDITY
Fronteer is not invested in any short term commercial paper or
asset-backed securities. Fronteer has approximately C$98 million in
cash that is fully liquid and held with a large commercial
bank.
ABOUT FRONTEER
Fronteer is an exploration and development company with a track
record of making big discoveries. Fronteer has a 40% interest in
three excellent gold and copper-gold projects in western Turkey, an
extensive portfolio of advanced stage gold projects in Nevada, and
a 42.3% interest in Aurora Energy Resources (TSX: AXU), a leading
Canadian uranium company.
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including but not limited to, those with respect to
ability of Aurora to conduct mining activities, and involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievement of Fronteer to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, risks related to
government regulation as well as those factors discussed in the
section entitled "Risk Factors" in Fronteer's Annual Information
Form available on SEDAR at www.sedar.com. Although Fronteer has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Fronteer disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Accordingly, readers should not place undue reliance on
forward-looking statements.
NEWS RELEASE 08-11
Contacts: Fronteer Development Group Inc. Mark O'Dea, Ph.D,
P.Geo President and CEO (604) 632-4677 or Toll Free 1-877-632-4677
Fronteer Development Group Inc. Glen Edwards Media Relations (604)
632-4677 or Toll Free 1-877-632-4677 Email: info@fronteergroup.com
Website: www.fronteergroup.com
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