Newspar is undertaking a review of the costs and scope of the St. Lawrence Fluorspar Project
May 28 2012 - 1:48AM
PR Newswire (Canada)
TSX Venture Exchange Trading Symbol: CFI ST JOHN'S NL, May 31, 2012
/CNW/ - Canada Fluorspar Inc., ("CFI" or the "Company") has been
advised by Newspar, the Company's 50/50 joint venture with Arkema,
that Newspar is undertaking a review of the St Lawrence Fluorspar
project in order to establish a more precise understanding of the
currently anticipated costs and scope of the project. This estimate
review is in part being conducted by members of the Newspar and
Arkema management teams and overseen by members of the Newspar and
CFI boards. Concurrently, certain bid packages are expected to be
released for quotes in short order and all of the permitting
process will proceed while the release of the other parts of the
overall bid package will be defined by the outcome of this review.
About the Company The Company is a specialty mineral resource
company engaged in the development of fluorspar deposits located in
St. Lawrence, Newfoundland, Canada, and is reactivating the
existing Blue Beach and Tarefare underground fluorspar mines,
expanding the existing mill, constructing a new,
environmentally-sound Tailings Management Facility through its
50/50 joint venture with Arkema, called Newspar. The Company is
also building a new deep-water marine terminal in the outer St.
Lawrence Harbour for the export of fluorspar concentrate product.
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. Cautionary Note and Forward-looking statements This
press release contains forward-looking statements which include,
but are not limited to: anticipated timing for completion of
metallurgical testing, the commencement of the drilling program,
current development and operating objectives and outlook,
expectations, opinions, forecasts, projections, guidance or other
statements that are not statements of fact. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, it cannot give any assurance that such
expectations will prove to be correct. Results of the Company may
be affected by a variety of variables and risks associated with
mining development including: loss of market, volatility of
commodity prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other producers,
ability to access sufficient debt and equity capital from internal
and external sources, ability to generate sufficient cash flow to
meet its current and future obligations, regulatory approvals
affecting construction and mining operations. Such forward-looking
statements are also based on a number of assumptions which may
prove to be incorrect, including, but not limited to, assumptions
about the following: the availability of financing for exploration
and development activities, the supply and demand for, and the
level and volatility of the price of fluorspar, the assumptions on
which resource estimates are based, the receipt of necessary
permit, market competition, ongoing relations with employees and
impacted communities, project cost estimates and general business
and economic conditions. Should one or more of the risks or
uncertainties involved in forward-looking statements prove
incorrect, actual results may vary materially from those
anticipated, believed, estimated or expected. Accordingly, readers
should not place undue reliance on forward-looking statements.
Forward-looking statements are qualified entirely by this
cautionary statement and are given only as at the date of this
press release. The Company disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by law.
Canada Fluorspar Inc. CONTACT: Richard CarlExecutive ChairmanCanada
Fluorspar Inc.416 587 9641905 887 4476
Copyright
Califfi Capital (TSXV:CFI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Califfi Capital (TSXV:CFI)
Historical Stock Chart
From Jul 2023 to Jul 2024