Canada Fluorspar Provides Information Update on St. Lawrence Project
TSX Venture Exchange
Trading Symbol: CFI
ST JOHN'S NL, Sept. 21, 2012 /CNW/ - Canada Fluorspar Inc., (TSXV:CFI) ("CFI" or the" Company") today issued the following information update concerning its proposed reactivation of the fluorspar project at St. Lawrence, Newfoundland and Labrador.
Appointment of Interim CEO of Newspar: Richard Carl has been appointed to the role of Interim CEO of Newspar, the Company's 50/50 joint venture with Arkema. This appointment is effective September 21, 2012. Mr. Carl will continue in his role as Executive Chairman of CFI. Lindsay Gorrill, who served as Newspar's CEO, will continue in his role as President and CEO of CFI. This move will enable Mr. Gorrill to devote his full attention to the development of exploration programs at Director and Grebe's Nest, as well as spearheading the Company's fundraising and stakeholder relations activities. Today's announcement is the next step in the planned process that will designate a full-time project manager to coordinate the project build.
Appointment of new Management Committee member: Greg Struble, Executive Vice President and Chief Operating Office of North American Palladium, has joined the Management Committee of Newspar. Mr. Struble has over 30 years of experience in the mining industry. The partnership agreement between CFI and Arkema calls for a Management Committee to oversee the development, operations and governance of Newspar. The Committee consists of five members; two representatives from each of CFI and Arkema and one independent member, Mr. Struble.
"We are very pleased that Greg has come on board as the independent member of the Management Committee of Newspar. He brings a wealth of knowledge and experience to our team at a time when we are establishing the scope of the project and the associated costs." said Richard Carl, who also serves as Chairman of the Management Committee.
Update on the review of the project's scope and cost: The previously announced cost and scope review of the St. Lawrence project is continuing, and is currently anticipated to be completed late in the fourth quarter of 2012 or early in the first quarter of 2013. As a result of the review process, the current expected commencement date for the construction of the project has yet to be determined. This comprehensive review is considering a range of mining and milling options that may be applicable at the Company's St. Lawrence fluorspar operations.
"Our goal remains the same: the pursuit of a long-term, economically viable, cost-effective, and safe project that will create local jobs and enhance value for all our stakeholders" said Lindsay Gorrill, CEO of CFI. "We believe that our comprehensive review will serve the best long-term interests of all stakeholders. In the meantime, we are moving forward with the project planning and permitting processes", Mr. Gorrill added.
About the Company
Canada Fluorspar Inc. 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 North and Tarefare underground fluorspar mines, expanding the existing mill, constructing a new, environmentally-sound Tailings Management Facility through Newspar, which is a 50/50 joint venture between the Company and with Arkema. 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 the 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.
SOURCE: Canada Fluorspar Inc.For further information:
Lindsay Gorrill, President and CEO
Canada Fluorspar Inc.