EXPLORATION ORBITE V.S.P.A. INC.
TSX VENTURE EXCHANGE: ORT.A
MONTREAL, Sept. 8, 2011 /CNW Telbec/ - Exploration Orbite VSPA Inc.
(ORT.A) ("Orbite" or the "Company") has announced today that it has
filed on SEDAR (www.sedar.com) an amended and restated 43-101 compliant technical report relating to
its Grande-Vallée property, prepared collectively by Jean-Guy Levaque
ing. and Raymond Simoneau ing. MBA, in addition to an amended and
restated Annual Information Form for the financial year ended December
31, 2010. The amended technical report replaces the one prepared in
March of 2011 and filed on SEDAR on March 16, 2011, and the revised
Annual Information Form replaces the one dated May 10, 2011 and filed
on SEDAR on June 3, 2011. The technical report and Annual Information
Form have been modified as at August 21, 2011 and August 25, 2011,
respectively, at the request of the Autorité des marchés financiers, in
order to each include a new section dealing with metallurgical trials
and clarify disclosure relating to mineral reserves.
The resulting technical report in no way alters technical and mineral
disclosure or conclusions provided in the initial report.
Orbite also announces that as a result of a review by the Autorité des
marchés financiers and the Ontario Securities Commission (collectively
the "Regulatory Authorities"), Orbite is clarifying and updating certain disclosures provided in
previous third party media articles and postings previously available
on the Company's website www.explorationorbite.com. These clarifications do not pertain to any press release prepared and
issued by Orbite.
The content of certain analyst report, third party statements and media
articles regarding the Company was deemed by Regulatory Authorities as
disclosure that the Company had adopted as its own by virtue of Orbite
making same available by reference on its website, triggering the
application of securities rules and policies, including requirements of
Regulation 43-101 respecting standards of disclosure for mineral
projects. The Company has since removed all such references and disclosure from
Documents and articles removed from the Company's website at the request
of the Regulatory Authorities include:
- a link to an article published by the Montreal Gazette on June 21,
2011, the author of which stated: "The whole project has a capital cost of more than $400 million and it
would displace heavy imports of alumina from the Caribbean, Africa and
Australia to feed Quebec's aluminum smelters." Reference to capital cost of more than $400 million is unsupported by
a compliant 43-101 technical report.
- a link to an article published by Northern Miner dated June 20-26,
2011 which stated: "Our high-purity alumina valuation is based on producing 350 tonnes per
year in 2012 and increasing to 1,750 tonnes by 2014", "We're going to multiply the lines we have to a 750-tonne-per-day smelter
grade alumina production facility by mid-2013", "also recovering valuable by-products such as scandium and gallium." References to (i) a 350 tonnes per year production in 2012 increasing
to 1,750 tonnes by 2014, (ii) increase of the existing lines to a 750
tonnes per day smelter grade alumina production facility by mid-2013,
and (iii) recovering valuable by-products such as scandium and gallium,
are unsupported by a compliant 43-101 technical report.
- a link to an article published by American Metal Market on May 25,
2011, the author of which stated: "The plant is expected to produce 1,750 tonnes of alumina a day, as well
as smaller quantities of rare earth oxides, from aluminous clay rather
than traditional bauxite." These references are unsupported by a compliant 43-101 technical
- a link to an article published by American Metal Market on April 15,
2011, the author of which stated: "The company (…) said it also will make gallium, scandium and other rare
earth oxides at its Quebec facility", "Orbite's planned alumina plant, which will eventually process 7,000
tonnes of aluminous clay per day, also will produce "tens and hundreds
of kilograms" of rare earth oxides daily for sale to third party
consumers", and "The plant's 1,750 tonne per day alumina output is up from previous
estimates of about 750 tonnes per day." These references, including the Company's representation that it will
produce hundreds of kilograms of rare earth oxides daily, are
unsupported by a compliant 43-101 technical report.
- an analyst report by Mackie Research Capital Corporation dated March
22, 2011, which was posted on the Company's website and contained
amongst other information details of planned production rates,
projected capital and operating costs and detailed discounted cash flow
information which are based on estimates by Mackie Research Capital
Corporation and not supported by a compliant 43-101 technical report
demonstrating mineral reserves or potential economic viability.
In those instances where the Company has revised, clarified or updated
previous disclosure, the Company advises readers not to rely on such
statements as they may continue to be found in the public domain, and
invites readers to consult its amended and restated 43-101 technical
report modified as at August 21, 2011 on www.sedar.com.
The Company expects to mandate, during the fall, one or more engineering
firms to conduct a feasibility study in connection with its process and
the deposit, which shall comply with the prescriptions of National
Orbite owns 100% of the mining rights on its 64 km2 Grande-Vallée property, the site of an aluminous clay deposit located
32 km northeast of Murdochville, and a 28,000 sq. ft. facility in
Cap-Chat, both are located in the Gaspé region. The Company also owns
the intellectual rights to a unique Canada and U.S.-patented process
for extracting alumina from aluminous clays for which other
international patents are also pending. The Company has cash assets of
more than $14 million. www.explorationorbite.com
This press release has been reviewed and authorized by Mr. Jean-Guy
Levaque, qualified independent geologist and qualified person according
to NI 43-101.
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.
The geologist's report can be found on www.orbitealuminae.com
SOURCE EXPLORATION ORBITE V.S.P.A. INC.
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First Canadian Capital Corp.