TORONTO STOCK EXCHANGE: ORT
MONTREAL, Feb. 16, 2012 /CNW Telbec/ - Further to its press releases issued February 9 and 12, 2012, Orbite Aluminae Inc. (the "Company") announces its intention to amend and clarify its Preliminary Economic Assessment Technical Report (PEA) issued on January 12, 2012 by filing a revised technical report expected to be released no later than February 24, 2012. The revised technical report will be co-authored by newly appointed Qualified Persons. The Company is consulting with the AMF in regards to the selection of the new Qualified Persons. It will provide additional information and analyses in respect of the geology aspects of the rare earth resources and the energy scenarios associated with the Grande-Vallée project, thus addressing comments and observations recently received from the AMF.
As proposed by the Company, the AMF has issued a temporary management cease trade order (a "MCTO") under Policy Statement 12-203 which prohibits trading in securities of the Company by certain insiders of the Company. The MCTO will remain in force until the release of a compliant revised technical report. A MCTO does not generally affect the ability of persons who have not been directors, officers or insiders of the Company to trade securities of the Company. The Company intends to satisfy the provisions of the Alternative Information Guidelines as set out in the Policy Statement 12-203 for as long as the MCTO is in force, including the issuance of bi-weekly default status reports to be issued in the form of a press release. The AMF has also advised the Company of its intention to commence proceedings for the issuance of a cease trade order on the Company's securities should the newly appointed Qualified Persons not be satisfactory or should a revised compliant technical report not be issued by February 24, 2012.
Orbite owns 100% of the mining rights on a Grande-Vallée property of approximately 6 441 hectares, the site of an aluminous clay deposit located 23 km south of Grande-Vallée, and a 2 600 m2 full scale pilot plant in Cap Chat, in the Gaspé region. An NI 43-101 report issued in August 2011 identified an Indicated Resource of about one billion tonnes of aluminous clay in part of the deposit containing a series of mineral elements. The Company also owns the intellectual property rights to a unique Canada- and U.S.-patented process for extracting alumina from various types of aluminous ores and for which patents are also pending in other countries. www.orbitealuminae.com
For further information:
Tel.: 514-395-0375, ext. 259
Orbite Aluminae Inc.
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