TSX Venture Exchange
Trading Symbol: CFI
TORONTO, Nov. 10 /CNW/ - Canada Fluorspar (NL) Inc. ("CFI"), the wholly-owned subsidiary of Canada Fluorspar Inc., is pleased to announce the submission of the Environmental Assessment Report (the "EA Report") prepared in respect of the reactivation of the St. Lawrence Fluorspar Mines (the "Project") located in St. Lawrence, Newfoundland and Labrador. The EA Report represents both the Environmental Preview Report (required pursuant to the Environmental Protection Act (Newfoundland and Labrador)) and the Federal Environmental Assessment Report (required pursuant to the Canadian Environmental Assessment Act, 1999). CFI has prepared the EA Report in full response to and compliance with the guidelines issued jointly by the Government of Canada and the Government of Newfoundland and Labrador on September 10, 2009.
It is anticipated that the review process by the Department of Environment and Conservation of the Government of Newfoundland and Labrador and the Canadian Environmental Assessment Agency will start upon receipt of the EA Report. It will then be issued for a 35 day public review following which the Minister of Environment and Conservation will have 45 days to announce her decision whether to accept the EA report and approve the go ahead of the project. CFI encourages the public and in particular the community of St. Lawrence to review the EA Report and provide feedback and comments. The EA Report will be available on CFI's website (www.canadafluorspar.com) and at the Town Council Office of St. Lawrence, Newfoundland.
CFI understands the importance of consultation with former workers, local residents and the community in general. Not only is CFI committed to local employment, it intends to be an exemplary corporate citizen embracing the community spirit. CFI is committed to sustainable development through an integration of environmental, health, safety, social and economic considerations into project design, construction and operations, as well as maximizing local benefits through direct employment, training and by providing assistance and preference to local suppliers.
"This is a very important project for Canada Fluorspar, to the local communities, and to the Province of Newfoundland and Labrador", said Mr. Lindsay Gorrill, President and CEO of CFI. "We are encouraged by the response we have received for the Project from the local community of St. Lawrence and the surrounding area". Gorrill added that by filing the EA Report now, the process to reopen the Project remains on schedule.
For more information please see: www.canadafluorspar.com
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Cautionary Note Regarding Forward-Looking Information:
This news release may contain forward-looking statements which may include plans, expectations, opinions, projections or other statements that are not statements of fact, in particular comments relating to the review process of the EA Report and timing of decisions from government officials in respect thereof, expectations relating to the timing and reopening of the Project and the development of CFI's assets and expansion of CFI's business plan. Although CFI 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 CFI, including its ability to reopen its mine and produce fluorspar and achieve expected timelines and sales expectations, may be affected by a variety of variables and risks associated with the mining and mineral processing industry, such as, loss of market, competition, ability to access sufficient debt and equity capital from internal and external sources, ability to expand in the marketplace, exploration and development plans and results, anticipated capital expenditures and financing thereof, timing of applications and approvals as well as risks and variables associated in general with CFI's industry. As such the future plans and objectives of CFI are forward-looking statements that involve risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in such statements. CFI has, in part, relied on information provided to it by its potential customers, as well as reports and forecasts provided by third parties involved in the industry and by CFI's own assessment of the market for fluorspar as well as CFI's own assessment of the review process of the EA Report in order to develop its forward-looking statements and there is no assurance that the assumptions, forecasts or information relied upon by CFI are correct, or will not be affected by events or circumstances beyond the control of CFI. CFI's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Unless otherwise required by applicable securities laws, CFI does not intend nor does it undertake any obligation to update or review any forward-looking statements to reflect subsequent information, events, results or circumstances or otherwise.
SOURCE Canada Fluorspar Inc.
For further information: For further information: Lindsay Gorrill, President and CEO, Canada Fluorspar Inc., Tel: (208) 667-1278