Innovation Metals Corp. Receives Exemption From Requirement to Conduct Environmental Impact Assessment for Centralized Rare Earth Separation Plant in Quebec
TORONTO, Aug. 22, 2012 /PRNewswire/ -- Innovation Metals Corp. ("IMC" or "the Company") today announced that it has received notification from the Province of Quebec that an Environmental Impact Assessment ("EIA") is not required for the Company's future rare earth element ("REE") separation facilities (the "Facilities"), to be located in Becancour, Quebec.
A Project Notice was originally submitted to the Ministere du Developpement durable, de l'Environnement et des Parcs ("MDDEP") in July 2012, by GENIVAR Inc., IMC's engineering consultants.
"While IMC still needs to complete the necessary steps required to obtain the permits from the provincial government for the Facilities," commented Patrick Wong, CEO of IMC, "after reviewing our Project Notice the MDDEP determined that various aspects of our project proposal did not cross certain thresholds that normally require the completion of an EIA and public hearings. IMC of course remains committed to a project approach that fosters sustainable and responsible environmental practices."
The Becancour Waterfront Industrial Park (the "Park") was chosen in June 2012 as the future home of the Facility, which will focus on the production of critical REEs. Operated by the Province of Quebec, the Park is situated on a major highway on the southern shore of the St. Lawrence River, approximately halfway between Montreal and Quebec City. In addition to access to cheap hydroelectricity and deep-water port facilities with full year-round access, the Park is also home to a leading industrial producer of hydrochloric acid and caustic soda, two key chemicals used in the REE separation process.
"We are most appreciative of the swift response from the MDDEP on this matter," said Gareth Hatch, President of IMC. "We look forward to continuing to work cooperatively with the Province of Quebec as we move our project plans forward."
IMC continues to be in active discussions with a number of potential future REE producers who have expressed interest in accessing the Company's Facilities via an IMC-led consortium.
About Innovation Metals Corp.
Innovation Metals Corp. ("IMC") is a private Canadian-based company founded in 2011. IMC's goal is to alleviate the bottleneck that has formed in the rare earth supply chain, through the creation of the world's first independent, centralized rare earth separation facilities, to be located in Becancour, Quebec. The company intends to bridge the gap between producers and end users via the creation of a consortium, through which it will provide low-cost material tolling programs to producers, and assuring security of supply for end users and sovereign governments. IMC is also developing innovative trading platforms to further increase the opportunities within the rare earth sector for traders.
Forward-Looking Statements
This news release contains projections and statements that may constitute "forward-looking statements" within the meaning of applicable Canadian and United States laws. Forward-looking statements in this release may include, among others, statements regarding the future plans, costs, objectives or performance of Innovation Metals Corp. ("IMC"), or the assumptions underlying any of the foregoing. In this news release, words such as "may," "could," "would," "will," "likely," "believe," "expect," "anticipate," "intend," "plan," "goal," "estimate" and similar words and the negative forms thereof are used to identify forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that are beyond IMC's control, and which may cause the actual results, level of activity, performance or achievements of IMC to be materially different from those expressed or implied by such forward-looking statements. Such risks and uncertainties could cause actual results and IMC's plans and objectives to differ materially from those expressed in the forward-looking information. IMC can offer no assurance that its plans will be completed. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, IMC assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
Contact:
Mr. Patrick Wong, CEO
Innovation Metals Corp.
Telephone: +1-416-477-2412
Email: [email protected]
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SOURCE Innovation Metals Corp.
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