Business
Canada Fluorspar Inc. announces listing on TSX Venture Exchange and agreement with the Government of Newfoundland and Labrador to fund $10 million towards the Company's Fluorspar Project
TSX Venture Exchange Trading Symbol: CFI TORONTO, April 21 /CNW/ - Canada Fluorspar Inc. (the "Co...
About this update from Bonanza Mining Corporation
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange Trading Symbol: CFI\n\n\nTORONTO, April 21 /CNW/ - Canada Fluorspar Inc. (the "Company") is\npleased to announce that the Government of Newfoundland and Labrador has\nre-affirmed its commitment to provide $10 million in funding to support the\nCompany's plans for designing and building a deep-water wharf as part of the\nre-activation of the fluorspar mines and mill at St Lawrence, Newfoundland.\nThe Provincial Government's commitment is contingent on a series of conditions\nincluding evidence of a third party feasibility assessment that is\nsatisfactory to the Provincial Government, sufficient financing to establish\nthe fluorspar mine and confirmed long-term sales contracts. The contribution\nis repayable in future years.\n\n\nThe agreement between the Company and the Province of Newfoundland and\nLabrador amends an earlier contract signed in 2000. The amending agreement is\nconditional upon certain timelines being met by the Company, as well as\ncomprehensive regular updates being provided to the Provincial Government.\n\n\nLindsay Gorrill, President and CEO of the Company commented that, "The\nre-affirmation by the Government of Newfoundland and Labrador is an important\npart of the re-start of the operations at St. Lawrence. We have commissioned\nSNC Lavelin for the design and environmental work associated with the wharf\nand we expect to be able to meet the timetable requirements set out in the\namending agreement with the province."\n\n\nRichard Carl, Chairman of the Company added, "Signing the Amending\nAgreement with the Province of Newfoundland and Labrador is further evidence\nof the growing relationship between the Province and the Company, and another\nimportant step in our efforts to see the project through to production."\n\n\nCanada Fluorspar Inc. was created through the amalgamation of Burin\nFluorspar Ltd. and Rivera Capital Corp. and shall commence trading Wednesday,\nApril 22, 2009 on the TSX Venture Exchange under the ticker symbol CFI.\n\n\nAlso, as part of its fluorspar project the Company is designing a\ncomprehensive occupational and environmental safety plan.\n\n\nThe international fluorspar market consumes approximately 5.6 million\ntonnes per annum, with an estimated value of US $1.6 billion. The mineral is\nused in the production of hydrofluor...