MONTREAL, QUEBEC, Nov 11 (MARKET WIRE) --
Strateco Resources Inc. ("Strateco")(TSX: RSC)(FRANKFURT: RF9)(OTCBB:
SRSIF) is pleased to announce that another important step has been taken
for the Matoush uranium project, located 275 km north of Chibougamau, in
Quebec's Otish Mountains.
On November 6, 2009, Strateco filed the Environmental Impact Study and
all technical documentation concerning the application for the licence
required to start the underground exploration work for the Matoush
uranium project feasibility study.
The Environmental Impact Study can be consulted, starting November 16th,
on the Canadian Environmental Assessment Agency website
(http://www.ceaa-acee.gc.ca/default.asp?lang=En&n=1ED9DF1A-1) and at the
regional office of Quebec City, the Mistissini Counsel and the municipal
library of Chibougamau.
Furthermore, the technical documentation related to the Licence
Application can be reviewed at the Canadian Nuclear Safety Commission
(CNSC) offices in Ottawa and Saskatoon.
Field work for the Environmental Impact Study began in May 2007. In July
2008, Strateco presented the "Project Description" to the Evaluation
Committee (COMEV), which manages the James Bay Northern Quebec Agreement.
COMEV is composed of federal, provincial and Cree representatives. In
February 2009, Strateco received a multilateral Guideline from the
federal (COFEX) and provincial (COMEX) regulatory authorities and the
CNSC.
Following this Guideline, Strateco and its technical counsellors prepared
the Environmental Impact Study, which was filed on Friday, November 6,
2009. The study took 29 months to prepare and cost approximately $4.5
million.
The regulation stipulates that in 45 days (which will likely be postponed
until early January), Strateco is to present the Matoush project and the
conclusions of the Environmental Impact Study at a public hearing in
Chibougamau and Mistissini. Following the presentation, residents and the
general public will have 30 days to comment on the Environmental Impact
Study.
The federal review panel (COFEX) and provincial review committee (COMEX)
could render their decision on the second public hearing day or in the
days that follow.
In terms of the CNSC Licence Application, Strateco filed a first
application in November 2008. Strateco received guidelines and comments
from the CNSC on this application in March 2009. The Licence Application
filed on November 6, 2009, takes into account all the guidelines and
comments received from the CNSC.
Studies and detailed engineering for the licence application started in
2007 and have cost $5.1 million to date. Strateco will be informed in the
next few weeks of the CNSC timetable, which is also regulated and takes
into account the Environmental Impact Study.
One of the environmental impact study conclusions concerning the risk for
the ecosystem and human health states that: "...according to the results,
it appears that radiological and non-radiological contaminants of
potential concern will not pose adverse effects on selected valued
components of the ecosystem and on human health. Natural concentrations
of certain elements in water, soil and sediments already exceed existing
criteria. It has been determined that an increase in concentrations due
to the project would be negligible."
Guy Hebert, President and CEO of Strateco, made the following comment on
the Matoush project (press release dated September 17, 2009): "The Otish
Mountains area of Quebec is on its way to becoming a major uranium mining
camp, and our Matoush project is the heart of this. When we acquired the
property in 2006, no mineral resource had been identified, and we had set
ourselves the goal of delineating 15 to 20 million pounds of U3O8 to
justify commercial production of 2 million pounds U3O8 per year for 8 to
10 years. We reached that resource goal very quickly. Furthermore, the
mineralization on the Matoush property has one of the highest average
grades in the world.
Given the currently-available information and the drilling program
presently underway, which will likely exceed 120,000 metres over the next
two years focused on the Matoush structure, our objective is now to
determine the possibility of reaching 60 million pounds of U3O8."
This news release has been approved by Jean-Pierre Lachance, Geol.,
Executive Vice President of Strateco Resources Inc., who is the qualified
person as defined in National Instrument 43-101.
This news release contains forward-looking statements subject to certain
risks and uncertainties. There can be no assurance that these statements
will prove to be correct, and actual results and future events could
differ materially from those implied by such statements. These risks and
uncertainties are discussed in the annual report filed with the
securities commissions of Alberta, British Columbia, Ontario and Quebec
and in the 10-K annual report filed with the US Securities and Exchange
Commission.
Contacts:
Strateco Resources Inc.
Guy Hebert
President and Chief Executive Officer
450-641-0775 or 1-866-774-7722
450-641-1601 (FAX)
ghebert@bbhgm.com
Strateco Resources Inc.
Jean-Pierre Lachance
Executive Vice President
450-641-0775 or 1-866-774-7722
450-641-1601 (FAX)
jplachance@bbhgm.com
Strateco Resources Inc.
Audrey Vezina Angus
Investor Relations
450-641-0775 or 1-866-774-7722
450-641-1601 (FAX)
avezina@bbhgm.com
www.stratecoinc.com
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