Innovation Metals Corp. Initiates Environmental Impact Assessment Process for Centralized Rare Earth Separation Plant in Quebec

TORONTO, July 6, 2012 /PRNewswire/ -- Innovation Metals Corp. ("IMC") today announced the submission of a Project Notice to the Province of Quebec, kick-starting the Environmental Impact Assessment (EIA) process for the company's future rare-earth element separation facilities, to be located in Becancour, Quebec.

The Project Notice was submitted to the Ministere du Developpement durable, de l'Environnement et des Parcs (the Ministry of Sustainable Development, Environment and Parks) so that the provincial government can decide on the nature, area and scope of the environmental study to be conducted. IMC's engineering consultants, GENIVAR Inc., are managing the EIA process.

"We hope to have completed the Environmental Impact Assessment and to receive the permit within 18 months," commented Patrick Wong, CEO of IMC. "This will allow us enough time to complete our comprehensive plans for a plant that produces very little waste. IMC is committed to fostering a sustainable and clean environment, and we envisage our approach becoming a benchmark for future such facilities."

The Becancour Waterfront Industrial Park was chosen last month as the future home of the IMC facility, which will focus on the production of critical rare earths, after an extensive site-selection process. Operated by the Province of Quebec, the industrial 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 industrial park is also home to a leading industrial producer of hydrochloric acid and caustic soda, two key chemicals used in the rare-earth separation process.

"We look forward to working with Province of Quebec as we move the project forward," said Gareth Hatch, President of IMC. "We are also in active discussions with a number of potential future rare-earth producers, who have expressed strong interest in our plans at Becancour since they were announced last month."

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]
Web: http://www.innovationmetals.com 

This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.

SOURCE Innovation Metals Corp.

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