TSX Venture Exchange Trading Symbol: CFI
ST JOHN'S, NL, June 14, 2012 /CNW/ - Canada Fluorspar Inc., (TSX-V:CFI) ("CFI" or the "Company") announces that it granted an aggregate total of 1,750,000 stock options ("Options") and 1,450,000 of such Options were granted to seven directors and officers of the Company. The Options were granted on March 5, 2012.
All Options were granted at an exercise price of $0.50 per share, the closing price of the Company's common shares on the date of grant, and vest when quantities of fluorspar are available for shipment at the Company's St. Lawrence Project (as defined in the Company's Management Discussion & Analysis for the period ended March 31, 2012). The Options expire on March 4, 2022.
About the CompanyThe Company is a specialty mineral resource company engaged in the development of fluorspar deposits located in St. Lawrence, Newfoundland, Canada, and is reactivating the existing Blue Beach and Tarefare underground fluorspar mines, expanding the existing mill, constructing a new, environmentally-sound Tailings Management Facility through its 50/50 joint venture with Arkema, called Newspar. The Company is also building a new deep-water marine terminal in the outer St. Lawrence Harbour for the export of fluorspar concentrate product. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note and Forward-looking statements This press release contains forward-looking statements which include, but are not limited to: anticipated timing for completion of metallurgical testing, the commencement of the drilling program, current development and operating objectives and outlook, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company 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 the Company may be affected by a variety of variables and risks associated with mining development including: loss of market, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, ability to access sufficient debt and equity capital from internal and external sources, ability to generate sufficient cash flow to meet its current and future obligations, regulatory approvals affecting construction and mining operations. Such forward-looking statements are also based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about the following: the availability of financing for exploration and development activities, the supply and demand for, and the level and volatility of the price of fluorspar, the assumptions on which resource estimates are based, the receipt of necessary permit, market competition, ongoing relations with employees and impacted communities, project cost estimates and general business and economic conditions. Should one or more of the risks or uncertainties involved in forward-looking statements prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Accordingly, readers should not place undue reliance on forward-looking statements.