|By Marketwired .||
|August 6, 2013 11:33 AM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 08/06/13 -- Geomega Resources Inc. ("GeoMegA" or the "Company") (TSX VENTURE:GMA) is pleased to announce that it has signed a Partnership agreement (the "Partnership") with the City of Lebel-sur-Quevillon in the James Bay region of Quebec. The Partnership is a statement of collaboration for the sustainable development of the Montviel Rare Earths/Niobium project based on principles of social responsibility, environmental protection and local economic benefits. The Partnership was signed in Lebel-sur-Quevillon by M. Gerald Lemoyne, Mayor of Lebel-sur-Quevillon and M. Simon Britt, President and CEO of GeoMegA.
The Partnership provides for the creation of a Montviel Development Committee that will consolidate efforts towards mutual interest such as communication, local employment and the economic diversification.
"The City of Lebel-sur-Quevillon is pleased to sign this Partnership agreement with GeoMegA today. This is a first for the City who works in collaboration with the Economic Development Corporation to diversify its local economy. The Partnership consolidates the privileged relationship the City has established with GeoMegA ." comments Gerald Lemoyne, Mayor of the City of Lebel-sur-Quevillon.
"This Partnership agreement gives concrete form to our growing relationship since Montviel's potential was revealed in February 2011. The team is honoured to share the development of Montviel with the city of Lebel- sur-Quevillon and its residents. The objective is to generate durable economic benefits for all stakeholders." comments Simon Britt, President and CEO of GeoMegA.
Preliminary economic assessment of the Montviel Rare Earths/Niobium deposit
The Montviel project benefits from permanent access, public infrastructure and available labour in the immediate area. The mine design uses an underground approach via ramp access with paste backfill minimizing the environmental impacts. An initial annual production in the range of 2,000 tonnes of neodymium oxides is targeted. Anticipated project energy would be provided by the Hydro-Quebec distribution grid using an average power line. A preliminary economic assessment by G Mining Services Inc. is expected by the end of calendar 2013.
About Lebel-sur-Quevillon (www.lebel-sur-quevillon.com)
The city of Lebel-sur-Quevillon, located on the outskirts of Lake Quevillon, enjoys an enchanting environment to attract new citizens and many tourists. All services to meet the needs of the citizens are at hand. A complete educational system leading to the high school diploma and a quick and effective health centre respond to family needs. For leisure, the city has arena, library, theatre, cinema, tennis court, cycle path, cross-country ski chalet and a beautiful beach. The golf course along the banks of the Lake and the municipal campsite, in the heart of nature, is near Lake Quevillon and all services. Lebel-sur-Quevillon is an urban experience in the heart of nature.
About GeoMegA (www.ressourcesgeomega.ca)
GeoMegA, which owns 100% of the Montviel Rare Earths/Niobium project located in Quebec, is a mineral exploration and development company focused on the discovery and sustainable development of economic deposits of metals, such as Rare Earth Elements, Niobium and Graphite, in Quebec. GeoMegA is committed to meeting Canadian mining industry standards and distinguishing itself with its innovative engineering, stakeholders engagement and its dedication to local transformation benefits.
GeoMegA currently has 34,990,113 common shares issued and outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautions Regarding Forward-Looking Statements
This news release contains forward-looking statements regarding our intentions and plans. The forward- looking statements that are contained in this news release are based on various assumptions and estimates by the Company and involve a number of risks and uncertainties. As a consequence, actual results may differ materially from results forecast or suggested in these forward-looking statements and readers should not place undue reliance on forward-looking statements. We caution you that such forward-looking statements involve known and unknown risks and uncertainties, as discussed in the Company's filings with Canadian securities agencies. Various factors may prevent or delay our plans, including but not limited to, contractor availability and performance, weather, access, mineral prices, success and failure of the exploration and development carried out at various stages of the program, and general business, economic, competitive, political and social conditions. The Company expressly disclaims any obligation to update any forward- looking statements, except as required by applicable securities laws.