MONTREAL, QUEBEC--(Marketwired - May 8, 2013) - Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) (" Orbite " or the " Company ") announces that it has filed on SEDAR a revised annual information form ("AIF") and a revised Management Discussion & Analysis ("MD&A") for the year ended December 31, 2012 to clarify and expand on previous disclosures. The original documents were filed on March 28, 2013.
The Company has re-filed its annual information form for the financial year ended December 31, 2012 (the "AIF") with an effective date of May 3, 2013. The following is a summary of the revisions:
- Updated NPV estimate of $1.833B for the proposed SGA Plant project referenced in the Preliminary Economic Assessment ("PEA") dated May 30, 2012, for scenario 2, using May 3, 2013 market prices, pre-tax using a 10% discount rate.
- Additional disclosure providing updated costs estimates for the completion of the Feasibility Study for the proposed SGA project of approximately $30 million (previously estimated at $8.2 million in the "Future Works" section of the PEA) of which approximately $10.3 million has been incurred as of the date of the revised AIF, and costs related to the completion of the detailed engineering for the proposed SGA plant of approximately $43 million (previously estimated at $28.6 million as part of the PEA capital costs).
- Additional disclosure describing the General Development of the Business and the three-year history ended December 31, 2012.
- Additional disclosure describing Orbite's Proprietary Processes and Pilot Plant Operations.
- Additional disclosure describing the high-purity alumina (HPA) production plant.
- Additional disclosure describing the proposed smelter-grade alumina (SGA) plant.
- Additional disclosure describing the Research & Development Laboratory.
- Additional disclosure in the Description of the Grande-Vallée Mineral Property.
In addition, the Company has re-filed its management's discussion and analysis for the year ended December 31, 2012 (the "MD&A") with an effective date of May 8, 2013. The following is a summary of the revisions:
- Updated NPV estimate of $1.833B for the proposed SGA Plant project referenced in the Preliminary Economic Assessment ("PEA") dated May 30, 2012, for scenario 2, using May 3, 2013 market prices, pre-tax using a 10% discount rate.
- Additional disclosure providing updated costs estimates for the completion of the Feasibility Study for the proposed SGA project of approximately $30 million (previously estimated at $8.2 million in the "Future Works" section of the PEA) of which approximately $10.3 million has been incurred as of the date of the revised MD&A, and costs related to the completion of the detailed engineering for the proposed SGA plant of approximately $43 million (previously estimated at $28.6 million as part of the PEA capital costs).
- Additional disclosure describing the General Development of the Business and the three-year history ended December 31, 2012.
- Additional disclosure describing Orbite's Proprietary Processes and Pilot Plant Operations.
- Additional disclosure describing the high-purity alumina (HPA) production plant.
- Additional disclosure describing the proposed smelter-grade alumina (SGA) plant.
- Additional disclosure describing the Research & Development Laboratory.
- Additional disclosure in the Description of the Grande-Vallée Mineral Property.
- Additional discussion of the Liquidity and Capital Resources.
The French language versions of the revised AIF and MD&A are expected to be filed on SEDAR prior to, or on, May 13, 2013.
Notice to the reader
The technical content in this press release has been reviewed and approved by Marc Filion, Ph.D., MBA, geo, a "qualified person" pursuant to National Instrument 43-101 – Standards of Disclosure of Mineral Projects (NI 43-101). Mr. Filion is a consultant of Orbite, and as such, is not independent pursuant to NI 43-101.
The information provided in this press release is entirely qualified by the disclosures in the Company's revised management discussion & analysis (MD&A), and revised annual information form (AIF) for the year-ended December 31, 2012, which are available from the Company's website ( www.orbitealuminae.com ) and on SEDAR ( www.sedar.com ).
About Orbite
Orbite Aluminae Inc. is a Canadian company with innovative and proprietary processes that can produce alumina and other high-value by-products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, without generating any wastes, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud and fly ash. Orbite is currently operating and optimizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec. A Feasibility Study for Orbite's first smelter-grade alumina (SGA) production plant, using clay mined from its Grande Vallée deposit, is anticipated in the first quarter of 2014, subject to securing sufficient funding for the study. Orbite signed an exclusive worldwide collaborative agreement with Veolia Environmental Services for the remediation of red mud using the Orbite processes with the intent to begin construction of a Veolia-operated plant in 2014. The Company owns the intellectual property rights to nine patents and 32 pending patent applications in 10 different countries. Its intellectual property portfolio now contains 14 intellectual property families.
For more information on the Company or to download our corporate presentation please visit: www.orbitealuminae.com
Forward-looking statements
Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management's good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management's Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on March 28, 2013 on SEDAR, and could cause actual events or results to differ materially from those projected in any forward-looking statements. The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.
