The Companies primary asset is it's Idaho Cobalt Project, a unique primary cobalt copper gold deposit located in Idaho, USA. The project is currently in the permitting and feasibility stage, with production scheduled for late 2002.
In the Athabasca Basin of Northern Saskatchewan, the Virgin River Uranium Project is under a joint venture agreement with Cameco Corporation and Cogema of France, whereby Formation has a 2% carried interestwith an option under certain circiumstances to increase its ownership to 10%. Formation is carried for the first $10 million in expenditures with Cameco acting as operator. More than $800,000 has been spent to date in the exploration for a large unconformity type uranium deposit.
The company currently has no properties in production and has no revenues.
