08-11
Fronteer Development Group Inc.
("Fronteer") (FRG -- TSX/AMEX) reports that Aurora Energy
Resources Inc. ("Aurora") (AXU - TSX), in which Fronteer holds a
42.3% interest, has announced today that the Nunatsiavut Government voted
eight to seven in favour of implementing a three-year moratorium on uranium
mining on Labrador Inuit Lands, but will continue to allow uranium
exploration.
Aurora understands that the basis for
the mining moratorium is to allow time for the Nunatsiavut Government and
the Government of Newfoundland and Labrador, through the Regional Planning
Authority, to formulate a Land Use Plan as required by the Labrador Inuit
Land Claims Agreement.
"The Nunatsiavut Government has
indicated that it is supportive of natural resource development and open to
evaluating ongoing project information, but needs additional time to
prepare for significant developments like the Michelin Project," said
Dr. Mark O’Dea, President and CEO, Aurora Energy Resources Inc.
"Currently there is no uranium mining on Labrador Inuit Lands and
there are no plans for uranium mining operations for the next three
years."
Nunatsiavut Government Lands and
Resources Minister William Barbour said following the Assembly decision
today, "We are prepared to work with any company wanting to conduct
exploration within our territory. During the course of the next three years
we will build our human resources capacity to effectively govern our land
and resources and effectively participate in environmental protection and
management together with industry and other governments."
Aurora plans to conduct an in-fill
drill program at the Michelin and Jacques Lake deposits and continue with a
pre-feasibility study on the Michelin Project.
"We are committed to continue
working closely with the Nunatsiavut Government, Inuit Community Government
members and beneficiaries on such things as tailings management and
environmentally safe mine closure plans. We strongly believe that we
can demonstrate uranium mining can be safely carried out, with the utmost
care for the integrity of the environment," concluded Dr. O’Dea.
The Nunatsiavut Government is a newly
formed regional government established in 2005. Aurora has no debt
and approximately $120 million in cash that is fully liquid and held with a
large commercial bank.
LIQUIDITY
Fronteer is not
invested in any short term commercial paper or asset-backed securities. Fronteer has
approximately C$98 million in cash that is fully liquid and held with a
large commercial bank.
ABOUT
FRONTEER
Fronteer is an exploration and
development company with a track record of making big discoveries. Fronteer
has a 40% interest in three excellent gold and copper-gold projects in
western Turkey, an extensive portfolio of advanced stage gold projects in
Nevada, and a 42.3% interest in Aurora Energy Resources (TSX – AXU),
a leading Canadian uranium company. Fronteer
has approximately C$98 million in cash that is fully liquid and held with a
large commercial bank.
For further information on Fronteer
visit www.fronteergroup.com or contact:
Mark O’Dea, Ph.D, P.Geo President and CEO
Glen Edwards, Media Relations
PH) 604-632-4677 or Toll Free 1-877-632-4677
info@fronteergroup.com
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements" within the meaning of the United States Private Securities Litigation Reform
Act of 1995. Such forward-looking statements, including but not limited to,
those with respect to ability of Aurora to conduct mining activities,
and involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievement of Fronteer to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, risks related to government regulation as
well as those factors discussed in the section entitled "Risk
Factors" in Fronteer's Annual Information Form available on SEDAR at
www.sedar.com . Although Fronteer has attempted to identify important
factors that could cause actual results to differ materially, there may be
other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove to be
accurate as actual results and future events could differ materially from
those anticipated in such statements. Fronteer disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Accordingly, readers
should not place undue reliance on forward-looking statements.
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