MONTREAL, QUEBEC--(Marketwire - Feb. 13, 2012) - Orbite Aluminae Inc. (the "Company")(TSX:ORT) would like to provide an update with respect to the press release issued on Friday, February 10, 2012 relating to the Preliminary Economic Assessment on Metallurgical Grade Alumina Project (filed on Sedar - http://www.sedar.com) dated January 10, 2012 and its alleged non-compliance with Regulation 43-101 – Standards of Disclosure for Mineral Projects ("Regulation 43-101") (the "Technical Report").
The Company has since received a written communication from the Autorité des marchés financiers ("AMF") setting forth its comments and observations with respect to the Technical Report.
The AMF is of the view that sections 7 to 14 of the Technical Report as they pertain to rare earth elements is deficient. The AMF also noted that the mineral resource estimates, as set forth in the Technical Report, did not comply with the form requirements under Regulation 43-101 to the effect that the Qualified Person must provide sufficient technical discussion of the key assumptions, parameters, and methods used to estimate the mineral resources.
The AMF has also indicated that the Technical Report should be revised to include information relating to operational and investment costs relating to the use of electricity as an alternate source of energy taking into account that electricity is one of the sources of energy currently available in the Gaspé region of Quebec.
Finally, the AMF requested that, at a minimum, an additional geologist co-sign, as a Qualified Person, the revised Technical Report to be submitted to the AMF.
The Company is obtaining the assistance of other geologists and experts to review the comments and observations made by the AMF and will pursue its exchanges with the representatives of the AMF.
The Company will provide further updates as required.
Orbite owns 100% of the mining rights on a Grande-Vallée property of approximately 6 441 hectares, the site of an aluminous clay deposit located 23 km south of Grande-Vallée, and a 2 600 square metre full scale pilot plant in Cap Chat, in the Gaspé region. An NI 43-101 report issued in August 2011 identified an Indicated Resource of about one billion tonnes of aluminous clay in part of the deposit. The Company also owns the intellectual property rights to a unique Canada- and U.S.-patented process for extracting alumina from aluminous ores and for which patents are also pending in other countries. www.orbitealuminae.com