For Immediate Release: November 28, 2011
SILVERBIRCH ENERGY CORPORATION PROVIDES UPDATE ON REGULATORY APPLICATION FOR THE FRONTIER AND EQUINOX PROJECTSCalgary, Alberta, Canada - SilverBirch Energy Corporation (TSX-V: 'SBE') ("SilverBirch" or the "Corporation") announced today that the Regulatory Application and Environmental Impact Assessment for the Frontier Project (including the Equinox Project) (the "Project"), located approximately 110 kilometres north of Fort McMurray, has been submitted.
The application, submitted to Alberta Environment, the Alberta Energy Resources Conservation Board and the Canadian Environmental Assessment Agency, seeks approval for an oil sands mining and bitumen extraction project that will produce approximately 277 thousand barrels per calendar day of partially de-asphalted bitumen from a phased surface mining development. First production is anticipated to start in 2021 and over its life the Project is expected to produce
2.8 billion barrels of bitumen. The Frontier Project is the last remaining, undeveloped oil sands mining project to enter the regulatory process.
"SilverBirch considers the filing of the application a significant milestone in the advancement of the Project towards commercial production" said Howard Lutley, President and Chief Executive Officer of SilverBirch. The application addresses a number of concerns that were expressed by local stakeholders during the extensive consultation process. The Corporation also notes that the application includes a development plan that complies with the intent of the latest requirements for tailings and water management as well as applying best commercially available emissions management technologies.
The Project is jointly owned by SilverBirch and Teck Resources Limited ("Teck"). Each company holds a 50% interest with Teck as the operator.
Corporate sanction of the Project could occur as early as 2014/2015 with construction commencing in 2016 and commercial oil production obtained in 2020/2021.
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SilverBirch is under no obligation to provide major project funding at this time and will not be proceeding with construction until a partnership agreement and funding solutions are in place. The Corporation continues to review alternatives to fund its share of the future Project costs; this may include equity/debt financing, strategic or financial partnering, a reduction of its interest in the Project, or sale of the Project.
About SilverBirchSilverBirch Energy Corporation is a pre-production oil sands Corporation headquartered in
Calgary, Alberta, Canada. SilverBirch has a portfolio of mining and in situ oil sands properties, including 50% ownership of the Frontier and Equinox Projects. To learn more, please visit www.silverbirchenergy.com.
For further information, please contact: Howard J. Lutley, President and Chief Executive Officer, at 403-538-7030.
Advisory Regarding Forward-Looking Information
This news release contains forward-looking information and
forward-looking statements within the meaning of applicable
Canadian securities laws (collectively, "forward-looking
information"). The words "expect", "could",
"estimate", "anticipate",
"plan" and similar expressions, as well as future
or conditional verbs such as "will" and
"may" often identify forward-looking information.
Forward-looking information is only a prediction. Undue
reliance should not be placed on forward-looking information,
as there can be no assurance that the plans, intentions or
expectations upon which it is based will occur. Specific
forward-looking information contained in this news release
includes, without limitation, statements regarding: the
corporate sanction, timing and development of the Project;
the estimated operating, capital and total project costs
associated with development of the Project;
SilverBirch's plans and expectations regarding the
funding of its share of Project costs; the expected timing of
commencement of construction and commercial oil production
and the level of production and production capacity
anticipated; the continuance of the stakeholder consultation
process; and resource estimates relating to the Project.
The forward-looking information set out in this news release,
is based on certain expectations and assumptions regarding,
without limitation: future crude oil, bitumen, natural gas
and SCO prices; geological and engineering estimates; the
geography of the areas in which SilverBirch will be working;
and the sufficiency of budgeted capital expenditures in
carrying out planned activities. These expectations and
assumptions are based on certain factors and events that are
not within the control of SilverBirch and there is no
assurance they will prove to be correct.
Forward-looking information is subject to known and unknown
risks and uncertainties and other factors which may cause
actual results, levels of activity and achievements to differ
materially from those expressed or implied in such
forward-looking information or statements. Such risks,
uncertainties and factors include, among others: the early
stage of development of SilverBirch's assets and the
nature of the exploration and development activities on such
assets; risks associated with contingent bitumen resources
and mine pit estimates; difficulties encountered during the
exploration for, delineation, development and production of
bitumen; costs associated with exploration for, delineation,
development and production and upgrading bitumen; the need to
obtain required approvals and permits from regulatory
authorities; compliance with and liabilities under
environmental laws and regulations; the volatility of crude
oil and natural gas prices and of the differential between
heavy and light crude oil prices; in the foreign exchange
rate amount between the Canadian dollar, the U.S. dollar and
the Euro; general economic conditions; changes in or the
introduction of new government regulations; the uncertain
ability of SilverBirch to attract capital for both debt and
equity when necessary. Additional information and
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other factors that could affect SilverBirch are included in
the documents on file with applicable securities regulatory
authorities, including SilverBirch's AIF for the year
ended December 31,
2010, and may be accessed
through the SEDAR website at www.sedar.com.
The forward-looking information contained in this news
release is made as of the date hereof and SilverBirch does
not undertake any obligation to update publicly or to revise
any of the included forward-looking information to reflect
new events or circumstances, except as required by applicable
Canadian securities laws. The forward-looking information
contained herein is expressly qualified by this cautionary
statement.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
distribué par | Ce noodl a été diffusé par SilverBirch Energy Corporation et initialement mise en ligne sur le site http://www.silverbirchenergy.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2011-11-28 15:11:43 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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