21 September 2006

Refinery study moves to Phase 3

Newfoundland and Labrador Refining Limited announced on Thursday that it is proceeding to the next phase of its evaluation project aimed at determining the feasibility of building an oil refinery in Newfoundland and Labrador.

Phase 3 of the feasibility study will established detailed cost estimates of proceeding with construction.

On September 11, NL Refining filed a project description with the Canadian Environmental Assessment Agency (CEAA). The project will be registered with CEAA for assessment in October. The site chosen is near the existing refinery at Come by Chance.

NL Refining is a relatively new company owned by Altius Minerals and three other investors. It was formed specifically to pursue this project.