Mr. Paul F. Saxton

Paul F. Saxton to join Board of Directors

Vancouver, BC, October 7, 1998, Formation Capital Corporation (FCO-TSE) is pleased to welcome Mr. Paul F. Saxton to the Board of Directors of the Company, subject to regulatory approval.With the addition of Mr. Saxton, the Board of Directors will be comprised of J. Scott Bending, Lloyd A. Clark, James B. Engdahl, Mari-Ann Green, Roland L. Horst, Robert G. Metka, Lloyd R. Nilsen, W.G. (Bill) Scales and.
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Paul F. Saxton.

Mr. Saxton has over 25 years of mining experience largely at the production stage of project development.He has served as a director and senior officer of a number of public companies including Viceroy Resources Corporation, Baja Gold Inc., Loki Gold, Eastmaque Gold Mines, Mascot Gold Mines and Corona Corporation.During his tenure with these companies, Mr. Saxton was primarily responsible for successfully bringing a number of these company's projects to production and instrumental in securing the financing necessary for these companies to meet their corporate objectives.

Mr. Saxton's extensive experience will be a major asset to the Company.Working with the other Directors and the excellent technical team assembled, he is expected to accelerate the development of the Company's Sunshine cobalt deposit in Lemhi County, Idaho, USA.