Fortune Minerals Ltd

Published : February 09th, 2009

& Tahltan Nation enter into Environmental Assessment cooperation agreement for the Mount Klappan ant

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Bismuth |

FORTUNE MINERALS & TAHLTAN NATION ENTER INTO ENVIRONMENTAL ASSESSMENT COOPERATION AGREEMENT FOR THE MOUNT KLAPPAN ANTHRACITE COAL PROJECT, BRITISH COLUMBIA

London, Ontario - February 9, 2009 - Fortune Minerals Limited (TSX-FT) (�Fortune Minerals� or the �Company�) and the Tahltan Central Council (�TCC�) on behalf of the Tahltan Nation announce that they have entered into an agreement that commits the parties to the principles of cooperation and mutual respect.  Fortune Minerals is currently engaged in the Environmental Assessment (EA) process for the Mount Klappan anthracite coal project in northwest British Columbia, Canada.  An EA is a regulatory process to determine the economic, environmental and social impacts of major projects like Mount Klappan.  In British Columbia, this is typically completed through the BC Environmental Assessment Office.  Mount Klappan is already in the EA pre-screening process and Fortune Minerals has received its Section 10 and 11 Orders from the BC Government.  This Agreement between Fortune Minerals and the TCC does not commit the TCC t o support the Mount Klappan project.

The Agreement recognizes that the Tahltan Nation holds aboriginal title and rights in their traditional territory, which includes the location for the proposed Mount Klappan project.  In addition, the Agreement does not displace the Crown�s obligations to consult and accommodate the Tahltan with respect to the Mount Klappan project and does not imply Tahltan consent for the EA process.

Fortune Minerals and the TCC entered into this agreement to facilitate an orderly and timely review of the proposed Mount Klappan development. 

Highlights of the agreement are as follows:

  • Mutual recognition of each others interests in the area;
  • Effective and timely participation in the EA process;
  • Open and regular dialogue and communication about each others interests and concerns.

The Mount Klappan project is located within Tahltan traditional territory and consists of 15,000 hectares of contiguous coal licenses located 150 km northeast of the port of Stewart, 330 km northeast of the port of Prince Rupert and 100 km south of the Tahltan community of Iskut.  The property straddles the BC Railway right-of-way, which provides road access to the site from Highway 37.  The Canadian National Railway Company operates on the portion of the right-of-way between Prince George and Minaret, 150 km south of the proposed mine. 

Mount Klappan contains very large resources of high quality anthracite coal situated in four distinct deposit areas that are referred to as the Lost Fox, Hobbit-Broatch, Summit and Nass deposits.  (*Note) Collectively, these contain Measured Resources of 107.9 million tonnes, Indicated Resources of 123 million tonnes, plus 2.572 billion tonnes in the Inferred and Speculative classes.  Proven and Probable In-Situ Reserves in the initial pit in the Lost Fox deposit are 101.7 million tonnes. 

(*Note) The Mount Klappan Mineral Reserve and Mineral Resource estimates were prepared by Marston & Marston Inc. and Richard Marston, P.E. is the Qualified Person for the purposes of National Instrument 43-101.  Further details on the Mount Klappan Mineral Resources and Mineral Reserves can be found in the Company�s disclosures filed on the Sedar website at www.sedar.com.
 
The economics of Mount Klappan has been assessed in a positive definitive feasibility study by Marston & Marston Inc. in 2005 that was updated in 2008 (see Fortune Minerals news releases dated January 8, 2009 and August 7, 2008).  The studies show an attractive rate of return for the development at current coal prices and currency exchange rates.  The feasibility studies assessed annual production of 3 million tonnes of ultra-low volati le pulverized coal injection (PCI) products used in the manufacture of steel, and options to produce other coal products.  Mining would be carried out using conventional open pit methods, with the coal processed in a wash plant constructed at the site, and clean coal products trucked to the port of Stewart for export to overseas steel customers.

Anthracite is a hard coal with the highest rank, carbon and energy content and lowest moisture and volatile content of all coals.  Unique properties make anthracite ideal for use in a broad range of metallurgical and thermal applications, including metallurgical processing, blend coals for blast furnace coke replacement, and charge carbon, sinter and PCI coals used in the manufacture of steel.  Only about 1% of World Coal Reserves are anthracite grade, making the Mount Klappan coal a relatively uncommon premium product.  Notably, the two largest producers of anthracite products in the world, China and Vietnam, have curtailed exports in order to satisfy their domestic requirements, creating an attractive development opportunity for Mount Klappan.

Fortune Minerals and the TCC are pleased to enter into this agreement to assess the impacts of developing Mount Klappan.
 
About Fortune Minerals
Fortune Minerals is a diversified natural resource company with several mineral deposits and a number of exploration projects, all located in Canada.  They include the Mount Klappan anthracite coal deposits in British Columbia, and the NICO cobalt-gold-bismuth-copper deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories.  Fortune Minerals is focussed on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.
 
For further information please contact:

Fortune Minerals Limited

Renmark Financial Communications Inc.

Robin Goad, President - or -

Lindsay Simmons, IR Coordinator

Dan Symons: dsymons@renmarkfinancial.com

Rea Unson: runson@renmarkfinancial.com

Tel.: (519) 858-8188

Montreal - Tel.: (514) 939-3989 / Fax: (514) 939-3717

Fax: (519) 858-8155

Toronto � Tel.: (416) 644-2020 / Fax: (416) 644-2021

info@fortuneminerals.com

www.renmarkfinancial.com

www.fortuneminerals.com

 

This press release contains forward-looking information.  This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management�s expectations with respect to, among other things, the size and quality of the Company�s mineral resources, progress in development of mineral properties, demand and market outlook for metals and coal and future metal and coal prices. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information.  These factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertaint ies involved in interpreting drilling results and other geological data, fluctuating metal and coal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves.  There is no certainty that mineral resources will be converted into mineral reserves.  The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

<
Data and Statistics for these countries : Canada | China | Vietnam | All
Gold and Silver Prices for these countries : Canada | China | Vietnam | All

Fortune Minerals Ltd

DEVELOPMENT STAGE
CODE : FT.TO
ISIN : CA34967D1015
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Fortune Minerals is a gold and copper development stage company based in Canada.

Fortune Minerals develops gold, copper, bismuth, coal and cobalt in Canada.

Its main assets in development are NICO and MOUNT KLAPPAN in Canada and its main exploration properties are JBG (JAMES BOND GIRL), OLYM-PIC-DAM, SALKELD LAKE, WHEEL OF FORTUNE, GREAT SLAVE, GREAT SLAVE and SUE DIANNE in Canada.

Fortune Minerals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 22.3 millions as of today (US$ 17.8 millions, € 15.6 millions).

Its stock quote reached its highest recent level on March 27, 1998 at CA$ 6.70, and its lowest recent point on February 19, 2016 at CA$ 0.02.

Fortune Minerals has 296 700 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Fortune Minerals Ltd
1/30/2019Fortune Minerals commits to hire locally at Canada's first p...
Annual reports of Fortune Minerals Ltd
releases 2009 annual results
2008 Annual report
2007 Annual Report
2006 Annual Report
2001 Annual information form
Financings of Fortune Minerals Ltd
7/2/2010Announces $2 Million Flow-Through Financing
Nominations of Fortune Minerals Ltd
5/12/2011Announces Expanded Management Team
4/15/2010announces the appointment of Grant Chen to the board of dire...
4/2/2008APPOINTS JAMES A. CURRIE - VP OPERATIONS
3/3/2008ANNOUNCES MANAGEMENT APPOINTMENTS
Financials of Fortune Minerals Ltd
4/1/2015Releases 2014 Annual Financial Results
8/14/2014Reports Second Quarter Financial Results
3/31/2014releases 2013 annual financial results
11/8/2013reports third quarter financial results
8/16/2011Releases Second Quarter 2011 Results
3/16/2011Releases 2010 Annual Results
5/14/2010releases first quarter 2010 results and reminder of Annual M...
Project news of Fortune Minerals Ltd
7/23/2014(Nico)receives final Water Licence approval to construct and opera...
1/9/2014(Nico)Announces Receipt of Nico Project Interim Land Use Permit fo...
1/28/2013(Nico)receives Environmental Assessment Board approval for the NIC...
1/9/2013(Nico)closes NICO refinery lands purchase
8/23/2011(Nico)Announces Permitting Update for Nico Mine & Concentrator in ...
8/9/2011(Mount Klappan)Announces that the Mount Klappan Joint Venture with POSCO Ca...
5/25/2011(Nico)Announces Major Permitting Milestone for the Nico Project in...
3/16/2011(Nico)Reports Succesful NICO Pilot Tests
8/23/2010(Mount Klappan)announces railway development strategy for Mount Klappan met...
7/29/2010(Nico)Successful Production of 99.99% Bismuth Ingot
6/30/2010(Mount Klappan)Engages Deloitte As Mount Klappan Anthracite Metallurgical C...
2/2/2010announces appointments for Senior Metalurgist and SMPP Permi...
11/4/2009(Nico)Updates NICO front-end engineering
9/17/2009(Nico)receives draft terms of reference for NICO environmental ass...
7/28/2009(Nico)to Locate NICO Hydrometallurgical Process Facility in Southe...
2/24/2009(Nico)Pilot Plant Hydrometallurgy Results for the NICO Gold-Cobalt...
2/9/2009(Mount Klappan)& Tahltan Nation enter into Environmental Assessment coopera...
1/21/2009(Nico)Increases Planned Production Rate for the Nico Gold-Cobalt-B...
1/8/2009(Mount Klappan)Fortune Minerals updates Mount Klappan coal project feasibil...
8/7/2008(Mount Klappan)ANNOUNCES UPDATED FEASIBILITY STUDY FOR MOUNT KLAPPAN ANTHRA...
2/22/2008(Sue Dianne)ANNOUNCES NEW RESOURCE ESTIMATE
Corporate news of Fortune Minerals Ltd
8/3/2016Fortune Minerals announces extension of warrants
6/22/2016Fortune Minerals Announces Results of Annual and Special Mee...
4/18/2016Fortune Minerals Announces Appointment of Former Minister Da...
4/11/2016Fortune Minerals Announces Permitting Underway for Public Hi...
1/8/2016Fortune Minerals produces premium battery-grade cobalt sulph...
8/26/2015Fortune Minerals Sells Surplus Hemlo Equipment
7/20/2015IIROC Trade Resumption - FT
7/17/2015Fortune Minerals Executes Restructuring Agreement with its S...
7/17/2015IIROC Trading Halt - FT
7/3/2015IIROC Trade Resumption - FT
7/3/2015Fortune Minerals Receives Notice of Default Under Prepay Fac...
7/3/2015Receives Notice of Default Under Prepay Facility and Reaches...
7/2/2015IIROC Trading Halt - FT; PFT.UN
6/25/2015Announces Results of Annual Meeting of Shareholders and Prov...
4/1/2015Fortune Minerals Releases 2014 Annual Financial Results
3/27/2015Fortune Minerals receives additional financing from Lascaux ...
3/27/2015receives additional financing from Lascaux to fund Revenue S...
12/22/2014receives additional financing from Lascaux to fund Revenue S...
11/24/2014Issues Shares
11/12/2014Fortune Minerals receives share issuance approval to complet...
11/12/2014receives share issuance approval to complete the purchase of...
10/16/2014Fortune Minerals closes second and final US$ 10 million tran...
10/16/2014closes second and final US$ 10 million tranche of Lascaux fi...
7/31/2014Announces Extension of Revenue Silver Mine Purchase Agreemen...
6/25/2014announces results of Annual and Special Meeting of Sharehold...
5/1/2014U.S. Lead-free & European Union reach legislation contributi...
2/11/2014receives Environmental Assessment approval for Saskatchewan ...
11/14/2013(Nico)awards NICO detailed engineering and design contract to Hatc...
10/3/2013announces sale of Camsell River Project
9/23/2013takes voluntary steps to peacefully resolve Arctos Project d...
9/19/2013welcomes BC Government statement on Arctos Project
7/16/2013initiates 2013 EA program for Arctos
6/26/2013Announces Results of Annual and Special Meeting of Sharehold...
4/19/2013provides Arctos project environmental assessment update
12/16/2011(Nico)Announces NICO Permitting Update
8/29/2011Announces Additions to Management Team
7/13/2011(Mount Klappan)Partners with Posco Canada to Advance the Mount Klappan Coal...
2/17/2011Completes Public Information Meeting in Saskatchewan for Met...
6/16/2010commences NICO summer drill program
5/11/2010Updates NICO Field Programs
1/14/2010announces significant increase in NICO project mineral reser...
12/8/2009Applauds Saskatchewan Government Announcement
11/19/2009News Release
11/6/2009announces filing of preliminary short form prospectus for pr...
11/3/2009announces agreement to purchase lands near Saskatoon, Saskat...
9/22/2009Applauds Government Investment In Northwest BC Power Transmi...
8/12/2009Substantial Completion of Golden Giant Mine Dismantling and ...
3/25/2008PURCHASES ADDITIONAL HEMLO ASSETS
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (FT.TO)BERLIN (FMP.BE)
0.075+7.14%0.530+0.00%
TORONTO
CA$ 0.075
12/01 13:36 -
7.14%
Prev close Open
0.070 0.075
Low High
0.075 0.080
Year l/h YTD var.
0.070 -  0.150 -50.00%
52 week l/h 52 week var.
0.070 -  0.150 -46.43%
Volume 1 month var.
327,670 -11.76%
24hGold TrendPower© : 44
Produces
Develops Bismuth - Coal - Cobalt - Copper - Gold
Explores for Copper - Diamonds - Gold - Lead - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 2/24/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-42.31%0.150.08
202173.33%0.270.07
2020-6.25%0.100.04
201914.29%0.160.07
2018-76.27%0.380.07
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.42-0.07%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 5.94+8.99%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.83-0.60%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.08-11.11%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 1.99-5.24%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.45+2.05%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.18+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30+1.67%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.44-0.41%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 68.28-0.35%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :