Fortune Minerals Ltd

Published : February 17th, 2011

Completes Public Information Meeting in Saskatchewan for Metals Processing Plant

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FORTUNE MINERALS COMPLETES PUBLIC INFORMATION MEETINGS IN SASKATCHEWAN FOR METALS PROCESSING PLANT

London, ON - February 17, 2011 - Fortune Minerals Limited (TSX-FT) (�Fortune Minerals� or the �Company�) is pleased to announce that it has completed two public information sessions for the environmental assessment and permitting for the Company�s proposed Saskatchewan Metals Processing Plant (�SMPP�) near Saskatoon, Saskatchewan (�SK�).  The SMPP is a proposed hydrometallurgical process plant that will treat concentrates produced at Fortune�s 100% owned NICO project in the Northwest Territories (�NWT�) and produce high value metal products, including gold dor�, cobalt and copper cathodes, and bismuth cathodes or ingots.  Fortune Minerals is very pleased with the considerable interest shown in the project from the local communities and municipal and provincial governments and with the generally positive response to the Company�s plans for its SMPP.

The information sessions were held in the communities of Dalmeny and Langham on February 7th and 8th, respectively, and followed the issuance of draft Project Specific Guidelines (�PSG�s�) by the Environmental Assessment Branch of Saskatchewan�s Ministry of Environment (�SE�) on January 21st, 2011.  These draft PSG�s are open for public comment and can be viewed at: http://www.environment.gov.sk.ca/Default.aspx?DN=da9c2bea-d887-4c52-b111-d6236ab6f0d4 until February 23rd, 2011.  Once finalized, the PSG�s will outline the requirements of the provincial environmental assessment process and identify key issues that will need to be addressed in the Environmental Impact Statement (�EIS�).  Fortune plans to submit the EIS to SE next month.  The purpose of these information sessions is to update the general public on the Company�s plans for the SMPP and to address any concerns or questions prior to the submission of the EIS.

Approximately 75 people attended the meeting in Dalmeny, and there was an even larger turn-out of approximately 115 people in Langham.  Both sessions were also attended by representatives of the Regional Municipality of Corman Park, the mayors and members of town council of both communities, local businesses and media, as well as members of the Saskatoon Regional Economic Development Authority and Enterprise Saskatchewan.  Four senior staff of Fortune Minerals and representatives of MDH Engineered Solutions Inc., the Company�s environmental consultant for this project, were present to provide information on the project and answer questions.  The corporate presentations covered subjects including the design and operation parameters of the plant, plans for residue storage, baseline environmental programs, and potential impacts and mitigation plans to minimize or eliminate impacts at the site and surrounding region.  Fortune Minerals staff were able to address questions concerning the proposed water source, process residue storage, air quality issues, noise, employment opportunities and overall financial benefits to the local economy.

Fortune Minerals� SMPP is proposed to be constructed on lands in the Regional Municipality of Corman Park, approximately 26 km northwest of Saskatoon and straddling the main northern line of the Canadian National Railway.  The plant will receive approximately 180 tonnes of bulk concentrate per day from the NICO project in the NWT.  These concentrates will be re-ground and separated by flotation into cobalt-copper and bismuth concentrates that both contain gold.  Cobalt and copper are recovered by pressure acid leach, followed by neutralization and electro-winning to precipitate the metals as high quality cathodes.  The bismuth is recovered by atmospheric acid leach followed by electro-winning and smelting to produce cathodes and/or ingots. Residues produced from both streams will be leached with cyanide to recover the gold.  Capital costs for the SMPP are estimated to be in excess of $200 million.  There will be 85 permanent employees working at the plant, in the fields of metallurgical and chemical engineering, process technologies, tradespersons, and support staff.  An even larger work force will be employed for construction and indirect jobs should be 2-3 times the number of direct jobs in order to support the operation.  Fortune Minerals is pleased to report that an engineered fly-by of the SMPP and a copy of the presentation given in the communities are  now available for viewing on the Home Page of the Company�s internet website at www.fortuneminerals.com.

Fortune Minerals plans to maintain open communication with residents and elected officials from the communities and surrounding region throughout the environmental assessment process and also during operations.  Once submitted, the EIS will be reviewed by the Saskatchewan Environmental Assessment Review Panel which may develop a deficiency statement if required.  Fortune Minerals would then address any deficiencies which would allow SE to issue its Technical Review Comments (�TRC�s�).  The EIS and TRC�s would then be open for public review, following which, SE would submit their recommendations on the project along with any comments from the public, the EIS and the TRC�s to the Minister for a decision on the project.

About Fortune Minerals:

Fortune Minerals Limited is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada.  The Company is focused on the development of its NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories and its metals processing plant in Saskatchewan.  Fortune Minerals owns the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled for relocation to NICO.  Fortune Minerals also owns the Mount Klappan anthracite coal deposits in British Columbia, the Sue-Dianne copper-silver deposit and other exploration projects in the Northwest Territories.  Fortune Minerals is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

Forward-Looking Information

This press release contains forward-looking information. This forward-looking information includes statements with respect to, among other things, proposed development of the NICO project, and the proposed development of the Saskatchewan Metals Processing Plant (�SMPP�). 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, the inherent volatility of metal prices, the risk that the Company may not be able to arrange the necessary financing to construct and operate the NICO mine and the SMPP, uncertainties with respect to the receipt or timing of  required permits for the development of the NICO project and the SMPP, the possibility of delays in the commencement of production from the NICO project and construction of the SMPP and other factors. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company.  The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

 

 

Contact

Fortune Minerals Limited 
Robin Goad

President

 

or

 

Lindsay Simmons

IR Coordinator

 

Tel.: (519) 858-8188
Fax: (519) 858-8155
info@fortuneminerals.com
www.fortuneminerals.com

 

Fortune Minerals Ltd

DEVELOPMENT STAGE
CODE : FT.TO
ISIN : CA34967D1015
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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.

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