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.
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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.
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