Fortune Minerals Ltd

Published : January 21st, 2009

Increases Planned Production Rate for the Nico Gold-Cobalt-Bismuth-Copper Deposit,

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

Fortune Minerals Increases Planned Production Rate for the Nico Gold-Cobalt-Bismuth-Copper Deposit, NWT
16% increase in production rate achieved by reconfiguring Hemlo mills

London, ON - January 21, 2009 - Fortune Minerals Limited (TSX-FT) (�Fortune Minerals� or the �Company�) is pleased to announce the results of recently completed studies for the configuration of four grinding mills it acquired as part of the Golden Giant Mine process plant purchased earlier from Newmont Canada Limited (see Fortune news release dated August 31, 2006).  Grinding plant simulation and optimization studies were conducted by Metso Minerals Inc. and Starkey & Associates as part of the Front End Engineering Design (FEED) work being done by Aker Metals, a division of Aker Solutions Canada Inc. (Aker Solutions) for Fortune�s 100% owned NICO Gold-Cobalt-Bismuth-Copper deposit in the Northwest Territories.  Notably, these studies determined that minor modifications to one of the mills re-configured as a rod mill, followed by three secondary ball mills in parallel closed circuit, would provide for an increase in grinding capa city from 185 to 215 tonnes per hour.  This produces a 16% increase in the nominal daily grinding capacity for the NICO process plant from 4000 to approximately 4650 tonnes per day (at 90% availability) for essentially the same operating cost. 

The increase in grinding rate indicated by the Metso / Starkey / Aker Solutions studies can be accommodated with no significant changes to the mining fleet, primary crusher or flotation circuits already specified for the NICO mine and process plant.  Only an incremental increase in the downstream hydrometallurgical process equipment would be required to achieve the increased production rate for the entire mine�s process plant.  Fortune Minerals is pleased to announce that it now plans to increase the nominal production rate for the NICO plant from 4000 to 4650 tonnes per day and this is expected to reduce the operating cost per tonne of ore processed.

The $5 million pilot plant test for NICO ores being conducted at SGS Lakefield Research Limited (Lakefield) is now substantially complete.  Results of the crushing, grinding and flotation components have already been announced and exceeded expectations (see Fortune Minerals news release dated February 6, 2008).  The downstream hydrometallurgical processing of NICO ores to high quality cobalt and bismuth cathode and gold dor� has now also been confirmed.  Detailed results of the hydrometallurgical part of the pilot plant will be announced upon receipt of the final reports from Lakefield.  The Aker Solutions FEED Study is also progressing well and is expected to be completed in March, 2009.

Work has been advancing with the dismantling and salvage of equipment from Fortune Minerals� Golden Giant Mine process plant at Hemlo, Ontario.  More than 50 people are currently working at the site for the Company and its primary contractor.  The crushing plant and conveyor galleries have now been dismantled for relocation and re-assembly at NICO in virtually the same configuration as the Hemlo plant.  The administration building has been demolished.  Tailings pipe has been recovered and prepared for transport to NICO.  Crews are now working in the mill building salvaging the grinding mills, flotation cells, transformers, and other mechanical, electrical and structural equipment for reconditioning or transport to NICO.  Fortune Minerals is processing materials containing precious metals that were recovered from the Golden Giant Mine process equipment and the Company has been selling copper, steel, aluminium and other metals to s crap dealers in Canada and the United States.  Fortune Minerals has also sold surplus equipment from the site and is in discussions with several companies interested in purchasing large sections of the Golden Giant Mine process plant that are not needed at NICO.  The Company is pleased to report that 50% of the scope of work for the dismantling of the Golden Giant Mine process plant has now been completed.

Fortune Minerals recently completed two rounds of community consultation for the proposed NICO mine, in Yellowknife, as well as the nearby Tlicho communities of Behchoko, Whati and Gameti.  These meetings with local communities and stakeholders resulted in many expressions of support for the mine.  The Tlicho Government has also hired a consultant to advise them on matters related to the proposed project.  Fortune Minerals is working with this consultant to ensure that local stakeholders are kept informed about the project for an integrated mine, business and community planning process for mutual benefit.  Fortune Minerals has already submitted its �Land Use� and �Class A Water License� applications to the Wek� �ezhii Land and Water Board to permit the mine.

NICO is located in the southern part of the Northwest Territories, 160 km northwest of the City of Yellowknife, 80 and 50 km northeast of Tlicho communities of Behchoko and Whati, respectively, and 22 km west of the Snare hydro complex.  NICO has already been assessed in a positive definitive feasibility study by Micon International Limited (Micon) in 2007 and an economic update by Micon in 2008 (see Fortune Minerals news release dated May 8, 2008).  NICO contains total Proven and Probable Mineral Reserves of 21.8 million tonnes, containing 760,000 ounces of gold, 61 million pounds of cobalt and 77 million pounds of bismuth.  The underground portion of the Proven and Probable Mineral Reserves are 1,204,000 tonnes, grading 5.07 g/t gold, 0.14% cobalt and 0.19% bismuth and the open pit portion of the Proven and Probable Mineral Reserves are 20,613,000 tonnes, grading 0.85 g/t gold, 0.13% cobalt and 0.16% bismuth.  Copper is produced as a by- product of the NICO ore processing, but was not included in the Mineral Reserve estimate.  The NICO Mineral Reserves are contained within a larger Mineral Resource.  In consideration of the anticipated lower operating costs as a result of the increased plant throughput stated above, the increased metal recoveries indicated by the pilot plant, and other operational improvements, Fortune plans to re-estimate the NICO Mineral Reserves and also include copper.  Mr. B. Terrence Hennessey, P.Geo. of Micon and Mr. Eugene Puritch, P.Eng. of P&E Mining Consultants Inc. are the qualified persons responsible for the Mineral Reserve and Mineral Resource estimates in accordance with National Instrument 43-101.  Further information regarding the NICO mineral reserves and economic studies can be found in the Company�s AIF and other documents filed on the SEDAR website (www.sedar.com).

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 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

Robin Goad, President - or -

Lindsay Simmons, IR Coordinator

Dan Symons: dsymons@renmarkfinancial.com

Rea Joline C. 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 de velopment of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties 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 | All
Gold and Silver Prices for these countries : Canada | 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$ 23.7 millions as of today (US$ 19.0 millions, € 16.6 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)
0.080+6.67%0.530+0.00%
TORONTO
CA$ 0.080
12/02 15:51 0.010
6.67%
Prev close Open
0.075 0.080
Low High
0.075 0.080
Year l/h YTD var.
0.070 -  0.150 -46.67%
52 week l/h 52 week var.
0.070 -  0.150 -38.46%
Volume 1 month var.
144,950 -%
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
2022-38.46%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$ 7.36+2.94%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$ 5.77-2.86%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 0.80-3.75%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$ 2.05+3.02%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$ 8.55+1.18%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.18+2.86%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30-1.64%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$ 2.50+2.46%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 68.46+0.26%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 :