Fortune Minerals Limited - News Release
Issued Capital: 68,240,857
London,
Ontario, November 19, 2009 - Fortune Minerals Limited (TSX-FT)
(�Fortune Minerals� or the �Company�) is
issuing this news release to correct certain scientific and technical
information disclosed on its website that were not in compliance with
National Instrument 43-101-Standards of Disclosure for Mineral Projects
(�NI 43-101�). Specifically, the website disclosed a �57 million tonne
resource� for the Company�s NICO gold-cobalt-bismuth-copper project and
an �approximately 10 million tonnes of near surface resources (open at
depth), amenable to low cost open pit mining; averaging 0.8% copper� at
the Company�s Sue-Dianne project. Although these data are derived from
technical reports prepared on behalf of the Company, the resource or
resource sensitiv ity analysis figures combine different mineral resource
confidence categories which is not permitted by NI 43-101 and the
disclosure also did not include certain other information required by NI
43-101. The correct description of the foregoing resource figures is as
follows:
NICO
Open Pit Mineral Resource
Sensitivity Analysis 1
|
|
Measured
|
Indicated
|
|
NSR
Cutoff
($CDN/t)
|
Tonnes
|
Au
(g/t)
|
Bi
(%)
|
Co
(%)
|
NSR 2
($CDN/t)
|
Tonnes
|
Au
(g/t)
|
Bi
(%)
|
Co
(%)
|
NSR 2
($CDN/t)
|
|
10
|
5,641,505
|
0.269
|
0.125
|
0.089
|
23.46
|
12,759,455
|
0.291
|
0.086
|
0.095
|
23.42
|
Underground
Mineral Resource Sensitivity Analysis1
|
|
Measured
|
Indicated
|
|
NSR
Cutoff
($CDN/t)
|
Tonnes
|
Au
(g/t)
|
Bi
(%)
|
Co
(%)
|
NSR 2
($CDN/t)
|
Tonnes
|
Au
(g/t)
|
Bi
(%)
|
Co
(%)
|
NSR 2
($CDN/t)
|
|
10
|
12,854,651
|
0.950
|
0.104
|
0.069
|
28.15
|
25,970,337
|
0.754
|
0.104
|
0.094
|
30.64
|
Total
Mineral Resource Sensitivity Analysis1
|
|
Measured
|
Indicated
|
|
NSR Cutoff
($CDN/t)
|
Tonnes
|
Au
(g/t)
|
Bi
(%)
|
Co
(%)
|
NSR 2
($CDN/t)
|
Tonnes
|
Au
(g/t)
|
Bi
(%)
|
Co
(%)
|
NSR 2
($CDN/t)
|
|
10
|
18,496,156
|
0.742
|
0.110
|
0.075
|
26.72
|
38,729,792
|
0.601
|
0.098
|
0.094
|
28.26
|
|
|
Measured and Indicated
|
|
NSR Cutoff
($CDN/t)
|
Tonnes
|
Au
(g/t)
|
Bi
(%)
|
Co
(%)
|
NSR 2
($CDN/t)
|
|
10
|
57,225,948
|
0.647
|
0.102
|
0.088
|
27.76
|
(1) The mineral resource estimates
for the NICO deposit were estimated by Micon International Limited
(�Micon�) and P&E Mining Consultants Inc. (�P&E�) and are
contained in a report entitled �Technical Report on the Bankable
Feasibility Study for the NICO Cobalt-Gold-Bismuth Deposit, Magood Lake
Area, Northwest Territories, Canada� dated February, 2007 which is
available under the Company�s SEDAR profile at www.sedar.com. B. Terrence Hennessey, P.
Geo. of Micon and Eugene J. Puritch, P. Eng of P&E were the Qualified
Persons under NI 43-101 responsible for the resource estimates.
(2) For the purposes of the sensitivity analysis, the
average NSR was calculated using metal prices of $US10 per p ound of
cobalt, $US3.25 per pound of bismuth and $US375 per ounce of gold.
Sue-Dianne
Mineral Resource Estimates (0.40%
CuCut-Off Grade) 3
|
Classification
|
Tonnes
|
Cu (%)
|
Au (g/t)
|
Ag (g/t)
|
Cu (millions lbs)
|
Au (oz)
|
Ag (oz)
|
|
Indicated
|
8,444,000
|
0.80
|
0.07
|
3.2
|
149.1
|
19,000
|
855,000
|
|
Inferred
|
1,620,000
|
0.79
|
0.07
|
2.4
|
28.3
|
3,600
|
122,000
|
(3)
The mineral resources for the Sue-Dianne deposit were estimated by B.
Terrence Hennessey, P. Geo. of Micon and Eugene J. Puritch, P. Eng of
P&E.
The information in this press release has been reviewed by
Mr. Hennessey and Mr. Puritch, Qualified Persons for the mineral resource
estimates as defined in NI 43-101.
About Fortune Minerals
Fortune Minerals Limited 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
gold-cobalt-bismuth-copper deposit, the Sue-Dianne copper-silver deposit
and other base and precious metals exploration projects in the Northwest
Territories. 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 is focused on outstanding
performance and growth of shareholder value through assembly and development
of high quality mineral resource projects.
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