Fortune Minerals Ltd

Published : November 19th, 2009

News Release

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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.

Contact

Fortune Minerals Limited 
Robin Goad, President - or -
Lindsay Simmons, IR Coordinator
info@fortuneminerals.com

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

Renmark Financial Communications Inc.
Dan Symons: dsymons@renmarkfinancial.com
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Media - Valerie Lacasse: vlacasse@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020 www.renmarkfinancial.com

 

Renmark Financial Communications Inc.

Montreal (Head Office): 2080 boul. Ren�-L�vesque Ouest, Montr�al, Qu�bec, H3H 1R6
Tel.: (514) 939-3989 Fax: (514) 939-3717
Toronto: 121 King Street West, Suite 1140, Toronto, Ontario, M5H 3T9
Tel.: (416) 644-2020 Fax: (416) 644-2021

Website: www.renmarkfinancial.com - Email: info@renmarkfinancial.com

 

Disclaimer: This correspondence is not to be construed as an offer to buy or sell securities or options. Renmark does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. We support best practices in responsible e-mail marketing and respect your right to be removed from this campaign. Should you no longer wish to receive e-mails from us, please reply to this e-mail, indicating "Unsubscribe" in the subject line.

 

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$ 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.

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8/12/2009Substantial Completion of Golden Giant Mine Dismantling and ...
3/25/2008PURCHASES ADDITIONAL HEMLO ASSETS
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