Fortune Minerals NICO Environmental Assessment update
LONDON, ON, March 30, 2009 - Fortune Minerals Limited (TSX-FT) ("Fortune Minerals" or "the Company") is pleased to provide an update of the Environmental Assessment ("EA") process currently underway for its 100% owned NICO gold-cobalt-bismuth-copper project in the Northwest Territories. Building on successful completion of test mining and pilot plant operations, and the positive definitive feasibility study by Micon International Limited ("Micon") (see Fortune Minerals news releases, dated February 24 and May 8, 2008, and January 16, 2007), NICO was referred to EA by Indian and Northern Affairs Canada after review of its water license and land use permit applications (see http://www.mveirb.nt.ca/registry). An EA is a regulatory process to determine the economic, environmental, and social impacts of major development projects like NICO and is the major component of the mine permitting process. In the Northwest Territories, this is administered by the Mackenzie Valley Environmental Impact Review Board ("MVEIRB").
Fortune Minerals proposes to construct a combined open pit / underground mine at NICO and related surface and processing facilities to produce gold dor�, cobalt and bismuth cathodes, and minor amounts of by-product copper and nickel. Fortune Minerals has already purchased the Golden Giant Mine buildings, equipment, and an inventory of spare parts from Newmont Canada Limited for relocation of parts of this plant to NICO. Meetings to inform four nearby communities about the project have already been held and additional meetings will follow as part of the EA process. The Company is now awaiting comments from local stakeholders and various regulatory bodies for the development of the Terms of Reference ("TOR"), which governs the EA process and lists the specific issues MVEIRB expects to see addressed.
The first phase in the EA process was the collec tion of baseline environmental data. Fortune Minerals has been undertaking this work at the NICO site, along access routes, and in the surrounding area since 1998. These extensive studies have been conducted primarily by Golder Associates Limited and are essentially complete. Ongoing environmental monitoring is being carried out and minor work to support refinements to design criteria as part of the Front End Engineering and Design work being conducted by Aker Metals, a division of Aker Solutions Canada Inc. The environmental data will be collectively used in the formal EA process to outline baseline conditions, assess impacts, and develop mitigation strategies as listed in the TOR and EA work plan being prepared by the MVEIRB. The NICO EA process is being managed by Richard Schryer, Ph.D., Fortune Minerals' Director of Regulatory and Environmental Affairs, who as extensive experience with permitting major mine projects in the Northwest Territories, and Jim Mucklow, MESc., P .Eng, Manager of Environment and Community Affairs.
NICO is located in the southern part of the Northwest Territories, 160 km northwest of the City of Yellowknife, 50 km northeast of the community of Whati and 80 km north of Behchoko and the highway to Edmonton, Alberta. The 2007 Micon feasibility study and 2008 update determined that 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 and nickel are also produced as by-products of the cobalt processing, but were not included in the Mineral Reserve estimate. The NICO Mineral Reserves are contained within a larger Mineral Resource. 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 Resource and Mineral Reserve 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 annual information form 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 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 is focussed on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.
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 development 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.
For further information:
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
Renmark Financial Communications Inc.
Dan Symons : dsymons@renmarkfinancial.com
Barbara Komorowski : bkomorowski@renmarkfinancial.com
Montreal - Tel.: 514 939-3989 / Fax: 514 939-3717
Toronto - Tel.: 416 644-2020 / Fax: 416 644-2021
www.renmarkfinancial.com
<
|
Fortune Minerals Ltd
|
|
DEVELOPMENT STAGE |
CODE : FT.TO |
ISIN : CA34967D1015 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact 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$ 16.3 millions as of today (US$ 12.0 millions, € 10.8 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. |