Fortune Minerals receives Environmental Assessment Board approval for the NICO mine & mill
Published : January 28, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Bismuth |

Fortune Minerals receives Environmental Assessment Board approval for the NICO mine & mill

Mackenzie Valley Review Board recommends NICO project with measures

Issued Capital: 121,276,976

LONDON, ON, Jan. 28, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce that the Mackenzie Valley Review Board ("Review Board") has concluded its Environmental Assessment ("EA") and has recommended approval of the proposed NICO gold-cobalt-bismuth-copper mine and mill in the Northwest Territories ("NT"). The Review Board concluded that a full environmental review of the NICO Project is not necessary and that it should proceed to the regulatory phase for approvals subject to the measures set out in its Report.

The Review Board, the primary authority responsible for all EA and review in the NT, issued its Report of Environmental Assessment and Reasons for Decision ("Report") for the NICO project on January 25, 2013.  This Report found that, "while the NICO project has the potential to cause significant adverse impacts on the environment, the measures the Review Board has recommended will ensure that no significant adverse impacts will result from the development."  The Report and recommendation has been submitted to the Honourable John Duncan, Minister of Aboriginal Affairs and Northern Development Canada ("AANDC") for his approval and signature, and to the Tlicho Government.  Upon acceptance of the Report by the Minister and the Tlicho Government, the NICO project can progress to the licensing and permitting phase of the process.

Dr. Richard Schryer, Fortune's Director of Regulatory and Environmental Affairs stated, "This is a landmark decision for Fortune as we have successfully demonstrated to the Review Board that the NICO project can be constructed, operated and decommissioned without significant impact to the surrounding environment.  The measures requested by the Review Board were developed primarily from pre-existing commitments already agreed to by the Company during the EA.  Fortune is confident these measures can be successfully implemented since they were already part of the project development plan." Examples of the measures include the development of a Wildlife Effects Monitoring Program, a Wildlife and Wildlife Habitat Protection Plan, and the signing of a socio-economic agreement with the Government of the Northwest Territories ("GNWT") which are all standard practice for mines in the NT.  One of the measures was directed to the GNWT and Tlicho Government, which are required to establish and co-chair, at their own expense, an expert working group to develop a response framework for managing cumulative impacts.

The Review Board stated that its recommendation assumes Fortune will implement all of the commitments it made during the EA process as well as the measures outlined in the Report.  A number of suggestions were also proposed by the Review Board which Fortune will take into consideration in the development of the NICO project.  Completion of the EA process is a significant milestone for the NICO project which will proceed to the regulatory approvals phase with the Wek'èezhìi Land and Water Board and other parties to develop the water license and land use permits upon acceptance of the Report by the Minister of AANDC and the Tlicho Government.  Fortune has already begun preparations for this final stage of the permitting process and fully expects to progress in an efficient manner given the positive foundation already built during the EA process.  The Company is also advancing discussions with the Tlicho Government toward completing agreements on the NICO development.

NICO is a planned vertically integrated project consisting of an open pit and underground mine and mill in the NT and a refinery in Saskatchewan where concentrates from the mill will be processed to high value metal products.  The proposed mine is located 50 km north of the Tlicho community of Whati and 160 km northwest of the City of Yellowknife.  The NICO project has already been assessed in a positive Front-End Engineering and Design study led by Jacobs Minerals Canada Inc. and other engineering companies, and the deposit has been test mined and the ores and concentrates subjected to pilot plant testing to verify the process flow sheet, and the production and recoveries of metal products.

With 33 million tonnes of Proven and Probable Mineral Reserves containing approximately 1.1 million ounces of gold, 82 million pounds of cobalt, 102 million pounds of bismuth and 27 million pounds of copper, the NICO mine can sustain operations for 20 years at the planned production rate of 4,650 tonnes of ore per day.  The high concentration ratio of NICO ores allows this daily throughput to be reduced to only 180 tonnes of concentrate containing the valuable metals.  The concentrate will be trucked to the rail head at Hay River for delivery by rail to the Saskatoon Metals Processing Plant ("SMPP") for further processing to high value metal products.

NICO is planned to be a reliable Canadian producer of gold doré, cobalt sulphate, bismuth ingot and copper metal precipitate. Notably, cobalt has growing consumption in superalloys and chemicals needed to manufacture high performance lithium-ion and nickel-metal hydride rechargeable batteries used in portable electronic devices and hybrid-electric cars.  NICO contains approximately 15% of global bismuth reserves, demand for which is growing as an environmentally safe and non-toxic replacement for lead in a number of important metal alloys, industrial materials and specialized products that require its unique physical and chemical properties. The approximately 1.1 million ounces of gold contained in the NICO deposit is a counter cyclical hedge to the other metals that could sustain operations during periods of metal price volatility.

Underground Mineral Reserves

Class Tonnes Au (g/t) Co (%) Bi (%) Cu (%)
Proven 282,000 4.93 0.14 0.27 0.03
Probable 94,000 5.60 0.11 0.19 0.01
Total 376,000 5.09 0.13 0.25 0.02

Open Pit Mineral Reserves

Class Tonnes Au (g/t) Co (%) Bi (%) Cu (%)
Proven 20,513,000 0.94 0.11 0.15 0.04
Probable 12,099,000 1.05 0.11 0.13 0.04
Total 32,612,000 0.98 0.11 0.14 0.04

Underground and Open Pit Combined Mineral Reserves

Class Tonnes Au (g/t) Co (%) Bi (%) Cu (%)
Proven 20,795,000 0.99 0.11 0.15 0.04
Probable 12,193,000 1.09 0.11 0.13 0.04
Total 32,988,000 1.02 0.11 0.14 0.04
In-Situ
Contained
Metal
  1,085,000
Ounces
82,268,000
pounds
102,053,000
pounds
27,179,000
pounds

Sums of the combined reserves may not exactly equal sums of the underground and open pit reserves due to rounding error.

The geological block model consists of the aggregate of five metre cubed individual blocks with grades assigned by the interpolation of composited assay data using Indicator Kriging. The resource estimate was also verified using Nearest Neighbor interpolation, which generated similar results.  The composite database was subjected to geostatistical analysis to limit the influence of grades that were considered statistically anomalous, and established grade caps of 24 grams/tonne ("g/t") for gold, 0.94% for cobalt, 1.40% for bismuth and 0.71% for copper. The mineral reserve estimates were prepared by Eugene Puritch, P.Eng., Fred H. Brown, CPG PrSciNat, and James L. Pearson, P.Eng. of P&E, who are the Qualified Persons responsible for the updated mineral reserves as defined by NI 43-101.

Concurrent with the permitting process, Fortune has been working with Deloitte & Touche Corporate Finance Canada to attract one or more strategic partners to provide the project financing for the NICO project.  As a potential Canadian-based producer of cobalt and bismuth, NICO presents an attractive opportunity for prospective partners to secure a reliable supply of these metals with a highly liquid gold co-product.  Discussions are ongoing with several parties interested in participating in joint venture development of the project.

The disclosure of scientific and technical information contained in this press release has been approved by Robin Goad, M.Sc., P. Geo., President and Chief Executive Officer of the Company, who is a "qualified person" under National Instrument 43-101.

About Fortune Minerals:
Fortune 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 the Arctos Anthracite Project in British Columbia ("BC") and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing the Saskatchewan Metals Processing Plant ("SMPP") in Saskatchewan to process NICO concentrates to high value metal products. In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune is focused 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 statements with respect to, among other things, proposed production of gold and specialty metals, the permitting process for the NICO project, the proposed development of the NICO project and the development of the site for the 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 secure appropriate strategic partners or otherwise arrange the necessary financing to construct and operate the NICO mine or the SMPP, uncertainties with respect to the receipt or timing of required permits for the development of the NICO project or the SMPP, the possibility of delays in the commencement of production from the NICO project or 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.

SOURCE: Fortune Minerals Limited

For further information:

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com 

Renmark Financial Communications
Barbara Komorowski: bkomorowski@renmarkfinancial.com, or
Nadia Marks: nmarks@renmarkfinancial.com
Montreal Tel: (514) 939-3989, Toronto Tel. (416) 644-2020
Montreal Fax: (514) 939-3717, Toronto Fax. (416) 644-2021
www.renmarkfinancial.com

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$ 7.34+2.59%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 :