FORTUNE MINERALS
RELEASES THIRD QUARTER 2011 RESULTS
Vancouver, BC - November 7, 2011 -
Fortune Minerals Limited (TSX-FT) (�Fortune� or the �Company�) is pleased to announce that its consolidated financial
statements and management�s discussion and analysis of financial condition and
results of operations for the period ended September 30, 2011 have been filed
and are available on SEDAR (www.sedar.com) or through the Company�s web site (www.fortuneminerals.com).
As at September 30, 2011, Fortune had
cash and cash equivalents of $30,341,681 and a working capital balance of
$26,025,526. The Company generated net income of $6,141,309 ($0.06 basic
income per share) and $5,140,995 ($0.05 basic income per share) for the three
and nine months ended September 30, 2011, respectively. These financial
results are principally the result of the sale of a 20% interest in the Mount Klappan project (�Klappan�) and
business partnership with POSCO Canada Ltd (�POSCAN�). POSCAN is the
Canadian subsidiary of South Korea-based POSCO, one of the world's largest
steel producers. The transaction is described in the
Company�s news release dated July 13, 2011.
The following table provides selected
consolidated financial information that is derived from the unaudited interim
consolidated financial statements of the Company:
|
|
Three months ending September 30,
|
Nine months ending September 30,
|
|
|
2011
|
2010
|
2011
|
2010
|
|
Net income (loss)
|
$6,141,309
|
($241,028)
|
$5,140,995
|
($733,396)
|
|
Basic income (loss) per common share
|
$0.06
|
�
|
$0.05
|
($0.01)
|
About Fortune Minerals Limited:
Fortune Minerals Limited 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 Mount Klappan
anthracite metallurgical coal deposits in BC and the NICO gold-cobalt-bismuth-copper
deposit in the Northwest Territories (�NT�). As part of the development
of the NICO deposit, Fortune is developing a hydrometallurgical plant in
Saskatchewan to process NICO concentrates to high value metal products. The
Company has also acquired the buildings and equipment from the Golden Giant
Mine at Hemlo, Ontario, which have been dismantled,
moved, and stored for relocation to NICO. 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.