Fortune Minerals Ltd

Published : August 12th, 2009

Substantial Completion of Golden Giant Mine Dismantling and Demolition

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Keywords :   Bismuth |

FORTUNE MINERALS ANNOUNCES SUBSTANTIAL COMPLETION OF GOLDEN GIANT MINE DISMANTLING AND DEMOLITION

London, Ontario - August 12, 2009 - Fortune Minerals Limited (TSX-FT) (�Fortune Minerals� or the �Company�) is pleased to provide an update of the dismantling and demolition of the Golden Giant Mine at Hemlo, Ontario for the relocation of certain buildings and equipment to the Company�s NICO gold-cobalt-bismuth-copper mine development in the Northwest Territories.  The dismantling and demolition of the Golden Giant Mine facilities is substantially complete and valuable equipment is being stored at the site under an amended agreement with Newmont Canada Limited (�Newmont�) pending receipt of permits for NICO.  The buildings and equipment salvaged from Golden Giant will have a material impact on reducing the capital costs for the NICO development. 

Fortune Minerals acquired certain Golden Giant Mine buildings, equipment and an inventory of spare parts from Newmont and Mindecom Industrial Constructors Limited (�Mindecom�) in 2006 after the mine closed, and the remainder of the buildings from Newmont in 2008.  Valuable assets salvaged from the mine for use at NICO include buildings, grinding mills, the crushing plant, flotation cells, compressors, boilers, generator, conveyors, pumps, motors, overhead cranes, transformers, assay laboratory, and electrical switch gear.  Fortune Minerals is pleased to announce that it has entered into an amending agreement with Newmont that will allow the Company to maintain the service complex building and store its assets at the Hemlo site until required, but no later than April 1, 2011.

Fortune Minerals has generated significant cash proceeds from the sale of gold recovered from residues and other materials collected during cleanup of the Golden Giant Mine assets. Approximately 135 tonnes of high-grade materials were processed or, are awaiting settlement at refineries in Canada and the United States. The Company also sold approximately 8,200 tonnes of recyclable scrap steel, copper and other metals from the mill, head frame and other buildings that were demolished at the Hemlo site.  Additional funds were generated from the sale of surplus equipment and buildings, including a jaw crusher, the paste fill plant and building, cold storage buildings, furnaces, office and other small equipment that were not required at NICO.

Fortune Minerals contracted Tri-Venture FE&C Canada Ltd. ("Tri-Venture") as the primary contractor for the dismantling and demolition of the Golden Giant Mine assets.  The scope of work was reduced as allowable under the contract after it was determined that certain Golden Giant Mine assets would no longer be required at NICO, including portions of the mill building that was demolished, and the paste fill plant, which was sold.  The Company and Tri-Venture have had disagreements over amounts chargeable under the contract.  The Company has received a Statement of Claim with respect to an action commenced by Tri-Venture against Fortune Minerals and Newmont.  Tri-Venture alleges that it is still owed approximately $2.9 million for services provided under its contract with Fortune Minerals.  The Company believes that such claim is not supported by the facts and is considerably in excess of the amount actually owed.  Fortune Miner als intends to vigorously defend the claim.

Fortune Minerals is in the permitting process to develop a combined open pit and underground mine to feed a conventional crushing, grinding and flotation mill, and related infrastructure at NICO.  The project is located 160 km northwest of the City of Yellowknife, 50 km north of the Tlicho community of Whati, and 80 km north of the highway to Edmonton, Alberta.  The Company plans to produce a bulk flotation concentrate at the NICO site for transport to the rail head at Hay River, Northwest Territories and delivery to a refinery the Company will construct in southern Canada.  NICO is a vertically integrated project to produce high value metal products, including gold dor�, cobalt and bismuth cathode and copper.

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 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.

For further information please contact:

Fortune Minerals Limited

Renmark Financial Communications Inc.

Robin Goad, President - or -

Lindsay Simmons, IR Coordinator

info@fortuneminerals.com

 

 

Tel.: (519) 858-8188

Fax: (519)858-8155

www.fortuneminerals.com

Dan Symons: dsymons@renmarkfinancial.com  

Barbara Komorowski: bkomorowski@renmarkfinancial.com    

Media Contacts:

Fran�ois Tr�panier: ftrepanier@renmarkfinancial.com  

Vanessa Napoli: vnapoli@renmarkfinancial.com

Tel: ( 514) 939-3989
or (416) 644-2020

www.renmarkfinancial.com

 

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 outcome of the legal action commenced by Tri-Venture. 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 uncertainty in the outcome of litigation and other factors.  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.

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Fortune Minerals Ltd

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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$ 22.3 millions as of today (US$ 17.8 millions, € 15.6 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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