Fortune Minerals welcomes BC Government statement on Arctos Project
Published : September 19, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Bismuth |

Fortune Minerals welcomes BC Government statement on Arctos Project

Government upholds validity of fieldwork permits and appoints mediator

Issued Capital: 150,526,976

LONDON, ON, Sept. 19, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) welcomes the September 17, 2013 statement from the British Columbia ("BC") Government that it supports the legal right of companies to safely perform permitted work, and the related appointment of mediator Geoff Freer.  (http://www2.news.gov.bc.ca/news_releases_2013-2017/2013ARR0044-001414.htm)

Fortune is currently assessing all available options to enable safe completion of the 2013 environmental fieldwork program at the Arctos Anthracite Project ("Arctos Project") in northwestern BC. Protestors have been and are currently hindering the Company's work program by encroaching on drill sites and other working areas, raising safety concerns for both workers and protestors themselves.

Fortune's activities are duly authorized through permits issued under the BC Mines Act, various coal tenures and other provincial laws. The permits authorize a limited amount of geotechnical drilling to gather information that will be used in the environmental assessment ("EA") process. The EA process will result in an informed decision on the merits and impacts of the project, and will consider environmental, social, health, heritage and economic impacts, as well as traditional knowledge. The EA process provides First Nations and other interested parties with extensive opportunities to participate in decision-making about a project.

The Arctos Project is also consistent with the stated objectives of the 2000 Cassiar Iskut-Stikine Land Resource Management Plan, which was developed with many interested parties including Tahltan representatives. (http://archive.ilmb.gov.bc.ca/slrp/lrmp/smithers/cassiar/plan/files/CIS-LRMP-November-2006.pdf)

Fortune respects the right to peaceful protest but it does not support illegal actions and will take all appropriate actions to protect its legal rights. It believes the appropriate forum to discuss interests and concerns is through the EA process where all opinions are heard and issues are examined in detail. It welcomes opportunities to engage, share information and receive advice and feedback through that process.

Fortune looks forward to working with governments, First Nations and local communities to develop a project that is a model of cooperation and environmental sustainability.

About the Arctos Project

The Arctos Project is one of the world's premier metallurgical coal projects with very large resources and reserves of high rank anthracite coal in northwest BC.  Anthracite is the highest quality coal and is used in steel making, metals processing and other specialized products such as carbon filters for water purification. The project is an international collaboration between Fortune (80%) and POSCAN (20%), the Canadian subsidiary of South Korea's POSCO, one of the world's largest steel producers. Substantial work totalling more than $100 million has already been completed on the project to conduct resource delineation, engineering, feasibility and environmental studies as well as test mining and processing at the site for trial cargos of products to potential customers in North America, Asia and Europe.

The Arctos project is located 330 km northeast of the Port of Prince Rupert and straddles the existing BC Railway right-of-way that was constructed by the BC Government in the 1970's and was substantially completed to the site. This existing brownfield transportation corridor is planned to be completed with rail to the current terminus of track, 150 km south of the proposed mine where the Canadian National Railway is operating. The railway provides a simple and scalable transportation solution to the Ridley Coal Terminal in Prince Rupert for export of metallurgical coal products to overseas steel manufacturers and metal processors.

A positive feasibility study for the Arctos Project was completed in 2012 by Marston & Marston Inc., a division of Golder Associates Inc. This study indicates a 25-year mine life (see Fortune News Release dated October 15, 2012), expected to contribute 500 direct jobs and 1000 jobs in supporting activities and generate more than $10 billion in revenues and $900 million in combined federal and provincial taxes. There is good potential to extend the mine life from the very large mineral resource base currently recognized on the Arctos licenses.

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 BC and the vertically integrated NICO gold-cobalt-bismuth-copper project that is comprised of a mine and mill in the Northwest Territories ("NT") that will produce a bulk concentrate for shipment to a refinery for processing 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 news release contains forward-looking information. This forward-looking information includes statements with respect to, among other things:  the Company's expectations with respect to the anticipated development of the Arctos Project; the anticipated revenues from and jobs and taxes to be generated from the Arctos Project; and the expected mine life at the Arctos Project.  Forward-looking information contained in this news release is based on the opinions and estimates of management as well as certain assumptions considered by management to be reasonable and which are made as at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding the Company's business and the viability of the Arctos Project).  Readers should be cautioned that forward-looking information 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 without limitation: 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 arrange the necessary additional financing to construct and operate the Arctos Project; uncertainties with respect to the receipt or timing of all applicable permits for the development of the Arctos Project; the possibility of delays in the commencement of production from the Arctos Project; uncertainties relating to the estimation of mineral reserves; 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
www.fortuneminerals.com

Renmark Financial Communications
Barbara Komorowski: bkomorowski@renmarkfinancial.com, or
John Boidman: jboidman@renmarkfinancial.com
Montreal Tel: (514) 939-3989, Toronto Tel. (416) 644-2020
www.renmarkfinancial.com

Data and Statistics for these countries : Canada | South Korea | All
Gold and Silver Prices for these countries : Canada | South Korea | 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$ 7.21+0.84%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$ 0.29-4.92%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 :