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Fortune Minerals comments on BC Government restriction of petroleum and natural gas development in Northwest Region
Published : December 18, 2012
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Fortune Minerals comments on BC Government restriction of petroleum and natural gas development in Northwest Region

Coal mining unaffected

LONDON, ON, Dec. 18, 2012 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to acknowledge and comment on the Government of British Columbia's decision to restrict petroleum and natural gas development in the Klappan area of northwestern British Columbia. The government announcement can be found at http://www2.news.gov.bc.ca/news_releases_2009-2013/2012EMNG0073-002054.htm .   Coal mining remains unaffected by this decision. Fortune and POSCO Canada Limited ("POSCAN"), Fortune's 20% joint venture partner in the Arctos Anthracite Joint Venture ("AAJV"), recognize that the Arctos anthracite metallurgical coal project is located in an area of significant spiritual, cultural and environmental importance to the Tahltan and Iskut people, and are committed to sustainable development of the project for the benefit of Aboriginal groups and stakeholders.

"Fortune will continue working toward development of the Arctos project and will continue consultation with local communities and Aboriginal groups to address concerns related to our project", said Robin Goad, Fortune's President and CEO.

Arctos is a collaborative international development project by the AAJV between Fortune (80%) and POSCAN (20%), the Canadian subsidiary of South Korea's POSCO, one of the world's largest steel producers. Substantial engineering, feasibility and environmental work have already been completed for the proposed development, totalling nearly $100 million.  The Arctos project is currently in the British Columbia Environmental Assessment process and the development plan is being designed to minimize environmental impacts associated with the project.  These include initiatives such as designing the wash plant to recycle 95% of the process water. The AAJV is working with local communities to explain the project including its benefits and potential impacts. The AAJV is focused on developing the project such that it has a lasting positive impact on the nearby communities.

The Arctos project is located 330 km northeast of the Pacific Ocean Port of Prince Rupert and straddles the BC Rail right-of-way and its substantially completed roadbed 150 km north of the current terminus of track.  This railway is proposed to be upgraded and extended to the site to allow for rail haulage of coal to the Port of Prince Rupert and export to the overseas steel industry.

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 Northwest Territories ("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 metallurgical coal, gold and specialty metals, the proposed development of the Arctos and NICO projects and the proposed purchase and 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 arrange the necessary financing to construct and operate the Arctos coal project, the NICO mine or the SMPP, uncertainties with respect to the receipt or timing of required permits for the development of the Arctos project, the NICO project or the SMPP, the possibility of delays in the commencement of production from the Arctos project, 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

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Fortune Minerals Ltd

DEVELOPMENT STAGE
CODE : FT.TO
ISIN : CA34967D1015
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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
8/26/2010Reduces Exercise Price and Extends Expiry Date of Warrants I...
7/2/2010Announces $2 Million Flow-Through Financing
Nominations of Fortune Minerals Ltd
1/22/2014Announces Promotion of Adam Jean to Vice-President Finance a...
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
8/14/2014Reports Second Quarter Financial Results
3/31/2014releases 2013 annual financial results
11/8/2013reports third quarter financial results
8/14/2013reports second quarter financial results
3/4/2013Releases 2012 Annual Financial Results
11/8/2011Releases Third Quarter 2011 Results
8/16/2011Releases Second Quarter 2011 Results
6/1/2011Releases First Quarter 2011 Results
3/16/2011Releases 2010 Annual Results
11/15/2010Releases Third Quarter 2010 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...
6/20/2014(Nico)receives final Land Use Permit and Water Licence approvals t...
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
12/3/2010(Nico)Announces Additional High-Grade Intersections from the NICO ...
11/4/2010(Mount Klappan)Announces Updated Definitive Feasibility Study For Mount Kla...
10/14/2010(Nico)Announces Completion Of Golden Giant Mine Project For Reloca...
9/9/2010(Nico)Announces High-Grade Intersections From the First 10 Holes o...
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...
3/30/2009(Nico)NICO Environmental Assessment update
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
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...
5/6/2013Provides Shareholder Update
4/19/2013provides Arctos project environmental assessment update
12/18/2012comments on BC Government restriction of petroleum and natur...
12/16/2011(Nico)Announces NICO Permitting Update
11/8/2011and Tlicho Government Sign Co-operative Relationship Agreeme...
11/3/2011Retains Deloitte to Secure Strategic Partner(s) and Financin...
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
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