FORTUNE MINERALS
ANNOUNCES APPOINTMENTS FOR SENIOR
METALURGIST AND SMPP PERMITTING
CONSULTANT
Issued Capital: 94,779,407
LONDON, ON - February 2, 2010 -
Fortune Minerals Limited (TSX-FT) (�Fortune Minerals� or �the Company�) is pleased to
announce the appointment of Mr. Jared Orynik, P.Eng, as Senior
Metallurgist for the Company�s proposed Saskatchewan Metals Processing
Plant (�SMPP�) to be built near Langham, 30 km west of Saskatoon.
Fortune Minerals� SMPP will use modern hydrometallurgical process technologies
to treat bulk concentrates from the Company�s wholly-owned NICO mine in
the Northwest Territories to produce high value metal products, including
gold, as well as cobalt, bismuth and copper cathodes. The NICO mine
and concentrator is currently undergoing the second half of an
Environmental Impact Assessment in the Northwest Territories, and the
SMPP is und ergoing a separate concurrent permitting process in
Saskatchewan.
Jared Orynik is a metallurgical and
materials engineer, who brings additional hydrometallurgical expertise to
Fortune Minerals to augment the Company�s existing team of in-house
process and mining engineers and expert consultants. Jared was
recently employed as a Senior Production Engineer at Teck Resources�
metallurgical complex at Trail, B.C., where he worked in metal leaching
and electro-winning operations similar to the process technologies that
will be employed at Fortune Minerals� SMPP. Jared also has key
plant commissioning experience as part of Teck�s startup of the Pogo Gold
Mine in Alaska. Originally from Prince Albert, Saskatchewan, Jared
is a graduate of Materials Engineering at the University of
Alberta. He is pleased to be back in his home p rovince as a member
of the Fortune Minerals management group based in Saskatoon as the
Company advances its vertically integrated NICO
gold-cobalt-bismuth-copper development toward commercial production.
Additionally, Fortune Minerals announces
that it has engaged MDH Engineered Solutions Corp. (�MDH�) to complete
the geotechnical, hydrogeological, and environmental programs required
for the permitting, construction and operation of the Company�s SMPP
following a competitive selection process. MDH will conduct soil
investigations and geotechnical design for the plant foundations and the
construction of earthworks for the storage ponds and residue storage
facilities for the SMPP. Hydrogeological studies are being
conducted for groundwater characterization and flow modeling for plant
water supply, and for the impact assessment for permitting.
Baseline environmental surveys are also being conducted for heritage
resources, climate, soil conditions, vegetation, wild life and hydrology
to support permitting. Based in Saskatoon, MDH has a 30-year
history of providing geotechnical, hydrogeological, and environmental
consulting services for large industrial clients in the mining and
petrochemical industries in western Canada.
About Fortune Minerals:
Fortune Minerals Limited 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 val ue
through assembly and development of high quality mineral resource
projects.
Forward Looking Information
This press release contains
forward-looking information. This forward-looking information includes
statements with respect to, among other things, the proposed
development of the NICO project 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 NICO mine and the SMPP, uncertainties with respect to
the receipt or timing of required permits for the development of the
NICO project and the SMPP, the possibility of delays in the commencement
of production from the NICO project and 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.
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