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[STK] OTC-QX:FTMDF OtherOTC:FTMDF Toronto:FT
[IN] MNG
[SU]
TO BUSINESS EDITORS:
Fortune Minerals announces positive updated Micon Feasibility Study &
updated reserves for the NICO project
Improved economics at lower commodity price assumptions to advance
project financing
Issued Capital: 150,526,976
LONDON, ON, April 2, 2014/CNW/ - Fortune Minerals Limited (TSX: FT)
(OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com)
is pleased to announce the results of an updated Feasibility Study
report by Micon International Limited ("Micon") for Fortune's 100%
owned NICO gold-cobalt-bismuth-copper project. NICO is a planned
vertically integrated project consisting of an open pit and
underground mine and mill near Yellowknife in the Northwest
Territories ("NT") and a hydrometallurgical refinery near Saskatoon -
the Saskatchewan Metals Processing Plant ("SMPP"), where Fortune will
process concentrates from the mine to high value metal products. Both
sites have already received the environmental assessment ("EA")
approvals in their respective jurisdictions and are now in the final
permitting phase.
This updated Feasibility Study was prepared by Micon in order to
document a number of improvements that have been made to the NICO
project over the past year and to provide a comprehensive document to
support negotiations currently underway for project financing with
potential strategic partners and their banks. It updates the economics
for the project from the 2012 front-end engineering and design
("FEED") study by Jacobs Minerals Canada Inc. ("Jacobs") and other
engineering companies, which is summarized in a technical report by
P&E Mining Consultants Inc. ("P&E") and other engineering companies
filed on the SEDAR website (www.sedar.com) (see Fortune news release,
dated July 2, 2012). Areas where improvements have been made include:
the inclusion of additional gold-rich reserves to be accessed from
underground outside of the open pit design, use of grid power at the
minesite rather than expensive diesel power, updated capital and
operating costs to reflect current prices and updated labour and
indirect costs, and changes in product mix and markets with the
inclusion of additional bismuth premium products to be pursued to
reflect the SMPP's strategic advantage as a North American based
producer of specialty metals and chemicals. The Qualified Persons
responsible for the Micon Feasibility Study for the purposes of
National Instrument 43-101 are: Chris Lattanzi, P.Eng., Richard
Gowans, P.Eng. Harry Burgess, P.Eng. and Terrence Hennessey, P.Geo.
The information used in the Micon Feasibility Study incorporates
updated capital and operating costs and site designs by Procon Mining
& Tunnelling Inc. ("Procon") and Hatch Engineering, additional
underground reserves and mining designs by Procon and a financial
model, execution plan and marketing information supplied by Fortune.
The Micon study also relies on information previously reported in the
2012 FEED study, which includes: the minesite, concentrator and SMPP
process plant designs by Jacobs with minor updates by SGS and Procon;
the mine plan and schedule, mineral resources, and mineral reserves by
P&E - except for additional underground reserves primarily outside of
the open pit design that were developed and confirmed by Procon;
metallurgical test work by SGS Lakefield Research Limited ("SGS");
waste rock disposal and tailings disposal and design, effluent
treatment design and environmental and permitting work by Golder
Associates Limited; mine access road design by EBA Engineering Limited
("EBA"); and site infrastructure by Jacobs, International Quest
Engineering Ltd., and EBA, with minor amendments by Procon and
Fortune. A technical report for the Micon Feasibility Study prepared
in accordance with National Instrument 43-101 will also be filed on
SEDAR within 45 days of this news release.
Highlights of the Micon Feasibility Study:
-- Increase in Mineral Reserves to 33.1 million tonnes;
-- Increase in Gold contained in the deposit to more than 1.1 million
ounces;
-- Levered Base Case pre-tax Internal Rate of Return ("IRR") of 15.6%
(after-tax 15.1 using lower commodity prices than the FEED study;
-- Levered Base Case pre-tax 7% discounted Net Present Value ("NPV")
of C$254 million (C$224 million after tax);
-- Cycle metal price sensitivity analysis indicating potential for
levered 7% discounted pre-tax NPV of C$543 million and IRR of 23.6%
(C$505 million NPV and 23.2% IRR after-tax);
-- Pre-production capital of C$589 million, including indirects and
EPC costs;
-- Low C1 cash operating cost for metals: US$ 673.54/equivalent gold
ounce; US$ 9.50/equivalent cobalt pound; US$ (702.12)/ounce of gold
net of by-product credits; US$ (5.19)/pound of cobalt net of
by-product credits; US$ (10.18)/pound of bismuth net of by-product
credits;
-- 20-year life of mine ("LOM") metal production of: 814,000 troy
ounces of gold as doré; 70 million pounds of cobalt in cobalt sulphate
containing 20.9% cobalt; 74 million pounds of bismuth as 99.995% ingot
and needles, and bismuth oxide containing 89.7% bismuth; 11.2 million
pounds of copper in a copper cement precipitate.
Robin Goad, Fortune's President and Chief Executive Officer commented,
"As we complete the final stages of permitting and project financing
for NICO, Fortune is well-positioned to be a reliable North American
source of supply of cobalt and bismuth and a highly liquid gold
co-product. Our proposed Saskatchewan refinery will stand out as a
North American facility dedicated to the production of cobalt
chemicals needed to manufacture rechargeable batteries used in
portable electronic devices and electric vehicles, the latter
currently driving transformational growth in the market for cobalt.
NICO is also the world's largest single known deposit of bismuth,
which is also experiencing increasing demand as a non-toxic,
environmentally safe replacement for lead due to bans and restricted
use of lead as a result of legislation and growing environmental
awareness by manufacturers. A recovering world economy, growth in the
use of our specialty metals, and supply concerns from traditional
producers will collectively make Fortune an attractive NAFTA supplier
of cobalt and bismuth."
Mike Romaniuk, Fortune's Vice President and Chief Operating Officer
commented, "This update has produced a document with a project
execution that we believe is achievable and with a schedule and costs
that reflect the current market. The increased capital cost better
reflects the labor and indirect costs expected in the locations for
the mine and processing facilities. The additional efforts to realize
opportunities in mining outside of the pit shell, grid power for the
mine, and greater clarity on final product mix and markets has
justified an update to the previously released information."
Location and Access for the NICO Mine and SMPP:
The NICO deposit and proposed mine and mill are located in the NT, 160
km northwest of the City of Yellowknife and 50 km northeast of the
Tlicho aboriginal community of Whati. An access road will be
constructed to join with a new all-weather road proposed from Whati to
the highway at Behchoko, 85 km south of NICO. The road will enable the
Company to truck bulk concentrate from the mill to Hay River, NT for
trans-loading onto rail and delivery to the SMPP. Fortune owns 194
hectares of lands straddling the CN Rail line near Langham,
Saskatchewan, 26 km northwest of Saskatoon and about 2 km north of the
Yellowhead highway.
Updated Mineral Reserves:
NICO is an Iron Oxide Copper-Gold ("IOCG") class deposit, also
commonly referred to as Olympic Dam-type after the "Super Giant"
deposit in South Australia that defines this class. Ore is hosted in
three, 40-50 degree dipping stratabound lenses of brecciated ironstone
up to 1.3km in length, 550 metres in width and with individual lenses
up to 70 metres in true thickness. The recoverable metals are
associated with the approximate 5% sulphide fraction consisting
primarily of cobaltian arsenopyrite, cobaltite, bismuthinite,
chalcopyrite, pyrite and pyrrhotite, as well as native gold and
bismuth.
The mineral resources and mineral reserves for the NICO deposit were
prepared by P&E for the 2012 FEED study based on a geological block
model determined from data from 327 drill holes, plus surface
trenches, and operating cost net smelter return ("NSR") cut-off
values. Mineral reserves were determined from the mineral resources
based on operating costs. An additional 89,000 tonnes of underground
mineral reserves were identified and confirmed by Procon and Fortune
outside of the open pit design prepared by P&E. The updated combined
Mineral Reserves are shown in the table below.
Underground Mineral Reserves
Classification Tonnes (Thousand) Au (g/t) Co ( Bi (%) Cu (%)
Proven 282 4.93 0.14 0.27 0.03
Probable 295 5.00 0.07 0.07 0.01
Total 577 4.96 0.10 0.17 0.02
Open Pit Mineral Reserves
Classification Tonnes (Thousand) Au (g/t) Co ( Bi (%) Cu (%)
Proven 20,453 0.92 0.11 0.15 0.04
Probable 12,047 1.03 0.11 0.13 0.04
Total 32,500 0.96 0.11 0.14 0.04
Underground and Open Pit Combined Mineral Reserves
Classification Tonnes (thousand) Au (g/t) Co ( Bi (%) Cu (%)
Proven 20,735 0.97 0.11 0.15 0.04
Probable 12,342 1.13 0.11 0.13 0.04
Total 33,077 1.03 0.11 0.14 0.04
Metal Contained1 1,100 Moz 82.3 Mlb 102.1 Mlb 27.2 Mlb
Sums of the combined reserves may not exactly equal sums of the
underground and open pit reserves due to rounding error.
The geological block model consists of the aggregate of five metre
cubed individual blocks with grades assigned by the interpolation of
composited assay data using Indicator Kriging. The resource estimate
was also verified using Nearest Neighbor interpolation, which
generated similar results. The composite database was subjected to
geostatistical analysis to limit the influence of grades that were
considered statistically anomalous, and established grade caps of 24
grams/tonne ("g/t") for gold, 0.94% for cobalt, 1.40% for bismuth and
0.71% for copper. The mineral reserve estimates were prepared by
Eugene Puritch, P.Eng., Fred H. Brown, P.Geo., and James L. Pearson,
P.Eng. of P&E, who are the Qualified Persons responsible for the 2012
FEED mineral reserves as defined by NI 43-101.Procon identified
additional high-grade mineral reserves outside of the open pit design
from the 2012 P&E mineral resources and have been included into a
combined mineral reserve statement. Henry Wulkan, P.Eng. Manager of
Projects for Procon is the Qualified Person responsible for the
additional underground mineral reserves as defined by NI-43-101.
Products and Markets:
NICO is a diversified specialty metals project with a countercyclical
gold co-product and by-product copper. The project will be well
positioned to be a reliable vertically integrated North American
source of supply of cobalt and bismuth products in a market where the
dominant producers are in counties where there is political
instability for cobalt (Congo - 60% of cobalt mine production) and
policy risks for bismuth and cobalt (China - 80% of bismuth mine
supply and 43% of cobalt refinery production). The location of the
SMPP in Saskatoon will benefit from its proximity to the North
American market and trade advantages from NAFTA as well as the
European Union. The plant will produce cobalt sulphate heptahydrate, a
chemical needed to manufacture lithium ion and nickel metal hydride
rechargeable batteries to take advantage of their growing use in
portable electronic devices and electric vehicles. The plant will also
produce 99.995% bismuth ingot and needles as well as bismuth oxide
with 89.7% bismuth content. Bismuth has traditional use in low
temperature and fusible alloys, pharmaceuticals and medicines such as
Pepto-Bismol @ as well as cosmetics. Bismuth demand growth is
primarily a result of its non-toxic properties which make it an
environmentally safe replacement of lead because of bans and
restricted use of lead in potable drinking water sources and
electronics (eg. from European Union - REACH program). Bismuth is
therefore being used in lead-free plumbing and electronic solders,
free-machining steel, brasses and aluminum, paint pigments and
automotive anti-corrosion coatings and windshield frits. Bismuth is
also one of the few metals, which expands when it cools and is
therefore used in products where dimensional stability is required
such as castings. The SMPP has been designed to produce multiple
value-added products that sell for significant premiums over metal.
The flexible design of the SMPP will also allow for simple
modifications to produce other cobalt and bismuth metals and chemicals
to take advantage of market opportunities and also to potentially
diversify into the recycling business.
Economic Analysis:
Fortune has evaluated the overall economics for the NICO project by
conventional discounted cash flow techniques, under the presumption
that the initial capital expenditure will be financed 30% by equity
and 70% by debt for a levered economic analysis contemplated in its
project financing discussions. All revenues and costs are expressed in
Canadian dollars, typically of fourth quarter 2013 value. Metal prices
denominated in US dollars have been converted to Canadian currency at
an exchange rate of C$1.00 = US$0.88. This exchange rate has been
assumed to remain constant throughout the life of the project.
The following table is a summary of the results of the base case
financial analysis. All production, revenue and cost data are
life-of-mine estimates.
NICO Economics
Item Units Value
Mine Life years 20
Open Pit Ore Mined thousand tonnes 32,500
Underground Ore Mined thousand tonnes 577
Concentrate Produced (dry) thousand tonnes 1,062
Gold Produced thousand troy ounces 814.4
Cobalt Produced (in sulphate) thousand pounds 69,526
Bismuth Produced thousand pounds 73,656
Copper Produced thousand pounds 11,195
Gross Revenue C$ million 3,842
Transport, Refining, Marketing C$ million 226
Net Smelter Return C$ million 3,596
Mine and Mill Operating Costs C$ million 746
Other Site Operating Costs C$ million 359
SMPP Operating Costs C$ million 599
Operating Profit C$ million 1,892
Corporate Administration, Interest, Fees C$ million 212
Royalties, Income Taxes C$ million 141
Cash Flow Before Capital Costs C$ million 1,540
Initial Capital Costs - NICO Project Site C$ million 347
Initial Capital Costs - SMPP C$ million 242
Sustaining and Working Capital C$ million 60
Reclamation Security Funding C$ million 53
Net Cash Flow C$ million 837
Pre-Tax Present Value (7%/year discount) C$ million 254
Post-Tax Present Value (7%/year discount) C$ million 224
Pre-Tax Internal Rate of Return %/y 15.6
Post-Tax Internal Rate of Return %/y 15.1
Base Case Price assumptions are US$ 1350/troy ounce for gold, US$16.00
cobalt/pound ("lb") (US$19.04 cobalt/pound in sulphate), US$10.50/lb
bismuth (US$12.64/lb bismuth in average production of combined ingot,
needles and oxide), and US$2.38/lb of copper at an exchange rate of
C$1 =US$0.88.
Sensitivity Analyses
Sensitivity analyses have been conducted to determine the effect on
NPV and IRR from application of variations in the base level prices
for the two principal co-products, gold and cobalt. The results are
summarized in the following table. These sensitivity analyses also
serve as a proxy for variations in ore grade, metallurgical recovery
or metal production, for either gold or cobalt.
Gold and Cobalt Price Sensitivity Analyses
Gold Price (US$/oz) 1,200 1,350 1,500
Pre-tax NPV, 7% (C$ million) 196 254 312
Pre-tax IRR ( 13.9 15.6 17.2
Post-tax NPV, 7% (C$ million) 168 224 281
Post-tax IRR ( 13.3 15.1 16.7
Cobalt Price (US$/lb) 13.00 16.00 19.00
Pre-tax NPV, 7% (C$ million) 124 254 383
Pre-tax IRR ( 11.4 15.6 19.4
Post-tax NPV, 7% (C$ million) 98 224 350
Post-tax IRR ( 10.7 15.1 19.0
A separate sensitivity analysis was also conducted, using the base
case production and cost estimates, but metal prices reflecting the
6-year price cycles for the metal that will be recovered from the
project to determine the impact of metal price cyclicity shown in
following table. Under this sensitivity analysis, the NICO Project
would be expected to yield an after-tax, undiscounted life-of-mine
cash flow of C$1.44 billion, levered pre-tax IRR of 23.6%, after-tax
IRR of 23.2%, levered 7% discounted pre-tax NPV of C$543 million and
after-tax 7% NPV of C$505 million.
Cycle Metal Prices Last Six Years
Metal Price Range
Low High
Gold (US$/oz) 1,200 1,900
Cobalt (US$/lb) 12.00 30.00
Bismuth (US$/lb) 7.00 19.00
Copper (US$/lb) 3.00 4.50
The capital costs for the NICO project were determined by the
engineering companies that were responsible for their respective
components of the study and totals $589 million for the first 2 years
of the project, including all direct and indirect costs and
contingencies. The underground mining fleet is assumed to be provided
by contracted service and the cost of the equipment is built into the
operating costs for the underground part of the mine. The open pit
mine fleet is planned to be sourced under a lease purchase from the
supplier and therefore only the deposit is included in project
capital, whereas most of the cost of this equipment is built into the
open pit mining costs. The total estimated pre-production capital
costs for the NICO project are summarized in the following table
expressed in constant Canadian dollars of fourth quarter, 2013 value.
The table does not include working capital, which is estimated at C$20
million.
Summary of Capital Costs
Location Pre-Production Capital (C$ million) Sustaining (C$ million) Total Capital (C$ million)
Direct Costs Indirect Costs Total
NWT 222.4 124.1 346.5 41.4 387.9
SMPP 165.0 77.5 242.5 16.4 258.9
Total 387.4 201.6 589.0 57.8 646.8
The following table shows the projected average annual metal
production for each of NICO's component commodities.
Average Metal Production
Average Metal Production
Gold (oz) Cobalt Bismuth Copper
(lbs) (tonnes) (lbs) (tonnes) (lbs) (tonnes)
Average Annual 41,360 3,560,426 1,615 3,856,830 1,749 582,494 264
LOM Total 814,394 69,525,678 31,536 73,656,311 33,410 11,194,663 5,078
Gross LOM Revenue C$ 1,249,354 1,489,240 1,047,393 29,912
% Revenue by Metal 33% 39% 27% 1%
The cash cost net of by-product credits for gold, cobalt and bismuth
were determined for the NICO project in the table below. Notably, the
cash costs per pound of cobalt and bismuth net of by-product credits
are low and demonstrate that NICO has very low operating costs for all
metals net of by-product credits. After capital has been repaid,
operations can be sustained during periods of low metal prices and
volatility.
Operating Cash Cost
Metal Price Case LOM Average Operating Cash Cost
Equivalent ounce of gold US$ 673.54
Ounce of gold, net of by-product credits US$ (702.12)
Equivalent pounds of cobalt US$ 9.50
Pound of cobalt, net of by-product credits US$ (5.19)
Pound of bismuth, net of by-product credits US$ (10.18)
The costs of operating the facilities at the NICO project and those at
the SMPP have been estimated separately. The total estimated
life-of-project ("LOP") operating costs are summarized in the
following table. The average annual costs shown in the table are based
on a project life of 20 years.
Estimated Life-of-Project Operating Costs
Location Life-of-Project Cost (C$ million) Average Annual Cost (C$ million) Average Unit Cost (C$/t ore milled)
NT 1,313.6 65.7 39.71
SMPP 599.1 30.0 18.11
Total 1,912.7 95.7 57.82
Summary of Operating Costs
The estimated LOM operating costs for the NICO project in the NT are
summarized in the following table. The average estimated cost is
C$39.71 per tonne of ore milled. These costs are expressed in constant
Canadian dollars of fourth quarter, 2013 value.
Summary of Project Site Operating Cost Estimates
Cost Centre Life-of-Mine Cost (C$ million) Average Annual Cost (C$ million) Average Unit Cost (C$/t total ore mined)
Open Pit Mining 271.2 13.6 8.20
Underground Mining 52.7 2.6 1.59
Processing (NWT) 422.4 21.1 12.77
Shared Services 355.2 17.8 10.74
Concentrate Transport 212.1 10.6 6.41
Total 1,313.6 65.7 39.71
The estimated LOM operating costs for the SMPP are estimated at C$599
million, or C$564 per tonne of bulk concentrate processed.
Average Cash cost per tonne of ore
Activity Unit Costs
Open Pit (per tonne of open pit waste and ore) C$2.08
Open Pit (per tonne of open pit ore) C$8.34
Underground Mining (per tonne of underground ore) C$ 91.40
Open Pit (per tonne of total ore) C$ 8.20
Underground (per tonne of total ore) C$ 1.59
Shared Services/Camp/G&A (per tonne of total ore) C$ 10.74
Processing and Concentrate Transport Costs (per tonne of total ore) C$ 37.30
Total (per tonne of total ore mined and processed) C$ 57.83
Mining:
NICO is planned to be mined primarily by open pit methods with
underground ores contributing 16% of the mill feed during the first
two years of operations. The open pit part of the mine will be a
conventional truck and shovel operation, accomplished in four phases
at an average waste to ore strip ratio of 3.0:1. The underground
portion of the mine will be mined by retreat blasthole open stoping
using a contractor and provides early access to gold-rich, higher
grade ores in the mine to optimize cash flow scheduling. Notably, most
of the underground pre-production development work for the underground
part of the mine has previously been constructed from the test mining
programs that were conducted in 2006 and 2007 by Procon at a total
cost of approximately C$20 million.
Processing:
The NICO ore will be processed in two stages at the NICO site and
SMPP, respectively. At the NICO site, 4,650 dry tonnes per day
(average) of ore will be processed in a crushing, grinding and
flotation concentrator to produce approximately 180 tonnes of wet bulk
concentrate per day. The high concentration ratio of NICO ores is a
significant economic attribute to the deposit, which allows the
Company to concentrate the valuable metals in 3.8% of the original ore
for efficient transport to southern Canada where significant process
cost savings can be achieved. The NICO bulk concentrate will be bagged
and transported by truck to Hay River, NT and transfer to rail for
delivery to the Company's proposed SMPP on the CN railway line near
Saskatoon.
At the SMPP, bulk concentrate will undergo additional grinding and
flotation to produce separate gold-bearing cobalt and bismuth
concentrates. The bismuth concentrate is treated by atmospheric acid
leach, followed by electro-winning to produce 99.5% bismuth cathode.
The cathode is then melted in a furnace and poured to make 99.995%
bismuth ingots or needles and with 60% of the production further
processed in an oxidation chamber to bismuth oxide with 89.7% bismuth
content.
The bismuth leach residue is fed into an autoclave together with the
cobalt concentrate for processing by pressure acid leach to dissolve
the metals. The solution that is produced will then be treated with
lime sequential neutralization to remove impurities and sodium
bicarbonate to precipitate cobalt carbonate. Copper is recovered from
the precipitate by re-leaching and Iron powder cementation to produce
90% metal cement precipitate. The cobalt circuit uses S-X (Cyanex
272), sequential stripping, solution evaporation & crystallization to
produce cobalt sulphate with 20.9% cobalt content.
Gold is recovered from the combined leach residue using cyanide and
precipitated by Merrill Crowe process followed by melting to pour gold
doré bars.
The process flow sheet, production of high value metal products and
metal recoveries have all been verified in three pilot plants as well
as laboratory scale test work that was carried out at SGS between 1997
and 2012. The decision to move the downstream processing of metals to
Saskatchewan was driven primarily by the availability of lower cost
power and the proactive support of the Government of Saskatchewan,
which has also passed attractive tax legislation to encourage
processing of raw materials that have been sourced from outside of the
province. The location near Saskatoon also provides access to rail, as
well as proximity to the highways, natural gas, lime and other
reagents, and a skilled labour pool of engineers and process plant
workers.
Fortune continues to work with Deloitte Corporate Finance Canada Inc.
to complete project financing agreements for the NICO project. The
Company has already announced a strategic investment by Procon
Resources Inc. in 2013 to provide interim financing to advance work on
the project, and negotiations are ongoing to secure final project
financing for the development. The Micon feasibility study will be
used to support ongoing negotiations with potential strategic partners
and their banks.
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 and the vertically integrated NICO
gold-cobalt-bismuth-copper project that is comprised of a mine and
mill in the 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 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
SMPP, the permitting process for the NICO project and the SMPP, the
anticipated production from the NICO project and the SMPP, the
anticipated capital and operating costs of the NICO project and the
SMPP and the anticipated economic returns therefrom. Forward-looking
information is based on the opinions and estimates of management as
well as certain assumptions 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 ability to
arrange necessary financing for the NICO project and the SMPP and
obtain all necessary permits for the NICO project and the SMPP and
assumptions regarding future metal prices, the capital and operating
costs of the NICO project and the SMPP and the production from the
NICO project and the SMPP). However, such 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 the inherent risks involved in the exploration and development
of mineral properties, the risk that the Company may not be able to
arrange the necessary financing to construct and operate the NICO mine
or the SMPP, uncertainties with respect to the receipt or timing of
required permits for the development of the NICO project or the SMPP,
the possibility of delays in the commencement of production from the
NICO project or construction of the SMPP, the risk of cost overruns,
the risk that future metal prices may be lower than anticipated 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
-0- 04/02/2014
/CONTACT: 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 Farialle Pacha: fpacha@renmarkfinancial.com, Montreal Tel: (514) 939-3989, Toronto Tel. (416) 644-2020, www.renmarkfinancial.com
/Web Site: http://www.fortuneminerals.com
(OTC-QX:FTMDF /
OtherOTC:FTMDF /
Toronto:FT) /
CO: Fortune Minerals Limited
ST: Ontario
IN: MNG
PRN
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