Fortune Minerals Receives Tlicho Land Access Permit
03 Juli 2013 - 7:45PM
OTC Markets
Fortune Minerals Receives Tlicho Land Access Permit
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Fortune Minerals Receives Tlicho Land Access Permit
Canada NewsWire
LONDON, ON, July 3, 2013
One of the first permits issued under Tlicho Government's new
Land Use
Plan Law provides access to Tlicho Lands for the NICO
project
Issued Capital: 121,276,976
LONDON, ON, July 3, 2013 /CNW/ - Fortune Minerals Limited
(TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company")
(www.fortuneminerals.com) is pleased to announce receipt of a
Tlicho Land Access Agreement for
the Company's NICO gold-cobalt-bismuth-copper project in the
Northwest
Territories ("NT"). This is one of the first permits issued
under the
Tlicho (aboriginal) Government's new Land Use Plan Law that came
into
effect on June 1, 2013, ending the
moratorium on development on Tlicho
owned lands. This permit will allow the Company to complete
geotechnical and other work needed for detailed engineering for
the
NICO Project Access Road ("NPAR") this summer. Subject to receipt
of
final permits and financing, Fortune plans to commence site
preparations at NICO this summer, including construction of
laydown
areas to receive equipment and materials this winter required
for
construction in 2014.
The Tlicho Land Use Plan Law was initiated by the Tlicho
Government
following completion of the Tlicho Land Claim and Self
Government
Agreement signed with the federal and Northwest Territories governments
in 2005. In addition to the establishment of self-government,
this
agreement gave the Tlicho Government fee simple ownership of
approximately 39,000 square kilometres of lands surrounding the
NICO
project. These lands represent one of the largest single blocks
of
privately owned lands in Canada
(approximately half the size of New
Brunswick) and host significant mineral potential. The Land
Use Plan
Law sets a framework for development on Tlicho lands, including
consideration of transportation corridors, utility and
hydropower
corridors, and mineral and other development. Existing mining
leases
and mineral claims, such as NICO, have been grandfathered into
the
Tlicho Agreement.
In a letter to Fortune, Tlicho Grand Chief Eddie Erasmus
commented,
"Your company is a significant investor in mineral resources
surrounded
by Tlicho fee simple lands. We are confident that our Land Use Plan
Law
will provide guidance to your company with respect to the
various
requests for access through our lands for the scheduling of
mine
development."
The NICO gold-cobalt-bismuth-copper project comprises a
proposed
underground and open pit mine and mill in the NT that will produce
a
bulk concentrate for shipment to a refinery and processing to
high
value metal products. The Mackenzie Valley Review Board completed
its
environmental assessment report in January of this year and
recommended
approval of the mine and mill. The report and recommendation has
been
submitted to the Tlicho Government and the Minister of
Aboriginal
Affairs and Northern Development for their approval and signature.
The
proposed mine is located 50 km north of the Tlicho community of
Whati
and 160 km northwest of the City of
Yellowknife.
Fortune continues to work with Deloitte & Touche Corporate
Finance
Canada to attract one or more strategic partners to provide the
project
financing for the NICO project. NICO is planned to become
a
Canadian-based producer of cobalt with 15% of global bismuth
reserves
and a significant gold co-product and presents an attractive
opportunity for prospective partners to secure a reliable source
of
supply of these metals. Discussions are ongoing with several
parties
interested in participating in the development of the NICO
project.
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
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, proposed production of gold and specialty metals,
the
permitting process for the NICO project, the proposed development
of
the NICO project. 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 secure appropriate
strategic
partners or otherwise arrange the necessary financing to construct
and
operate the NICO mine, uncertainties with respect to the receipt
or
timing of required permits for the development of the NICO project,
the
possibility of delays in the commencement of production from the
NICO
project 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
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