FORTUNE BAY PROVIDES CORPORATE UPDATE

About this update from Fortune Bay Corp.

[{"type":"text","content":"\n \n \n \n FORTUNE BAY PROVIDES CORPORATE UPDATE\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n HALIFAX, NS\n \n ,\n \n \n Aug. 8, 2023\n \n \n /CNW/ - Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) (\"Fortune Bay\" or the \"Company\") today provides a corporate update on its exploration and development projects in\n \n Saskatchewan, Canada\n \n and\n \n Chiapas, Mexico\n \n .\n \n \n \n \n \n \n \n \n \n \n Dale Verran\n \n , CEO, commented,\n \n \"Fortune Bay is pleased to provide an update on current activities and plans for its projects aiming to; create value through focussed exploration, achieve transactional success, and minimize dilution to shareholders. The Company has built a unique set of high-potential assets across the exploration and early-stage development spectrum with the potential to generate value catalysts. These potential catalysts include identification of a transaction to realize value for the Goldfields project, commencement of exploration at the Ixhuatán project based on positive and respectful community engagement, and advancement of the early-stage Strike and Murmac projects through identification of a suitable funding partner.\"\n \n \n \n \n Goldfields Gold Project\n \n \n \n The 100% owned Goldfields Project (\"Goldfields\"), located in\n \n Northern Saskatchewan\n \n , is the Company's most advanced asset. Goldfields includes gold resources totalling 979,900 ounces in the Indicated category (23.2 million tonnes at an average grade of 1.31 g/t gold) and 210,800 ounces in the Inferred category (7.1 million tonnes at an average grade of 0.92 g/t gold).\n \n \n In\n \n November 2022\n \n , the Company published a positive Preliminary Economic Assessment (\"PEA\") assessing the development of the gold resource by conventional open pit mining and milling methods.\n \n \n \n The economic model supports an operation with low capital cost and high rate of return over an 8.3 year mine life, with average annual production of 101,000 ounces of gold.\n \n \n Robust base case economics, at...

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