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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 Issue...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\nImproved economics at lower commodity price assumptions to advance project financing\n\nIssued Capital: 150,526,976\n\n\n\nLONDON, 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.\n\nThis 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....