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Fortune Minerals Announces Receipt of Nico Project Interim Land Use Permit for Early Construction and Staging
Permit allows Company to conduct preliminary site work pending issuance of full mine permi...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\nPermit allows Company to conduct preliminary site work pending issuance\n of full mine permits\n\n\nIssued Capital:  150,526,976\n\n\nLONDON, ON, Jan. 9, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) is pleased to announce that the Wek'èezhìi Land and Water Board has\n approved a Staging (Interim) Land Use Permit for the NICO\n gold-cobalt-bismuth-copper mine in the Northwest Territories (\"NT\").\n This Staging Land Use Permit allows Fortune to conduct land-based early\n works at the NICO mine, including staging of equipment and site\n preparation activities prior to the issuance of the full mine permits\n anticipated to be received mid-year. Subject to receipt of financing\n and the full mine permits, the Company will be well-positioned to\n commence construction of the mine and concentrator.\n\n\nDr. Rick Schryer, Director of Regulatory and Environmental Affairs for\n Fortune commented, \"This interim land use permit is needed should the\n Company wish to stage equipment and to conduct early site preparation\n to facilitate full construction after the final mine permits have been\n received. This is an additional milestone towards Fortune's goal of\n developing the NICO mine, which together with planned legacy road and\n power infrastructure, will contribute positively to local communities\n and the economy of the Northwest Territories.\"\n\n\nFortune continues to work with Deloitte Corporate Finance Inc. to\n complete project financing agreements for the NICO Project. The Company\n already announced a strategic investment by Procon Resources Inc. in\n 2013 to provide interim financing to advance work on the project, and\n negotiations are ongoing to secure final project financing for the\n development.\n\n\nNorthwest Territories Power System Plan \n\n\nFortune is also pleased to support the Northwest Territories Power\n System Plan announced recently by the Government of the Northwest\n Territories. The objectives of this plan are to improve electrical\n affordability and reliability to NT communities, industry and new\n mineral developments, while also creating jobs, and achieving energy\n self-sufficiency.\n\n\nKey initiatives of the Plan include:\n\n\n\nEstablishment of a single interconnected power grid between the Snare /\n ...