Business
Fortune Minerals announces sale of Camsell River Project
Receives Progressive Aboriginal Relations award from Canadian Council for Aboriginal Busines...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\nReceives Progressive Aboriginal Relations award from Canadian Council\n for Aboriginal Business \n\n\nIssued Capital: 150,526,976\n\n\nLONDON, ON, Oct. 3, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) announces that it has sold its Camsell River silver property near\n Great Bear Lake in the Northwest Territories (\"NT\") to Denendeh\n Exploration & Mining Company (\"DEMCo\"). Based in Yellowknife, DEMCo is\n beneficially owned by the 27 First Nations of the NT and is the\n only northern Aboriginal owned company actively pursuing mining\n projects with the intention to develop its assets from exploration\n through to operations. DEMCo has acquired additional land holdings in\n the Camsell River area, including several past producing mines, and is\n taking a regional approach to exploration and development in this area.\n\n\nThe Camsell River area is a former silver mining district, located south\n of the Eldorado mining district at Great Bear Lake. Silver mining was\n conducted in this region until 1985 and included the past producing\n Silver Bear, Norex and Northrim mines. Fortune's lease comprises 78\n hectares of lands strategically positioned between the Norex and\n Northrim mines where there is good potential to host the strike\n projections of high-grade silver veins from the adjacent mines.\n\n\n\"Although our lease at Camsell River is well-positioned to nearby mines,\n the property is too small to be explored independently and needs to be\n developed as part of regional exploration program\", said Robin Goad,\n President and CEO of Fortune. Darrell Beaulieu, President and CEO of\n DEMCo commented, \"We believe the addition of Fortune's lease will\n enhance our significant land holdings and will benefit our pursuit of\n IOCG type deposits augmented by high grade silver veins in this\n historic silver district. This project will also benefit from the\n infrastructure we anticipate will be developed with Fortune's NICO\n gold-cobalt-bismuth-copper mine further to the south\".\n\n\nFortune sold its Camsell River lease for $25,000 and a 1% net smelter\n royalty. The Company is pleased to be positioned to realize value from\n this property while maintaining its focus on the development of its\n primary assets - the Arctos Anthracite Proj...