Business
Fortune Minerals Announces Successful Production of 99.99% Bismuth Ingot
Fortune Minerals Announces Successful Production of 99.99% Bismuth Ingot
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\n Jul. 29, 2010 (Canada NewsWire Group) -- \n \n \n Permitting Update for NICO Mine and Saskatchewan Metals Processing Plant\n\nIssued Capital: 97,314,407\n\nLONDON, ON, July 29 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") is pleased to announce that it has successfully demonstrated the production of 99.99% bismuth ingot (metal) from its 100% owned NICO Gold-Cobalt-Bismuth-Copper Project in the Northwest Territories and Saskatchewan. High purity bismuth ingot with 99.99% purity is the standard product that is typically quoted for sale and traded on global metal markets. The ability to produce bismuth cathode and ingot is a significant improvement to the NICO project since completion of the definitive feasibility study for the project by Micon International Limited in 2007, and the 2008 economic update (see Fortune News Release, dated May 8, 2008)(1).\nFortune previously demonstrated the production of a minimum 99% bismuth cathode powder product. High purity metal ingots can now be poured after smelting this powder in an induction furnace with flux to remove other metal impurities. The metallurgical test work for the NICO project, including two pilot plant tests, has been conducted at SGS Lakefield Research Limited under the supervision of Alex Mezei, P.Eng. in compliance with NI 41-101.\nAs a result of this and other project improvements, NICO will have average annual production of approximately 34,000 ounces of gold as doré, 3.4 million pounds (~1,550 tonnes) of cobalt as 99.8% cathode, 3.65 million pounds (1,650 tonnes) of bismuth as 99% cathode or 99.99% ingot, and 770,000 pounds (350 tonnes) of copper as 99.995% cathode over the projected 18-year mine life. Fortune has a letter of intent to sell its bismuth production to MCP Group, a Belgium-based company with plants in Europe, North America and China and the world's largest producer of bismuth based products. Fortune is in discussions with other companies interested in purchasing the Company's cobalt production.\nNICO is a proposed vertically integrated project consisting of a mine, mill and concentrator in the southern part of the Northwest Territories, 160 km northwest of the City of Yellowknife, and a hydrometallurgical process plant that will be located near Saskatoon, Saskatchewan. The NICO deposit contains 31 m...