Business
Fortune Minerals Applauds Government Investment In Northwest BC Power Transmission Line
Fortune Minerals Applauds Government Investment In Northwest BC Power Transmission Line
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\nSep. 22, 2009 (Canada NewsWire Group) -- LONDON, ON, Sept. 22 /CNW/ -- Fortune Minerals Limited (TSX-FT) (\"Fortune Minerals\" or the \"Company\") is pleased to comment on the important announcements made last week by the Governments of British Columbia (\"B.C.\") and Canada to fund and construct the Northwest Power Transmission Line near the Company's Mount Klappan anthracite coal project in northwest B.C. A connection to the B.C. electrical grid would reduce Mount Klappan's dependence on expensive diesel generated power and materially lower operating costs for the Company's proposed coal development.The Minister for Energy, Mines and Petroleum Resources for B.C. announced that it would proceed with the $400 million, 287 - kilovolt power transmission line along Highway 37 after the Government of Canada agreed to contribute $130 million through its Green Infrastructure Fund. This upgrade and extension to the B.C. electrical grid will bring power to within 100 km of the Mount Klappan project and at sufficient voltage to supply the Company's proposed development as well as other new projects in the area. Construction of the power line could take place as early as next year for service in 2012.Mount Klappan is one of the world's largest undeveloped deposits of high rank anthracite coal with Proven and Probable 10% ash Product Reserves of 60.8 million tonnes within a larger global Mineral Resource including, Measured Resources of 107.9 million tonnes, Indicated resources of 123 million tonnes, plus 2.572 billion tonnes in the Inferred and Speculative classes (see News Releases, dated June 22, 2004, and August 7, 2008). The deposits straddle the B.C. Railway Dease Lake Line right-of-way, 150 km northeast of the port of Stewart and 330 km northeast of the port of Prince Rupert. The rail bed provides road access to the site from Highway 37 and the Canadian National Railway Company operates on the portion of the railway between Prince George and Minaret, 150 km south of the proposed mine.Mount Klappan has already been assessed in a positive definitive feasibility study for a mine and wash plant producing 3 million tonnes of metallurgical coal products per year from an initial open pit in the Lost Fox deposit, one of the four deposit areas currently identified on the property. The 2008 feasibility study was conducted by Marston C...