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Fortune Minerals NICO Environmental Assessment update
Issued Capital: 55,550,107 LONDON, ON, March 30 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortu...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\nIssued Capital: 55,550,107\n\n\nLONDON, ON, March 30 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune\nMinerals" or "the Company") is pleased to provide an update of the\nEnvironmental Assessment ("EA") process currently underway for its 100% owned\nNICO gold-cobalt-bismuth-copper project in the Northwest Territories. Building\non successful completion of test mining and pilot plant operations, and the\npositive definitive feasibility study by Micon International Limited ("Micon")\n(see Fortune Minerals news releases, dated February 24 and May 8, 2008, and\nJanuary 16, 2007), NICO was referred to EA by Indian and Northern Affairs\nCanada after review of its water license and land use permit applications (see\nhttp://www.mveirb.nt.ca/registry). An EA is a regulatory process to determine\nthe economic, environmental, and social impacts of major development projects\nlike NICO and is the major component of the mine permitting process. In the\nNorthwest Territories, this is administered by the Mackenzie Valley\nEnvironmental Impact Review Board ("MVEIRB").\n\n\nFortune Minerals proposes to construct a combined open pit / underground\nmine at NICO and related surface and processing facilities to produce gold\ndore, cobalt and bismuth cathodes, and minor amounts of by-product copper and\nnickel. Fortune Minerals has already purchased the Golden Giant Mine\nbuildings, equipment, and an inventory of spare parts from Newmont Canada\nLimited for relocation of parts of this plant to NICO. Meetings to inform four\nnearby communities about the project have already been held and additional\nmeetings will follow as part of the EA process. The Company is now awaiting\ncomments from local stakeholders and various regulatory bodies for the\ndevelopment of the Terms of Reference ("TOR"), which governs the EA process\nand lists the specific issues MVEIRB expects to see addressed.\n\n\nThe first phase in the EA process was the collection of baseline\nenvironmental data. Fortune Minerals has been undertaking this work at the\nNICO site, along access routes, and in the surrounding area since 1998. These\nextensive studies have been conducted primarily by Golder Associates Limited\nand are essentially complete. Ongoing environmental monitoring is being\ncarried out and minor work to...