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Fortune Minerals Provides NICO Project Update
Fortune Minerals Provides NICO Project Update Canada NewsWire LONDON, ON, Aug. 2...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\nFortune Minerals Provides NICO Project Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nLONDON, ON, Aug. 24, 2017\n\n\n\nCanadian cobalt-gold development project positioned for rapidly expanding use of lithium-ion batteries in portable electronic devices, automotive electrification & stationary storage  \n\nIssued Capital: 302,085,257\n\n\n\nLONDON, ON, Aug. 24, 2017 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) is pleased to provide an update of activities for its 100% owned NICO Cobalt-Gold-Bismuth-Copper Project in Canada. NICO is a vertically integrated development consisting of a planned mine and concentrator in the Northwest Territories and refinery near Saskatoon where concentrate will be processed to battery grade cobalt sulphate, gold, bismuth metal and oxide, and copper. NICO is a primary cobalt project with approximately 60% of projected revenues from cobalt at current commodity prices, The NICO Mineral Reserves also contain more than 1.1 million ounces of gold and 12% of world bismuth reserves. NICO was assessed in a positive Feasibility Study in 2014. This study is being updated by Hatch Ltd. (\"Hatch\") and Micon International Limited (\"Micon\") in order to assess the economics for the project at current commodity price and exchange rate assumptions, and capital and operating costs. NICO has already received its environmental assessment approvals in the Northwest Territories and Saskatchewan and the major mine permits. Fortune has engaged PricewaterhouseCoopers Corporate Finance Inc. (\"PwC\") to arrange the project financing through a combination of strategic partnerships, debt and equity. \n\nCobalt Market UpdateThe market for cobalt has had significant, 20-year compounded annual growth (\"CAGR\") of approximately 6% and Commodities Research Unit (\"CRU\") reports current annual mine production at 117,000 metric tonnes (\"mT\"). Demand growth for cobalt is expected to accelerate due to its use in lith...