Business
Fortune Minerals Provides Shareholder Update
First quarter 2013 results filed Issued Capital: 121,276,976 LONDON, ON, May 6, ...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\n\n\n\n\nFirst quarter 2013 results filed \n\n\nIssued Capital: 121,276,976\n\n\nLONDON, ON, May 6, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune Minerals\" or the \"Company\")  reports that its consolidated\n financial statements and management's discussion and analysis of\n financial condition and results of operations for the period ended\n March 31, 2013 have been filed and are available on SEDAR (www.sedar.com) or through the Company's web site (www.fortuneminerals.com).\n\n\nFortune has two advanced development assets: the Arctos Anthracite\n Project in northwest British Columbia (\"BC\"); and the NICO\n Gold-Cobalt-Bismuth-Copper Project in the Northwest Territories (\"NT\"),\n which will also include a proposed refinery to process concentrates to\n high value products. Both projects have been assessed in positive\n detailed feasibility studies, and their development risk mitigated from\n extensive work including test mining and pilot plant processing. Both\n projects are progressing through environmental assessments.\n\n\nThe following is reproduced from the Company's Annual Review and\n President's letter to shareholders forming part of the materials to be\n provided to shareholders in connection with the Company's annual\n meeting scheduled for June 25, 2013:\n\n\nThe past two and a half years have seen a sustained bear market for the\n resource industry that has eroded share prices for many companies. We,\n however, remain committed to our view that the Earth's inventory of\n readily accessible mineral deposits is in decline and companies with\n high quality assets will benefit from the increasing demand for\n commodities when confidence returns to our sector in the capital\n markets.\n\n\nOver the past two years, Fortune Minerals has carefully managed its cash\n resources while successfully advancing its Arctos and NICO projects\n through detailed feasibility studies and the environmental assessment\n process. The 2012 Front-End Engineering and Design study completed for\n NICO demonstrated a positive rate of return for the development with a\n significant increase to the mineral reserves to 33 million tonnes,\n including a 20% increase in the gold content to 1.1 million ounces.\n With a positive recommendation for approval received recently from the\n Mackenzie Valley Review Board...