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Fortune Minerals receives final Land Use Permit and Water Licence approvals to construct and operate the Nico mine
Major permitting completed for the mine and concentrator in the Northwest Territories ...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\nMajor permitting completed for the mine and concentrator in the Northwest Territories\n\nIssued Capital: 188,158,720\n\n\n\nLONDON, ON, June 20, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) announces that the Wek'èezhìi Land and Water Board in Canada's Northwest Territories (\"NT\") has issued the Land Use Permit and approved the Type A Water License required to construct and operate the NICO gold-cobalt-bismuth-copper mine and concentrator on the Company's mining leases located 160 km northwest of Yellowknife and 50 km north of the Tlicho community of Whati. These are the primary permits required to develop the NICO project following completion of the Company's environmental assessment (\"EA\") for the project in 2013 (see News Release, dated July 19, 2013). The Company can now commence construction of the mine upon receipt of project financing and after making the initial closure bond payments to the Government of the Northwest Territories (\"GNWT\"). Fortune continues to work with Deloitte Corporate Finance Canada Inc. to secure project financing and negotiations are advancing with a strategic partner and its banks. \n\nOn June 18, 2014 Fortune was issued the Land Use Permit and the Type A Water License was recommended to the Honourable J. Michael Miltenberger, GNWT Minister of Environment and Natural Resources, for final approval and signature under the Mackenzie Valley Resource Management Act. These permits were issued following a rigorous regulatory process that involved review and input from the Tłįchǫ Government, Aboriginal Affairs and Northern Development Canada, Environment Canada, and the GNWT. The process considered the Measures outlined by the Mackenzie Valley Impact Review Board in their earlier EA of the project as well as conditions required pursuant to the Tłįchǫ Land Settlement and Self Government Agreement, and the transition of powers from the federal government to the GNWT following devolution.\n\nDr. Richard Schryer, Director of Regulatory and Environmental Affairs for Fortune commented, \"With these permits now in hand, Fortune can commence construction of NICO. The Company is continuing to work collaboratively with the Tłįchǫ people, local communities an...