Business
Fortune Minerals receives final Water Licence approval to construct and operate the NICO mine
Issued Capital: 190,244,847 LONDON, ON , July 23, 2014 /CNW/ - Fortune Minerals Limite...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\nIssued Capital: 190,244,847\n\n\n\nLONDON, ON, July 23, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) is pleased to announce that, in accordance with the Wek'èezhìi Land and Water Board's recommendation (see Fortune News Release dated June 18, 2014), the Honourable J. Michael Miltenberger, Government of the Northwest Territories (\"GNWT\") Minister of Environment and Natural Resources, has given final approval for the Type A Water License required to construct and operate the NICO gold-cobalt-bismuth-copper mine and concentrator. Along with the earlier issued Land Use Permit (see Fortune News Release dated June 18, 2014) this constitutes the final step in the permitting process and the Company can now commence construction of the mine upon receipt of project financing and after making the initial closure bond payments to the 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\nAbout Fortune Minerals\n\nFortune is a diversified North American mining and development company. Fortune operates the Revenue Silver Mine in Colorado and is developing the vertically integrated NICO gold-cobalt-bismuth-copper project that is comprised of a proposed mine and mill in the Northwest Territories (\"NT\") that will produce a bulk concentrate for shipment to a refinery in Saskatchewan for processing to high value metal and chemical products. Fortune is also developing the Arctos anthracite metallurgical coal project in British Columbia and owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.\n\nThis press release contains forward-looking information. This forward-looking information includes statements with respect to, among other things, the Company's expectations with respect to the anticipated development and construction of the NICO project and the related financing necessary for such development and construction. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions as at the date...