Business
Fortune Minerals Sells Surplus Hemlo Equipment
Issued Capital: 222,077,580 LONDON, ON , Aug. 26, 2015 /CNW/ - Fortune Minerals Limite...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\nIssued Capital: 222,077,580\n\n\n\nLONDON, ON, Aug. 26, 2015 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) is pleased to announce that it has sold the remaining equipment it owns from the Golden Giant Mine at Hemlo, Ontario for proceeds of $415,000. This equipment was initially purchased to be used at the proposed NICO gold-cobalt-bismuth-copper development in the Northwest Territories and Saskatchewan, but is now redundant because of changes to the engineering of the processing facilities. Fortune has received $265,000 of the proceeds, and an additional $75,000 is due on or before November 30, 2015, and the final $75,000 installment is due on or before March 31, 2016. The funds received from this sale will be used to advance work on the Company's NICO project and for general working capital purposes. The sale also eliminates costs associated with the storage of this equipment.\n\nFortune is engaged in discussions with a number of companies interested in off-take purchase of the metals and chemicals that are planned to be produced from the NICO project. The Company is also advancing discussions with potential partners to secure project financing for the proposed development. Confidentiality agreements have been executed with globally recognized firms and discussions are leveraging the positive outlook for cobalt needed to make rechargeable batteries used in portable electronic devices, electric vehicles, and stationary storage cells. \n\nAbout Fortune Minerals\n\nFortune is a Canadian development stage mining company focused on advancing the vertically integrated NICO gold-cobalt-bismuth-copper project. NICO is comprised of a proposed mine and mill in the Northwest Territories (\"NT\") that will produce a bulk concentrate for shipment to a refinery that the Company plans to construct in Saskatchewan. The products that are planned to be produced at the refinery include cobalt chemicals used to make high performance rechargeable batteries, bismuth metals and chemicals, gold, and a copper byproduct. \n\nFortune also owns the Sue-Dianne copper-silver-gold deposit located 25 km north of NICO and a potential future source of incremental mill feed. Additionally, the Company maintains the right to repurchase the Arctos anthracite coal deposits in northw...