Business
U.S. Lead-free & European Union reach legislation contributing to bismuth demand
NICO deposit contains 12% of global bismuth reserves Issued Capital:  150,526,976 ...
About this update from Fortune Minerals Limited
[{"type":"text","content":"\n\nNICO deposit contains 12% of global bismuth reserves\n\nIssued Capital:  150,526,976\n\n\n\nLONDON, ON, May 1, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (\"Fortune\" or the \"Company\") (www.fortuneminerals.com) reports that the U.S. government's recently implemented Reduction of Lead in Drinking Water Act and similar global initiatives, such as the European Union's REACH Regulation and Restriction of Hazardous Substances Directive, are contributing to increased demand for bismuth as an environmentally safe replacement for lead. Bismuth is scientifically recognized as non-toxic and is used in medicines such as Pepto-Bismol®, medical devices and cosmetics. Demand for bismuth is increasing in a variety of new products as a result of legislation and also growing environmental awareness by manufacturers that wish to eliminate the use of toxic metals. These products include plumbing and electronic solders, plumbing fixtures, free-machining steel, aluminum and brass, paint pigments, automobile anti-corrosion coatings, hot-dip galvanizing alloys, glass, ammunition and fishing equipment. Bismuth also has traditional use in low melting temperature alloys, flame retardants and products designed to take advantage of its unique dimensional stability characteristics that are required in castings, sprinkler systems, and automobile windshield frits. \n\nFortune's NICO gold-cobalt-bismuth-copper project contains 12% of global bismuth reserves and is positioned to become a reliable North American source of bismuth in a market with supply concerns and China's dominant 80% of mine production position. NICO is a proposed vertically integrated project comprising a mine and mill in Canada's Northwest Territories (\"NT\") that will produce a bulk concentrate and a refinery in Saskatchewan to which the concentrate will be shipped for processing to high value products. Proposed products include bismuth metal and oxide, cobalt chemicals needed to manufacture rechargeable batteries, gold, and by-product copper. \n\nMike Romaniuk, Fortune's Vice President Operations and Chief Operating Officer, commented, \"The world is entering an era of supply-chain transparency, where manufacturers wish to demonstrate association with sustainable sources of raw materials and a reduced environmental footprint. Our NICO project is p...