30 October 2018
Fortune Minerals Limited is pleased to report that the Responsible Ministers of the Governments of Canada and the Northwest Territories have accepted the environmental assessment approval for the Tlicho All-Season Road incorporating the modified measures developed together with the Tlicho Government through the consult to modify process with the Mackenzie Valley Environmental Impact Review Board. The Tlicho Government also approved the Board's recommendation with modifications.
The Tlicho Road involves the construction and operation of a permanent 97-kilometre highway, extending north from Highway 3 to the Community of Whati in the Northwest Territorries. Fortune's 100% owned NICO Cobalt-Gold-Bismuth-Copper Project is located 50 kilometres north of Whati and the Company has already received environmental assessment approval to construct a spur road from Whati to the mine site. Construction of the NICO Project mine and concentrator is planned using the existing winter ice road, but all-season road access is required for mine operations in order to transport metal concentrates from the property to a refinery for downstream processing to value-added metals and chemicals. The NICO Project is a primary cobalt asset and one of the few projects outside of the Congo that can be developed to support near-term growing demand for cobalt in lithium-ion batteries needed to power electric vehicles, portable electronic devices and stationary storage cells to support the growing green economy.