18 November 2014
11/18/2014
Building a diversified producer in a challenging resource market
Issued Capital: 194,578,180
LONDON, ON, Nov. 18, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to provide an update of its Revenue Silver Mine operations and progress towards building a diversified producer with the development of its organic growth assets. The Company also reports that its consolidated financial statements and Management Discussion and Analysis for the period ended September 30, 2014 have been filed and are available on the SEDAR (www.sedar.com) and Company's websites.
"Mining is a cyclical business," commented Robin Goad, Fortune's President and CEO, "Despite very challenging capital markets for the resource sector, we have demonstrated our ability to grow both internally and through acquisitions. We successfully transformed Fortune Minerals into a producer with the purchase of the Revenue Silver Mine, financing this acquisition through an innovative US$ 35 million production prepay facility with Lascaux Resource Capital. We have also been able to advance our Arctos and NICO projects through joint venture and corporate investments of approximately CDN$ 41 million with strategic partnerships. We are well positioned for growth from our diversified assets when confidence returns to the capital markets for our sector."