26 August 2015
LONDON, 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.