Fortune Minerals Announces Permitting Underway for Public Highway to Whati

11 April 2016

  • Tesla validates EV demand while Fortune completes second tranche of private placement

LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that the Government of the Northwest Territories (“GNWT”), Department of Transportation has submitted the requisite permit applications to the Wek’èezhìi Land and Water Board, to build a public highway to the community of Whati. The application package was developed by the GNWT, with the support of the Tlicho Government for this 94-kilometre all-season road which would follow a former all-land winter road route to significantly reduce construction costs. Whati is 50 km south of Fortune’s proposed NICO gold-cobalt-bismuth-copper development that has already received its environmental assessment approval for a mine and concentrator, and a spur road from the public highway to the mine. 

Key Highlights

  • Public highway to the community of Whati advancing
  • Tesla Motors announced 325,000 pre-production orders for its Model 3 car validating electric vehicle growth and positively impacting cobalt demand
  • Discussions for off-take and NICO project financing ongoing
  • Fortune completes second tranche of $1 million private placement