20 June 2014
Major permitting completed for the mine and concentrator in the Northwest Territories
Issued Capital: 188,158,720
LONDON, ON, June 20, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announces that the Wek'èezhìi Land and Water Board in Canada's Northwest Territories ("NT") has issued the Land Use Permit and approved the Type A Water License required to construct and operate the NICO gold-cobalt-bismuth-copper mine and concentrator on the Company's mining leases located 160 km northwest of Yellowknife and 50 km north of the Tlicho community of Whati. These are the primary permits required to develop the NICO project following completion of the Company's environmental assessment ("EA") for the project in 2013 (see News Release, dated July 19, 2013). The Company can now commence construction of the mine upon receipt of project financing and after making the initial closure bond payments to the Government of the Northwest Territories ("GNWT"). Fortune continues to work with Deloitte Corporate Finance Canada Inc. to secure project financing and negotiations are advancing with a strategic partner and its banks.