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Last updated on April 20, 2014 at 14:04 EDT

Fortune Minerals Receives Tlicho Land Access Permit

July 3, 2013

One of the first permits issued under Tlicho Government’s new Land Use
Plan Law provides access to Tlicho Lands for the NICO project

Issued Capital: 121,276,976

LONDON, ON, July 3, 2013 /CNW/ – Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce receipt of a Tlicho Land Access Agreement for
the Company’s NICO gold-cobalt-bismuth-copper project in the Northwest
Territories (“NT”). This is one of the first permits issued under the
Tlicho (aboriginal) Government’s new Land Use Plan Law that came into
effect on June 1, 2013, ending the moratorium on development on Tlicho
owned lands. This permit will allow the Company to complete
geotechnical and other work needed for detailed engineering for the
NICO Project Access Road (“NPAR”) this summer. Subject to receipt of
final permits and financing, Fortune plans to commence site
preparations at NICO this summer, including construction of laydown
areas to receive equipment and materials this winter required for
construction in 2014.

The Tlicho Land Use Plan Law was initiated by the Tlicho Government
following completion of the Tlicho Land Claim and Self Government
Agreement signed with the federal and Northwest Territories governments
in 2005.  In addition to the establishment of self-government, this
agreement gave the Tlicho Government fee simple ownership of
approximately 39,000 square kilometres of lands surrounding the NICO
project. These lands represent one of the largest single blocks of
privately owned lands in Canada (approximately half the size of New
Brunswick) and host significant mineral potential. The Land Use Plan
Law sets a framework for development on Tlicho lands, including
consideration of transportation corridors, utility and hydropower
corridors, and mineral and other development. Existing mining leases
and mineral claims, such as NICO, have been grandfathered into the
Tlicho Agreement.

In a letter to Fortune, Tlicho Grand Chief Eddie Erasmus commented,
“Your company is a significant investor in mineral resources surrounded
by Tlicho fee simple lands. We are confident that our Land Use Plan Law
will provide guidance to your company with respect to the various
requests for access through our lands for the scheduling of mine
development.”

The NICO gold-cobalt-bismuth-copper project comprises a proposed
underground and open pit mine and mill in the NT that will produce a
bulk concentrate for shipment to a refinery and processing to high
value metal products. The Mackenzie Valley Review Board completed its
environmental assessment report in January of this year and recommended
approval of the mine and mill. The report and recommendation has been
submitted to the Tlicho Government and the Minister of Aboriginal
Affairs and Northern Development for their approval and signature. The
proposed mine is located 50 km north of the Tlicho community of Whati
and 160 km northwest of the City of Yellowknife.

Fortune continues to work with Deloitte & Touche Corporate Finance
Canada to attract one or more strategic partners to provide the project
financing for the NICO project.  NICO is planned to become a
Canadian-based producer of cobalt with 15% of global bismuth reserves
and a significant gold co-product and presents an attractive
opportunity for prospective partners to secure a reliable source of
supply of these metals.  Discussions are ongoing with several parties
interested in participating in the development of the NICO project.

About Fortune Minerals:

Fortune is a diversified resource company with several mineral deposits
and a number of exploration projects, all located in Canada.  The
Company is focused on the development of the Arctos Anthracite Project
in British Columbia (“BC”) and the vertically integrated NICO
gold-cobalt-bismuth-copper project that is comprised of a mine and mill
in the NT that will produce a bulk concentrate for shipment to a
refinery for processing to high value metal products. In addition, the
Company owns the Sue-Dianne copper-silver-gold deposit and other
exploration projects in the NT. Fortune is focused on outstanding
performance and growth of shareholder value through assembly and
development of high quality mineral resource projects.

This press release contains forward-looking information. This
forward-looking information includes statements with respect to, among
other things, proposed production of gold and specialty metals, the
permitting process for the NICO project, the proposed development of
the NICO project. Forward-looking information is based on the opinions
and estimates of management at the date the information is given, and
is subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking information.  These factors
include the inherent risks involved in the exploration and development
of mineral properties, the inherent volatility of metal prices, the
risk that the Company may not be able to secure appropriate strategic
partners or otherwise arrange the necessary financing to construct and
operate the NICO mine, uncertainties with respect to the receipt or
timing of required permits for the development of the NICO project, the
possibility of delays in the commencement of production from the NICO
project and other factors. Readers are cautioned to not place undue
reliance on forward-looking information because it is possible that
predictions, forecasts, projections and other forms of forward-looking
information will not be achieved by the Company.  The forward-looking
information contained herein is made as of the date hereof and the
Company assumes no responsibility to update or revise it to reflect new
events or circumstances, except as required by law.
 

SOURCE Fortune Minerals Limited


Source: PR Newswire