Last updated on April 19, 2014 at 13:20 EDT

Fortune Minerals Receives Tlicho and Federal Governments’ Approval for the NICO Mine & Mill in the NT

July 19, 2013

Project advances to licensing and permitting phase

Issued Capital: 121,276,976

LONDON, ON, July 19, 2013 /PRNewswire/ – Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that it has received approval for the NICO
gold-cobalt-bismuth-copper mine and mill in the Northwest Territories
(“NT”) from the Tlicho Government, as well as from the Honourable
Bernard Valcourt as Federal Minister of Aboriginal Affairs and Northern
Development Canada (“AANDC”), and on behalf of the Responsible
Ministers (Environment Canada, Fisheries and Oceans Canada, Natural
Resources Canada, Transport Canada and the Government of the Northwest
Territories). This acceptance of the Mackenzie Valley Review Board’s
(“MVRB”) Report of Environmental Assessment and Reasons for Decision
(“EA Report”), dated January 25, 2013, allows Fortune to complete the
water licensing and land use permits process and to secure the primary
permits required for the mine development. The Company is conducting
site preparations at NICO this summer in anticipation of commencing
construction in 2014, subject to completion of the project financing
and receipt of all applicable permits.

Dr. Richard Schryer, Fortune’s Director of Regulatory and Environmental
Affairs stated, “Approval of the NICO mine and mill by the Minister and
Tlicho Government allows us to enter the regulatory phase of project
permitting using information gathered during the review of the
environmental assessment. Our efforts over the last few months
preparing for this final stage of the permitting process will
facilitate receipt of the permits required to initiate construction in

Mr. Robin Goad, CEO of Fortune commented, “This permitting milestone at
NICO contributes to the momentum the Company is building for the
development of our two key Canadian mining assets. We are a step closer
to our goal of transitioning to a multi-asset producer.”

The MVRB completed its EA Report in January of this year and recommended
approval of the mine and mill (see Fortune News Release dated January
28, 2013). Acceptance of the Report by the Minister of AANDC and the
Tlicho Government allows the NICO project to proceed to the regulatory
approvals phase with the Wek’èezhìi Land and Water Board and other
parties to develop the water license and land use permits. Fortune has
prepared for this final stage of the permitting process and fully
expects to progress in an efficient manner given the positive
foundation already built during the environmental assessment process.

About NICO

NICO is positioned to become a reliable Canadian-based producer of gold,
cobalt and bismuth.  Mining will be conducted primarily by open pit
methods with underground ores also contributing mill feed during the
first two years from the existing underground workings that were
established from previous test mining.  The ores will be processed in a
concentrator at the site, using simple flotation to produce a bulk
concentrate for shipment to a refinery and additional processing to
high value metal products.  The deposit contains Proven and Probable
Mineral Reserves totalling 33 million tonnes containing 1,085,000
ounces of gold, 82 million pounds of cobalt, 102 million pounds of
bismuth (representing 15% of global bismuth reserves), and 27 million
pounds of copper (see Fortune News Releases dated July 2, 2012 and July
4, 2012).  At the planned mill throughput rate of 4,650 tonnes of ore
per day, the mineral reserves will sustain operations for 19.8 years.
More than $110 million of work has already been invested in the NICO
project including completion of Front-End Engineering and Design and
feasibility studies, underground test mining, and pilot plant tests to
verify the process methods.  NICO 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 Corporate Finance Inc. to
complete project financing agreements for the NICO project. Fortune
recently announced a strategic investment by Procon Resources Inc. to
provide financing to advance NICO and discussions are ongoing with
several parties interested in participating in the development.

The disclosure of scientific and technical information contained in this
press release has been approved by Robin Goad, M.Sc., P. Geo.,
President and Chief Executive Officer of the Company, who is a
“qualified person” under National Instrument 43-101.

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 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, the Company’s expectations with respect to progressing
and facilitating the permitting process relating to the NICO project as
well as the anticipated development of, and construction at, the NICO
project and the timing thereof, the anticipated mining and processing
methods to be used at the NICO project, anticipated production at the
NICO project, mineral reserves estimates and the expected mine life at
the NICO project and the proposed development of the Arctos project.
Forward-looking information is based on the opinions and estimates of
management as well as certain assumptions at the date the information
is given (including, in respect of the forward-looking information
contained in this press release, assumptions regarding the Company’s
business and ability to generate sufficient funds). However, such
forward-looking information 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 arrange the necessary financing to construct and operate the
NICO mine, uncertainties with respect to the receipt or timing of all
applicable permits for the development of the NICO project, the
possibility of delays in the commencement of production from the NICO
project, uncertainties relating to the estimation of mineral reserves
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