Fortune Minerals Announces Receipt of Nico Project Interim Land Use Permit for Early Construction and Staging

January 9, 2014

Permit allows Company to conduct preliminary site work pending issuance
of full mine permits

Issued Capital: 150,526,976

LONDON, ON, Jan. 9, 2014 /CNW/ – Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the “Company”) (www.fortuneminerals.com) is pleased to announce that the Wek’èezhìi Land and Water Board has
approved a Staging (Interim) Land Use Permit for the NICO
gold-cobalt-bismuth-copper mine in the Northwest Territories (“NT”).
This Staging Land Use Permit allows Fortune to conduct land-based early
works at the NICO mine, including staging of equipment and site
preparation activities prior to the issuance of the full mine permits
anticipated to be received mid-year. Subject to receipt of financing
and the full mine permits, the Company will be well-positioned to
commence construction of the mine and concentrator.

Dr. Rick Schryer, Director of Regulatory and Environmental Affairs for
Fortune commented, “This interim land use permit is needed should the
Company wish to stage equipment and to conduct early site preparation
to facilitate full construction after the final mine permits have been
received. This is an additional milestone towards Fortune’s goal of
developing the NICO mine, which together with planned legacy road and
power infrastructure, will contribute positively to local communities
and the economy of the Northwest Territories.”

Fortune continues to work with Deloitte Corporate Finance Inc. to
complete project financing agreements for the NICO Project. The Company
already announced a strategic investment by Procon Resources Inc. in
2013 to provide interim financing to advance work on the project, and
negotiations are ongoing to secure final project financing for the

Northwest Territories Power System Plan

Fortune is also pleased to support the Northwest Territories Power
System Plan announced recently by the Government of the Northwest
Territories. The objectives of this plan are to improve electrical
affordability and reliability to NT communities, industry and new
mineral developments, while also creating jobs, and achieving energy

Key initiatives of the Plan include:

        --  Establishment of a single interconnected power grid between the
            Snare / Yellowknife grid north of Great Slave Lake with the
            Talston grid south of the lake where there is surplus hydro
            power to reduce dependency on higher cost diesel-generated

        --  New planned supplemental power generation from cleaner and
            lower cost liquid natural gas and renewable energy initiatives;

        --  Establishment of an expanded public sector-owned transmission
            network between communities, and a hub and spur connectivity
            strategy for resource projects to connect into the grid;

        --  Potential interconnection of the NT grid with Saskatchewan or
            Alberta to stabilize the system and tie into the North American

With surplus power now forecast to be available from a consolidated NT
electrical grid, Fortune has been working with the Northwest
Territories Power Corporation (NTPC) to connect the NICO Project into
the Snare / Yellowknife grid, which is located approximately 22 km from
the proposed mine site. The Company has already received attractive
indicative pricing from NTPC and is working cooperatively with them on
a connection study that will allow Fortune to enter into a long-term
contract with firm power rates. This study is expected to be completed
later this month.

Robin Goad, President and CEO for Fortune commented, “The provision of
more reliable, lower cost electricity will enhance the economics of the
NICO Project, while also improving the quality of life in northern
communities – a win-win for all stakeholders.”

About NICO

NICO is positioned to become a reliable Canadian-based producer of gold,
cobalt and bismuth co-products with a minor copper by-product. 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 programs. 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.
More than $110 million of work has already been invested to advance the
project, including completion of Front-End Engineering and Design and
feasibility studies, underground test mining, and pilot plant tests to
verify the process methods and products the Company plans to produce.
NICO is located 50 km north of the Tlicho community of Whati and 160 km
northwest of the City of Yellowknife.

The disclosure of scientific and technical information contained in this
press release has been approved by Robin Goad, M.Sc., P.Geo., President
and CEO 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 advancing the
permitting process relating to the NICO project as well as the
anticipated development of, and construction at, the NICO project, the
anticipated mining and processing methods to be used at the NICO
project, arranging financing for the NICO project, the anticipated
expansion of the NT electrical grid and the connection of the NICO
project thereto 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
ability to arrange necessary project financing and connect the NICO
project to the NT electrical grid). 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 or develop
the Arctos project, uncertainties with respect to the receipt or timing
of all applicable permits for the development of the NICO and Arctos
projects, the risk that the expansion of the NT electrical grid may not
proceed as expected, the risk that the Company may not be able to
arrange for the connection of the NICO project to the NT electrical
grid in a timely fashion or on positive commercial terms 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

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