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Fortune Minerals Limited. T.FT

Alternate Symbol(s):  FTMDF

Metals & Mining Industrial Metals & Minerals
Fortune Minerals Ltd is a Canadian mining and mine development company focused on developing the NICO Cobalt-Gold-Bismuth Copper Project in the Northwest Territories. The company plans to build a hydrometallurgical plant in southern Canada to process NICO metal concentrates. Fortune also owns the satellite Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life.


TSX:FT - Post by User

Fortune Minerals Limited. > Re road
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Comment by uudamannon Jan 27, 2021 12:09pm
188 Views
Post# 32399462

RE:RE:Re road

RE:RE:Re roadQuote: "Procon(not exactly a mine building slouch)  on our board and a shareholder".

When I read this do not know whether to cry or laugh. In 2014 Procon generously financed the down payment on the Reveue-Virginius (R-V) silver mine in exchange for 40 cent FT paper. In the news release below great confidence was exhibited by all parties including and not least Procon, that the R-V mine could be opened and producing with a 6 - 7 million dollar cash infusion.

A no brainer FOLKS.
 
https://www.fortuneminerals.com/news/press-releases/press-release-details/2014/Fortune-Minerals-Audiocast-of-Conference-Call-on-Revenue-Silver-Acquisition/default.aspx

The problem of course is that everyone at FT was off the mark by 40 million USD. This is the sum required and raised by the current mine owner Aurcana to re-open the mine. That 40 million USD is in ADDITION to and on top of all the money invested by FT. That is one hell of discrepancy!! Procon did not spot this?

I would NOT place much confidence in the expertise of Procon. They singlehandedly misled FT share holders into a false sense of security regarding the R-V mine purchase where instead more competent scrutiny might have avoided the financial boondoggle that transpired and the ensuing, morbid dilution of total FT shares outstanding.
 
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