RE: release 00-03-07FORTUNE MINERALS LTD ("FT-T") - NICO Drill Program; Nico Test Results; - Industrial
Mineral Projects
Robin E. Goad, President of Fortune Minerals Ltd. reports:
NICO DRILL PROGRAM:
Fortune Minerals Limited announces that it has entered into a contract with Connors Drilling Ltd. for
a minimum 16,000 foot (4877 metre) program on the Company's NICO Co-Au-Bi deposit, located
160km northwest of Yellowknife, Northwest Territories. Drilling is scheduled to commence within 2
weeks and continue until "Spring break-up", after which the program is expected to be complete by
mid summer. The principle objective of the program is to define in greater detail the central,
higher-grade core of the NICO deposit by testing targets recommended by Strathcona Mineral
Services Limited. Strathcona is preparing revised resource estimates and a scoping study for NICO
in a report expected next month. Drilling will also locally test the up-dip extension of a high-grade
zone on the eastern end of the deposit and the potential for a root feeder system beneath the central
core. New targets, including coincident potassium and magnetic geophysical anomalies on the
northwest side of Lou Lake will also be drill tested during the program.
NICO METALLURGY AND ENVIRONMENTAL TEST RESULTS:
Fortune has received a report from Lakefield Research Limited summarizing the results of additional
metallurgical and environmental testing of NICO composite samples. Work was carried out under
the supervision of Strathcona and KVK Consulting Associates Inc. in order to optimize the grade
and recovery of the bulk flotation concentrate produced from individual lenses of the deposit. The
Company is pleased to report that the objectives of the test work were met with an increase in the
grade of the concentrate to between 4 and 5% cobalt at a recovery of 80% for a head grade range
of between 0.15 and 0.20%. The higher cobalt grade concentrate would give the Company greater
flexibility in subsequent hydrometallurgical treatment, which could be conducted on-site or by selling
the concentrate to an existing processing facility.
Recent environmental test work results from Lakefield are also very positive because the
mineralization was determined to have a "high neutralization potential", which is significantly greater
than the sulphide component. Therefore the combined rougher tailings solids are not acid generating.
The combined tailings liquids also show very low concentrations of heavy and trace metals and
common chemical parameters that are collectively well below regulation limits. Arsenic is not
expected to be a concern in the neutral to alkaline conditions foreseen.
Fortune is continuing to work with Strathcona, incorporating results of ongoing work into an
economic model for the NICO project.
INDUSTRIAL MINERAL PROJECTS:
Fortune is pleased to report that its 30% owned, industrial mineral associate "Formosa
Environmental Aggregates Ltd." recently concluded a hearing at the Ontario Municipal Board
regarding its high calcium limestone project in southwestern Ontario. The Company is already in
receipt of an Amendment to the Official Plan and a change in zoning to "Extractive Industrial". The
hearing was held in order to obtain an extraction license from the Ministry of Natural Resources for
which a decision is expected shortly. TEL: (519) 858-8188
Robin E. Goad, President FAX: (519) 858-8155
Fortune Minerals Limited Internet: www.fortuneminerals.com Email. info@fortuneminerals.com
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