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Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Fortune Minerals Limited is a mining company. It is engaged in the exploration and development of mineral properties in Canada. It is focused on developing the NICO Cobalt-Gold-Bismuth-Copper Project in the Northwest Territories and Alberta that produces a bulk concentrate for shipment to a refinery that it plans to construct in southern Canada. It also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 kilometers (km) north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator. It also maintains the right to repurchase the Arctos anthracite coal deposits in northwest British Columbia. It also has a 100% interest in these 116 hectares of property south of Great Slave Lake with copper, silver, gold, lead and zinc showings. It has a 1% net smelter royalty covering 78 hectares of land positioned in a former silver mining district, located south of the Eldorado mining district at Great Bear Lake.


TSX:FT - Post by User

Bullboard Posts
Comment by The_Guruon Oct 20, 2014 2:20pm
257 Views
Post# 23044182

RE:RE:RE:Time for all Insiders to buy---NOW!!

RE:RE:RE:Time for all Insiders to buy---NOW!!I believe I just found out why they are selling.  This is a link to the last interim report for China Mining Resource Group, holders of 15,317,800 shares of FT or about 12% of the company.

https://www.irasia.com/listco/hk/chinaminingresources/interim/ir130021-e_2014interimreport(140905).pdf

This requires a person to do some reading of the notes which most hate to do, but good information can be found there.  These guys are basically broke, they have run out of money and have a major shareholder that has guaranteed to financially back the company until March 2015.  Note 12 states they have HK $71 million shares in overseas investment that are available for sale.  Unless FT management arranges to take that 15 million shares off their hands we will be hit with continued selling because CMRG has to sell the stock to stay afloat.
Bullboard Posts