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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 Feb 24, 2015 2:33pm
157 Views
Post# 23459953

RE:re adam jean

RE:re adam jeanI spoke with the company and was told Adam left on his own accord for personal reasons.  Management is putting in a lot of time trying to get the silver mine and Nico into play.  Apparently, Adam has a young family and for him it was more important to spend time with his family than putting in massive amounts of overtime with the additional stress of the job.  As for the mine, from what I have heard, it is proceding toward full production and that shoud be achieved in early March.

Obviously, based on the price of the stock not many believe the company will be successful at anything they do.  The mine has a value of around $50 million yet the stock gives the company a value of around $17 million.  Therefore, Arctos is valued at zero (probably about right given market conditions and the native issues), Nico is valued at zero, and apparently Revenue Silver could not even be sold for half of its value.  We obviously need Fortune to get the mine into production and prove they can operate it profitably.  If we can bring in a new financial partner on that $12 million Lasceux debt plus get off takes on Nico and a financial partner for it, this stock is a steal at $0.09.  However, they need to get their collective butts in gear and get something accomplished.
Bullboard Posts