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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 Unfortunateon Jun 14, 2018 8:28pm
126 Views
Post# 28175348

RE:RE:RE:RE:RE:RE:RE:News just releasesd.

RE:RE:RE:RE:RE:RE:RE:News just releasesd.
So it seems we're all in agreement that the refinery is a bad,bad idea and that it should be omitted from any future plans. That should simply and speed up things. My contempt of current management is pretty strong, and in view of their historic actions, pretty justified. Some questions I think they should have to answer at the agm are:

1 - Why now?

Why should we believe they can push this forward and finally get something real going? In 2007/08 both gold and cobalt went on a huge run, and they did nothing with the surge in prices. Cobalt was even more expensive then! Sure it's more in demand these days, but it's like they did no preparation whatsoever for this current boom. All those studies and searches for financing in the past haven't provided any benefit for us today. We know this because they're still conducting studies and searching for financing. Robin Goad needs to seriously and honestly justify his existence as CEO. He's been a loser for decades, so why should we believe that he can now pull this off?

2 - We deserve to know the exact number of NDA's they have signed.

They have so little credibility that they could just be making up numbers. Maybe they're just signing them amongst themselves. Approximately 30? Not good enough. Are these public companies or private?  I'd also like to know the breakdown of countries where these companies are headquartered. Canada, U.S., somewhere in Europe? Shipping to a refinery in China isn't the same as Sherritt's refinery in Alberta.  If they can't provide even this most basic bit of transparency, what else are they hiding?

3 - When, to the exact day, are we getting the feasibility study?

Did management seriously sign a contract that didn't stipulate some type of deadline? Over a year late and they can't even say what month they'll receive it. Would the CEO of Sherritt accept this delay? Or Vale, Agrium, Cameco? Or course not. Hatch and Micon should have been fired last fall for failure to produce. If managment is too spineless to stand up to them and demand results, what chance do they have negotiating with companies that have real leadership.


Granted the first question is more subjective but they need to produce real answers to the later two. Approximately and soon are the answers that someone who has no idea or clue gives. Management and the boards total abdication of fiduciary duty to the shareholders has gone on too long and they need to answer for it immediately
Bullboard Posts