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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 uudamannon Aug 28, 2020 11:24am
105 Views
Post# 31469716

RE:RE:Gold Exploration

RE:RE:Gold ExplorationThe Colorado R-V silver mine cost FT and its shareholders in excess of 60 million USD when cash, loans and share issuance are tallied up. A review of the 2014/15 financials on SEDAR does not demonstrate evidence of  any significant cash flow from mine operations during FT's ownership. Goad during May 2014 stated that NICO and Arctos projects had base values of 200 and 600 million respetively and yet these assets were pledged as collateral by Dec 2014 to underpin additional loans from Lascaux amounting to less than 15 million USD at rates over 10%. Based on SEDAR disclosures and FT news releases there is no evidence the R-V mine ever achieved operating status or revenues.
Bullboard Posts