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Fortune Minerals Ltd T.FT

Alternate Symbol(s):  FTMDF

Metals & Mining Industrial Metals & Minerals
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

Fortune Minerals Ltd > Re road
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Comment by uudamannon Jan 27, 2021 12:09pm
199 Views
Post# 32399462

RE:RE:Re road

RE:RE:Re roadQuote: "Procon(not exactly a mine building slouch)  on our board and a shareholder".

When I read this do not know whether to cry or laugh. In 2014 Procon generously financed the down payment on the Reveue-Virginius (R-V) silver mine in exchange for 40 cent FT paper. In the news release below great confidence was exhibited by all parties including and not least Procon, that the R-V mine could be opened and producing with a 6 - 7 million dollar cash infusion.

A no brainer FOLKS.
 
https://www.fortuneminerals.com/news/press-releases/press-release-details/2014/Fortune-Minerals-Audiocast-of-Conference-Call-on-Revenue-Silver-Acquisition/default.aspx

The problem of course is that everyone at FT was off the mark by 40 million USD. This is the sum required and raised by the current mine owner Aurcana to re-open the mine. That 40 million USD is in ADDITION to and on top of all the money invested by FT. That is one hell of discrepancy!! Procon did not spot this?

I would NOT place much confidence in the expertise of Procon. They singlehandedly misled FT share holders into a false sense of security regarding the R-V mine purchase where instead more competent scrutiny might have avoided the financial boondoggle that transpired and the ensuing, morbid dilution of total FT shares outstanding.
 
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