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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

Comment by uudamannon Mar 09, 2021 7:24am
162 Views
Post# 32750357

RE:RE:Re: Fortune is in year 23

RE:RE:Re: Fortune is in year 23This and other examples only go to show the utter farce of the Revenue-Virginius mine purchase. The reality is that a small percentage of all potential mines are ever built and even then fluctuating prices, especially for base metals, puts many out of business even after production has been established. The Revenue mine is a joke and only numbskulls would every invest in this 140 yr old hole in the wall. ProCon and its majority owners in China and very sharp cookies. Unless I missed it, nowhere in the 2014/2015 FT news releases did I ever see a reference to Procon getting contracts for the rehabilitation of the Revenue mine. Which is very peculiar given that Procon spent millions on the purchase and is a bona fide expert in mine rehab. Since the beginning of 2014, when Procon was a major FT shareholder, the number of FT shares outstanding has tripled. I doubt Procon is a major shareholder now. It is worth noting that Aurcana, the current mine owners are spending an additional 40 million, including 5 million to upgrade the never commissioned underground mill, to bring R-V to production. How did Procon miss this? Did Procon not do any due diligence on the mine site and realize FT's planned funding was woefully inadequate? There is a bridge in Brooklyn waiting for you, should you buy into any of this grand rope a dope.
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