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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 Unfortunateon Apr 06, 2022 2:37pm
84 Views
Post# 34581547

RE:RE:RE:RE:RE:/

RE:RE:RE:RE:RE:/

10/08/2013 Issued Capital: 150,526,976

Fortune Minerals has concluded its 2013 summer field work at the Company's Arctos Anthracite metallurgical coal project site in northwestern British Columbia ("BC").

To date, over $100 million worth of work has been completed to safely advance the project, including funds dedicated to supporting local community involvement. The project has the potential to generate $10 billion in revenues and $900 million in combined federal and provincial taxes over the mine's expected 25-year lifespan, while creating over 500 high-paying jobs and employment for a 1,000 more in supporting activities


05/05/2015  Issued Capital: 222,077,580

Fortune Minerals and POSCO Canada Limited ("POSCAN") are pleased to announce the completion of an agreement with the British Columbia Government with respect to their coal licenses located in the Klappan area of northwest British Columbia, Canada (the "Arctos Project")

Pursuant to the agreement with Her Majesty the Queen in Right of the Province of British Columbia (the "Province"), and British Columbia Railway Company ("BC Rail"), the AAJV has sold its interests in 61 contiguous coal licenses in the Klappan, totaling 16,411 hectares, to BC Rail for $18,308,000.

Fortune will use its $9 million share of the funds from this transaction for working capital and to repay debt.

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December 18, 2005

FORTUNE MINERALS of London, Ontario, has agreed to purchase the processing facilities, other buildings, spare parts and inventory from the Golden Giant mine at Hemlo. Fortune will pay $3.3 million for the assets, which will be re-erected at its NICO gold-cobalt-bismuth project in the Northwest Territories.
 

Oct. 14 2010

Fortune Minerals is pleased to announce that it has completed the salvage of buildings and equipment from the Golden Giant Mine at Hemlo, Ontario.  The Golden Giant Mine facilities were purchased, dismantled and removed from the Hemlo site at an approximate net cash cost of $18 million

Aug. 26 2015

Fortune Minerals is pleased to announce that it has sold the remaining equipment it owns from the Golden Giant Mine at Hemlo, Ontario for proceeds of $415,000. This equipment was initially purchased to be used at the proposed NICO gold-cobalt-bismuth-copper development in the Northwest Territories and Saskatchewan, but is now redundant because of changes to the engineering of the processing facilities.

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08/20/2014

 

 

 

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