Fortune Minerals (
TSX:FT,
Stock Forum), a London Ontario-based natural resource firm engaged in exploration and development of Canadian mineral properties, announced today that the company had completed the first phase in its acquisition of 100% interest in the Revenue Silver Mine located in southwestern Colorado.
According to the
news release, the deal is with private arm’s length vendors and is being made possible with financial backing from the company’s strategic partner, Procon Resources. It also takes place in the midst of the company’s negotiations to complete the proposed financing facility for the NICO gold-cobalt-bismuth-copper project in Canada’s Northwest Territories and Saskatchewan.
Revenue Silver Mine has a 13-year life-of-mine with an average annual production of 1.78 million ounces of silver, plus gold, lead, and zinc by-product credits representing 30% of revenues.
The release went on to note, “Procon is exercising its pre-emptive right to purchase up to 7,717,871 shares of Fortune at a price of 40 cents per share for net proceeds of up to CAD$ 3,087,148.40 to help finance part of this acquisition.”
It then concluded, “The staged purchase of the Revenue Silver Mine is an accretive acquisition accomplishing Fortune's goal of becoming a producing mining company, while also positioning the Company for further growth in the Sneffels Silver Mining District of Colorado with a fully permitted project to leverage processing of ores from other mines in the area.”