Receives Progressive Aboriginal Relations award from Canadian Council
for Aboriginal Business
Issued Capital: 150,526,976
LONDON, ON, Oct. 3, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announces that it has sold its Camsell River silver property near
Great Bear Lake in the Northwest Territories ("NT") to Denendeh
Exploration & Mining Company ("DEMCo"). Based in Yellowknife, DEMCo is
beneficially owned by the 27 First Nations of the NT and is the
only northern Aboriginal owned company actively pursuing mining
projects with the intention to develop its assets from exploration
through to operations. DEMCo has acquired additional land holdings in
the Camsell River area, including several past producing mines, and is
taking a regional approach to exploration and development in this area.
The Camsell River area is a former silver mining district, located south
of the Eldorado mining district at Great Bear Lake. Silver mining was
conducted in this region until 1985 and included the past producing
Silver Bear, Norex and Northrim mines. Fortune's lease comprises 78
hectares of lands strategically positioned between the Norex and
Northrim mines where there is good potential to host the strike
projections of high-grade silver veins from the adjacent mines.
"Although our lease at Camsell River is well-positioned to nearby mines,
the property is too small to be explored independently and needs to be
developed as part of regional exploration program", said Robin Goad,
President and CEO of Fortune. Darrell Beaulieu, President and CEO of
DEMCo commented, "We believe the addition of Fortune's lease will
enhance our significant land holdings and will benefit our pursuit of
IOCG type deposits augmented by high grade silver veins in this
historic silver district. This project will also benefit from the
infrastructure we anticipate will be developed with Fortune's NICO
gold-cobalt-bismuth-copper mine further to the south".
Fortune sold its Camsell River lease for $25,000 and a 1% net smelter
royalty. The Company is pleased to be positioned to realize value from
this property while maintaining its focus on the development of its
primary assets - the Arctos Anthracite Project in British Columbia
("BC") and the NICO gold-cobalt-bismuth-copper project in the NT.
Fortune is also pleased to report that it has been awarded the Bronze
Level for its work in Progressive Aboriginal Relations ("PAR") by the
Canadian Council of Aboriginal Business ("CCAB"). The PAR program is
the first and only corporate responsibility assurance program in the
world with an emphasis on Aboriginal relations. The Company has worked
with guidance and support from the CCAB to document practices, policies
and behaviours that quantify and validate the Company's commitment to
positive and progressive Aboriginal relations. The Company is committed
to open and constructive dialog with Aboriginal communities and will
continue to make every effort to increase Aboriginal employment and
business through its human resources and supply chain policies.
About Fortune Minerals
Fortune is a diversified resource company with several mineral deposits
and a number of exploration projects, all located in Canada. The
Company is focused on the development of the Arctos Anthracite Project
in BC and the vertically integrated NICO gold-cobalt-bismuth-copper
project that is comprised of a mine and mill in the NT that will
produce a bulk concentrate for shipment to a refinery for processing to
high value metal products. In addition, the Company owns the Sue-Dianne
copper-silver-gold deposit and other exploration projects in the NT.
Fortune is focused on outstanding performance and growth of shareholder
value through assembly and development of high quality mineral resource
projects.
This news release contains forward-looking information. This
forward-looking information includes statements with respect to, among
other things: the potential of the Camsell River property; and the
anticipated development of the Company's NICO and Arctos projects (the
"Projects"), including infrastructure anticipated to be developed for
the NICO project. Forward-looking information contained in this news
release is based on the opinions and estimates of management as well as
certain assumptions considered by management to be reasonable and which
are made as at the date the information is given (including, in respect
of the forward-looking information contained in this press release,
assumptions regarding the Company's business, the viability of the
Projects and the Company's ability to generate sufficient funds to
develop the Projects). Readers should be cautioned that
forward-looking information is subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information. These factors include without limitation:
the inherent risks involved in the exploration and development of
mineral properties; the inherent volatility of metal prices; the risk
that the Camsell River property may not be developed and the Company
may not realize any revenue therefrom; the risk that the Company may
not be able to arrange the necessary additional financing to construct
and operate the Projects; uncertainties with respect to the receipt or
timing of all applicable permits for the development of the Projects;
the possibility of delays in the commencement of production from the
Projects; uncertainties relating to the estimation of mineral reserves;
and other factors. Readers are cautioned to not place undue reliance on
forward-looking information because it is possible that predictions,
forecasts, projections and other forms of forward-looking information
will not be achieved by the Company. The forward-looking information
contained herein is made as of the date hereof and the Company assumes
no responsibility to update or revise it to reflect new events or
circumstances, except as required by law.
SOURCE Fortune Minerals Limited
