Fortune Minerals announces sale of Camsell River Project
03 Ottobre 2013 - 6:11PM
OTC Markets
Fortune Minerals announces sale of Camsell River Project
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Fortune Minerals announces sale of Camsell River Project
Canada NewsWire
LONDON, ON, Oct. 3, 2013
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
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