Fortune Minerals Extends Option to Acquire the Alberta Refinery Site for the NICO Critical Minerals Project
22 Décembre 2022 - 8:16PM
Business Wire
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF)
(“Fortune” or the “Company”)
(www.fortuneminerals.com) is pleased to announce that it has
secured an additional extension to the option to purchase the JFSL
Field Services ULC (“JFSL”) brownfield site in Lamont
County, Alberta (see news releases, dated January 24, 2022, July
14, 2022, and October 3, 2022). Fortune plans to construct a
hydrometallurgical refinery at this site for its vertically
integrated NICO cobalt-gold-bismuth-copper critical minerals
project (“NICO Project”). The JFSL facility is a former
steel fabrication plant located on 76.78 acres of lands in
Alberta’s Industrial Heartland northeast of Edmonton and has 42,000
square feet of serviced shops and buildings adjacent to the
Canadian National Railway. The JFSL site is also close to services,
sources of reagents, and a commutable pool of engineers and skilled
chemical plant workers to materially reduce capital and operating
costs for the planned NICO Project development.
Pursuant to the option agreement, Fortune can acquire the JFSL
site and facilities for C$5.5 million. The term of the option can
be extended for up to six months by Fortune paying JFSL C$15,000
per month. JFSL’s has the right to solicit competing offers for the
facility, subject to Fortune’s right to complete its purchase on
the agreed terms by the end of the month for any extension period
and/or Fortune’s right of first refusal to match the competing
offer.
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The NICO refinery would process metal concentrates from the
planned NICO cobalt-gold-bismuth-copper mine and concentrator in
the Northwest Territories (“NWT”) enabling Fortune to become
a vertically integrated producer of cobalt sulphate needed to make
the cathodes of lithium-ion batteries used in electric vehicles,
portable electronics and stationary storage cells. The refinery
would also produce bismuth ingots and oxide, an ‘Eco-metal’ used in
the automotive and pharmaceutical industries and with growing
demand as an environmentally safe and non-toxic replacement for
lead in free-machining steels and aluminum, brasses and solders
used in potable drinking water sources and electronics, ceramic
glazes, radiation shielding, glass, ammunition, and fishing
weights, and environmentally safe plugs to decommission oil and gas
wells. The Mineral Reserves for the NICO deposit also contain more
than one million ounces of gold, and copper as a minor by-product.
The vertically integrated NICO Project is an advanced development
stage critical minerals development asset that has already received
environmental assessment approval and the major mine permits for
the facilities in the NWT. The project has also been assessed in
positive Feasibility and Front-End Engineering and Design
(“FEED”) studies that will be updated to reflect the new
refinery site and recent project optimizations.
For more detailed information about the NICO Mineral Reserves
and certain technical information in this news release, please
refer to the Technical Report on the NICO Project, entitled
"Technical Report on the Feasibility Study for the
NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories,
Canada", dated April 2, 2014 and prepared by Micon International
Limited which has been filed on SEDAR and is available under the
Company's profile at www.sedar.com. The disclosure of scientific
and technical information contained in this news release has been
approved by Robin Goad, M.Sc., P.Geo., President and Chief
Executive Officer of Fortune, who is a "Qualified Person" under
National Instrument 43-101.
About Fortune Minerals:
Fortune is a Canadian mining company focused on developing the
NICO cobalt-gold-bismuth-copper critical minerals project in the
NWT and Alberta. Fortune also owns the satellite Sue-Dianne
copper-silver-gold deposit located 25 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.
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This press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities legislation. This forward-looking information includes
statements with respect to, among other things, the exercise by the
Company of its option to purchase of the JFSL site, the successful
construction and completion of the proposed hydrometallurgical
refinery at the JFSL site, and the Company’s plans to develop the
NICO Project, including the successful the development and
construction of the planned NICO cobalt-gold-bismuth-copper mine
and concentrator. Forward-looking information is based on the
opinions and estimates of management as well as certain assumptions
at the date the information is given (including, in respect of the
forward-looking information contained in this press release,
assumptions regarding: the successful completion of the Company’s
due diligence investigations on the JFSL site, the Company’s
ability to secure the necessary financing to fund the exercise of
the option and complete the purchase of the JFSL site, the
Company’s ability to complete construction of a NICO Project
refinery; the Company’s ability to arrange the necessary financing
to continue operations and develop the NICO Project; the receipt of
all necessary regulatory approvals for the construction and
operation of the NICO Project, including the planned NICO
cobalt-gold-bismuth-copper mine and concentrator and the timing
thereof; growth in the demand for cobalt; the time required to
construct the NICO Project; and the economic environment in which
the Company will operate in the future, including the price of
gold, cobalt and other by-product metals, anticipated costs and the
volumes of metals to be produced at the NICO Project). However,
such 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 the risks that
the COVID-19 pandemic or global geopolitical situations may
interfere with the Company’s ability to continue development of the
NICO Project, the Company may not be able to complete the purchase
of the JFSL site and secure a site for the construction of a
refinery, the Company may not be able to finance and develop NICO
on favourable terms or at all, uncertainties with respect to the
receipt or timing of required permits, approvals and agreements for
the development of the NICO Project, including the related
hydrometallurgical refinery, the construction of the NICO Project
may take longer than anticipated, the Company may not be able to
secure offtake agreements for the metals to be produced at the NICO
Project, the Sue-Dianne Property may not be developed to the point
where it can provide mill feed to the NICO Project, the inherent
risks involved in the exploration and development of mineral
properties and in the mining industry in general, the market for
products that use cobalt or bismuth may not grow to the extent
anticipated, the future supply of cobalt and bismuth may not be as
limited as anticipated, the risk of decreases in the market prices
of cobalt, bismuth and other metals to be produced by the NICO
Project, discrepancies between actual and estimated Mineral
Resources or between actual and estimated metallurgical recoveries,
uncertainties associated with estimating Mineral Resources and
Reserves and the risk that even if such Mineral Resources prove
accurate the risk that such Mineral Resources may not be converted
into Mineral Reserves once economic conditions are applied, the
Company’s production of cobalt, bismuth and other metals may be
less than anticipated and other operational and development risks,
market risks and regulatory risks. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221222005514/en/
Fortune Minerals Limited Troy Nazarewicz Investor
Relations Manager info@fortuneminerals.com Tel: (519) 858-8188
www.fortuneminerals.com
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