Government upholds validity of fieldwork permits and appoints
mediator
Issued Capital: 150,526,976
LONDON, ON, Sept. 19, 2013 /CNW/ - Fortune Minerals
Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company")
(www.fortuneminerals.com) welcomes the September 17, 2013 statement from the
British Columbia
("BC") Government that it supports the legal right of companies
to
safely perform permitted work, and the related appointment of
mediator
Geoff Freer.
(http://www2.news.gov.bc.ca/news_releases_2013-2017/2013ARR0044-001414.htm)
Fortune is currently assessing all available options to enable
safe
completion of the 2013 environmental fieldwork program at the
Arctos
Anthracite Project ("Arctos Project") in northwestern BC.
Protestors
have been and are currently hindering the Company's work program
by
encroaching on drill sites and other working areas, raising
safety
concerns for both workers and protestors themselves.
Fortune's activities are duly authorized through permits issued
under
the BC Mines Act, various coal tenures and other provincial
laws. The
permits authorize a limited amount of geotechnical drilling to
gather
information that will be used in the environmental assessment
("EA")
process. The EA process will result in an informed decision on
the
merits and impacts of the project, and will consider
environmental,
social, health, heritage and economic impacts, as well as
traditional
knowledge. The EA process provides First Nations and other
interested
parties with extensive opportunities to participate in
decision-making
about a project.
The Arctos Project is also consistent with the stated objectives of
the
2000 Cassiar Iskut-Stikine Land Resource Management
Plan, which was
developed with many interested parties including Tahltan
representatives.
(http://archive.ilmb.gov.bc.ca/slrp/lrmp/smithers/cassiar/plan/files/CIS-LRMP-November-2006.pdf)
Fortune respects the right to peaceful protest but it does not
support
illegal actions and will take all appropriate actions to protect
its
legal rights. It believes the appropriate forum to discuss
interests
and concerns is through the EA process where all opinions are heard
and
issues are examined in detail. It welcomes opportunities to
engage,
share information and receive advice and feedback through that
process.
Fortune looks forward to working with governments, First Nations
and
local communities to develop a project that is a model of
cooperation
and environmental sustainability.
About the Arctos Project
The Arctos Project is one of the world's premier metallurgical
coal
projects with very large resources and reserves of high rank
anthracite
coal in northwest BC. Anthracite is the highest quality coal
and is
used in steel making, metals processing and other specialized
products
such as carbon filters for water purification. The project is
an
international collaboration between Fortune (80%) and POSCAN (20%),
the
Canadian subsidiary of South
Korea's POSCO, one of the world's largest
steel producers. Substantial work totalling more than $100 million has
already been completed on the project to conduct resource
delineation,
engineering, feasibility and environmental studies as well as
test
mining and processing at the site for trial cargos of products
to
potential customers in North
America, Asia and
Europe.
The Arctos project is located 330 km northeast of the Port of
Prince
Rupert and straddles the existing BC Railway right-of-way
that was
constructed by the BC Government in the 1970's and was
substantially
completed to the site. This existing brownfield transportation
corridor
is planned to be completed with rail to the current terminus of
track,
150 km south of the proposed mine where the Canadian National
Railway
is operating. The railway provides a simple and scalable
transportation
solution to the Ridley Coal Terminal in Prince Rupert for export of
metallurgical coal products to overseas steel manufacturers and
metal
processors.
A positive feasibility study for the Arctos Project was completed
in
2012 by Marston & Marston Inc., a division of Golder Associates
Inc.
This study indicates a 25-year mine life (see Fortune News
Release
dated October 15, 2012), expected to
contribute 500 direct jobs and
1000 jobs in supporting activities and generate more than
$10 billion
in revenues and $900 million in
combined federal and provincial taxes.
There is good potential to extend the mine life from the very
large
mineral resource base currently recognized on the Arctos
licenses.
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 Northwest
Territories ("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 Company's expectations with respect to
the
anticipated development of the Arctos Project; the anticipated
revenues
from and jobs and taxes to be generated from the Arctos Project;
and
the expected mine life at the Arctos 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 and the viability of the Arctos Project).
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 Company may not be able to arrange
the
necessary additional financing to construct and operate the
Arctos
Project; uncertainties with respect to the receipt or timing of
all
applicable permits for the development of the Arctos Project;
the
possibility of delays in the commencement of production from the
Arctos
Project; 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