Fortune Minerals Announces the Public Opening of the Tlicho All-Season Highway to the Community of Whati on November 30
LONDON, Ontario – (COMMERCIAL THREAD) –Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (“Fortune“or the”Society”) (Www.fortuneminerals.com) is pleased to announce that the Tlicho all-weather road connecting the community of Whati to the national highway system will be open to the public on November 30, 2021 (see the government’s joint press release of November 3 2021). This Northwest Territories initiative (“NWT.”), The federal and Tlicho governments will provide year-round access to the previously isolated community of Whati, reducing the cost of living, improving service delivery and facilitating economic development in the areas of tourism, mining exploration and development and potential hydroelectric projects. The road is a key component of Fortune’s NICO Cobalt-Gold-Bismuth-Copper project (“NICO project“). After the completion of the company’s planned secondary road to the mine, the metal concentrates can be trucked to the railroad at Enterprise or Hay River for delivery to the planned Fortune refinery in the south. from Canada.
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“I would like to congratulate the Tlicho people for achieving a 40 year vision to establish this essential road link with the community of Whati, which will also make the winter ice roads stretching north to Gameti and Wekweeti. more reliable in the face of climate change. It is gratifying to see three levels of government working with industry to complete important infrastructure to improve the lives of generations of Northerners, ”said Robin Goad, President and CEO of Fortune Minerals Limited .
Tlicho Highway is a 97-kilometer, two-lane all-weather gravel road leading to Whati, built by North Star Infrastructure under a 28-year, $ 400 million Design-Build-Operate-Maintain contract with the Government of the Northwest Territories. Capital costs include up to $ 53 million in contributions from the federal government through the Canada Infrastructure Fund.
Fortune plans to build a 50 kilometer side road from Whati to the mine site, which has been approved with the mine’s environmental assessment. The Company also entered into an access agreement with the Tlicho government setting out the terms and conditions for the construction of this road. With the establishment of the Tlicho Highway, some facilities previously planned for the mine can be eliminated, reducing escalating capital costs and construction times and mitigating supply chain risks during construction.
The NICO project is a planned, vertically integrated critical mineral development comprising a mine and concentrator in the Northwest Territories and a hydrometallurgical refinery at a site expected to be located in Alberta or Saskatchewan, producing cobalt sulfate, l gold, ingots and bismuth oxide and copper cement. . The NICO project is one of the most advanced cobalt development assets outside of the Democratic Republic of Congo (“DRC”) to meet the growing demand for lithium-ion batteries powering electric vehicles, portable electronic devices and stationary storage cells. A new, vertically integrated Canadian supplier of cobalt sulfate will also reduce the geographic concentration of production and political risks associated with DRC and China’s dominance in the supply chain. The unique metallic assemblage of the 33.1 million tonne NICO deposit includes primary cobalt, a 1.1 million ounce in situ gold co-product, 12% of the world’s bismuth reserves and copper as a minor by-product.
For more detailed information on NICO mineral reserves and certain technical information in this press 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 at Company profile at www.sedar.com Disclosure of the scientific and technical information contained in this press release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer management of Fortune, which is a “qualified person” under National Instrument 43-101.
About Fortune Minerals:
Fortune is a Canadian mining company focused on the development of the NICO Cobalt-Gold-Bismuth-Copper project in the Northwest Territories. The Company has an option to purchase land in Saskatchewan where it could build the hydrometallurgical plant to process NICO metal concentrates and is also evaluating other contaminated sites with existing facilities to reduce capital and operating costs. of the project. In addition, Fortune owns the Sue-Dianne copper-silver-gold satellite deposit located 25 km north of the NICO project mine site and is a potential future source of additional power to extend the life of the plant and of the NICO concentrator.
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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. This forward-looking information includes statements regarding, among other things, the Company’s plans to develop the NICO project and the potential of the Sue-Dianne property to provide additional plant power to the NICO project. Forward-looking information is based on management’s opinions and estimates and on certain assumptions at the date the information is given (including, with respect to the forward-looking information contained in this press release, assumptions regarding: the ability of the Company to secure a site in southern Canada for the construction of a refinery for the NICO project; the ability of the Company to organize the financing necessary to continue operations and develop the NICO project; receipt of all regulatory approvals required for the construction and operation of the NICO project and hydrometallurgical refinery and its schedule; growth in demand for cobalt; the time required to construct the NICO project; and the economic environment in which the Company will operate at the future, including the price of gold, cobalt and other metal by-products, expected costs and volumes of metals to be produced at the NICO project). However, this forward-looking information is subject to various 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 Company may not be able to secure a site for the construction of a refinery, the Company may not be able to finance and develop NICO on favorable terms or not at all, uncertainties regarding receipt or timing of permits, approvals and agreements required for the development of the NICO Project, including the related hydrometallurgical refinery, construction of the NICO Project may take longer than expected, the Company may not be able to ” obtain off-take agreements for metals to be produced at the NICO Project, the Sue-Dianne property may not be developed to the point where it can provide plant feed to the NICO Project, the inherent risks involved in exploration and development. development of mining properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow as expected, the supply future value of cobalt and bismuth may not be as small as expected, the risk of decreasing market prices for cobalt, bismuth and other metals that will be produced by the NICO project, the differences between actual mineral resources and estimated or between actual and estimated metallurgical recoveries, the uncertainties associated with estimating mineral resources and reserves and the risk that even if these resources prove to be accurate, the risk that these mineral resources will not be converted into mineral reserves once economic conditions apply, the Company’s production of cobalt, bismuth and other metals may be lower than expected and other operational and development risks, market risks and regulatory risks. Readers are cautioned not to place undue reliance on forward-looking information, as predictions, forecasts, projections and other forms of forward-looking information may not be realized 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.