HALIFAX, May 27, 2014 /PRNewswire/ - Fortune Bay
Corp. ("Fortune Bay" or the "Company") (TSX: FOR) announces that it
has initiated a strategic review process to explore alternatives
for the enhancement of shareholder value. The review will consider
various alternatives for the Company, including the potential sale
of the Company's exploration assets, and any other options
identified by executive management with the fundamental objective
of realizing the best value for the Company's shareholders.
Deloitte Corporate Finance Inc. has been retained to explore any
and all options and primarily advise the Company on alternatives
relating to the Company's two mining assets. The value enhancing
alternatives could include, but are not limited to, a sale or
partnership of the primary mining assets.
There can be no assurance that the Company's efforts will be
successful or that this process will result in any transaction. The
Company does not intend to disclose further developments with
respect to this process unless and until the Board reviews and
approves the outcome together with recommendations.
About Fortune Bay
Fortune Bay is engaged in the exploration and potential
development of two primary mining projects; the Goldfields project
and the Ixhuatan project. The
Goldfields project is a property comprised of 25,685 ha located in
northern Saskatchewan and consists
of two gold deposits: the Box deposit and the Athona deposit. The
Ixhuatan project is located in the
northern Chiapas State in Mexico
covering 4,176 ha.
Fortune Bay Corp. was created as a result of a merger between
Primero Gold and Brigus Gold whereby these development stage mining
assets and cash were spun out into the new company.
Cautionary and Forward-Looking
Statements
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
information" within the meaning of applicable Canadian securities
laws. Such forward-looking information, includes, but is not
limited to, the closing of the successful completion of the
strategic review. While such forward-looking statements are
expressed by Fortune Bay, as stated in this release, in good faith
and believed by Fortune Bay to have a reasonable basis, they are
subject to important risks and uncertainties. As a result of these
risks and uncertainties, the events predicted in these
forward-looking statements may differ materially from actual
results or events. These forward-looking statements are not
guarantees of future performance, given that they involve risks and
uncertainties. Fortune Bay does not undertake any obligation to
release publicly revisions to any forward-looking statement, except
as may be required under applicable securities laws. Investors
should not assume that any lack of update to a previously issued
forward-looking statement constitutes a reaffirmation of that
statement. Continued reliance on forward-looking statements is at
investors' own risk.
SOURCE Fortune Bay Corp.