Tłı̨chǫ Road Environmnetal Assessment
receives Minister and Tłı̨chǫ Government approvals
Issued Capital: 338,603,220
LONDON, ON, Oct. 30, 2018 /CNW/ - Fortune Minerals Limited
(TSX: FT) (OTCQX: FTMDF) ("Fortune" or
the "Company") (www.fortuneminerals.com) is pleased to
report that the Responsible Ministers of the Governments of
Canada and the Northwest Territories ("GNWT") have
accepted the environmental assessment approval for the Tłı̨chǫ
All-Season Road ("Tłı̨chǫ Road") incorporating the modified
measures developed together with the Tłı̨chǫ Government through
the consult to modify process with the Mackenzie Valley
Environmental Impact Review Board (the "Board"). The
Tłı̨chǫ Government also approved the Board's recommendation with
modifications.
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The Tłı̨chǫ Road involves the construction and operation of a
permanent 97-kilometre highway, extending north from Highway 3 to
the Community of Whatı̀ in the Northwest Territorries
("NWT"). Fortune's 100% owned NICO
Cobalt-Gold-Bismuth-Copper Project (the "NICO Project") is
located 50 kilometres north of Whatı̀ and the Company has already
received environmental assessment approval to construct a spur road
from Whatı̀ to the mine site. Construction of the NICO Project mine
and concentrator is planned using the existing winter ice road, but
all-season road access is required for mine operations in order to
transport metal concentrates from the property to a refinery for
downstream processing to value-added metals and chemicals. The NICO
Project is a primary cobalt asset and one of the few projects
outside of the Congo that can be
developed to support near-term growing demand for cobalt in
lithium-ion batteries needed to power electric vehicles, portable
electronic devices and stationary storage cells to support the
growing green economy.
The Honourable Wally Schumann, the Northwest Territories Minister of
Infrastructure commented last Friday, "Improving the highway system
across the Northwest Territories
helps to keep communities connected while improving safety for all
road users. I am very pleased with today's decision. Not only will
this project help provide jobs and fosters skills and capacity
building for all northerners, especially in the Tłı̨chǫ region,
but it is also another step forward for this government in
fulfilling our mandate commitment to secure funding and advance
planning and construction of transportation projects, including
three priority corridors: the Mackenzie Valley Highway, Tłı̨chǫ
All-season Road, and Slave Geological Province Access
Corridor."
Robin Goad, President and Chief
Executive Officer of Fortune said, "We are pleased to see the
approval for the Tłı̨chǫ Road from the Tłı̨chǫ Government and the
federal and Northwest Territories Responsible Ministers. This road
will contribute to the socio-economic growth of the Northwest Territories, reduce the cost of
living in Whatı̀, enable families to be more connected, and allow
governments to provide services more effectively. It is also an
important enabler for the NICO Project and a catalyst for other
exploration, mining and hydro opportunities on Tłı̨chǫ lands in
this highly prospective geological area."
The Government of Canada has
announced that it will provide up to 25% of the construction costs
for the Tłı̨chǫ Road through the P3 Canada Fund. The GNWT has also
approved funding for construction of the remaining 75% cost of the
road, using a Private Public Partnership ("P3") funding
structure. Three international consortia have already been
shortlisted to provide proposals to fund, construct, operate and
maintain the Tłı̨chǫ Road and be repaid by the GNWT with interest.
The winning bid is expected to be announced shortly.
About Fortune Minerals
Fortune is a Canadian mining company focused on developing the
NICO Cobalt-Gold-Bismuth-Copper project in the Northwest Territories. The Company owns lands
in Saskatchewan where it could
construct a refinery to process NICO concentrate to value-added
products. Fortune also owns the Sue-Dianne copper-silver-gold
deposit located 25 km north of the NICO Project, which is a
potential future source of incremental mill feed to extend the life
of the NICO Project mill.
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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 construction of
the Tłı̨chǫ Road and the Company's plans to develop the NICO
Project. 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 Company's ability to arrange the
necessary financing to continue operations and develop the NICO
Project; the construction of the Tłı̨chǫ Road and the timing of
its completion; the receipt of all necessary regulatory approvals
and the timing thereof; the rezoning of the Company's Saskatchewan refinery lands to allow for the
construction of a refinery to process NICO concentrate, if needed,
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 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, the Tłı̨chǫ
Road may not be constructed in a timely fashion or at all, 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 inherent risks
involved in the exploration and development of mineral properties
and in the mining industry in general, the market for rechargeable
batteries and the use of stationary storage cells may not grow to
the extent anticipated, the future supply of cobalt may not be as
limited as anticipated, the risk of decreases in the market prices
of cobalt 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 the
risk that even if such resources prove accurate the risk that such
resources may not be converted into mineral reserves, once economic
conditions are applied, the Company's production of cobalt 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.
SOURCE Fortune Minerals Limited