North Star Infrastucture, a consortium of
Kiewitt, Hatch & Thurber to construct all-season
road
Issued Capital: 338,603,220
LONDON, ON, Nov. 15, 2018 /CNW/ - Fortune Minerals
Limited (TSX: FT) (OTCQX: FTMDF)
("Fortune" or the "Company")
(www.fortuneminerals.com) is pleased to report that Government of
the Northwest Territories
("GNWT") Finance Minister, Robert C.
McLeod, has announced that North Star Infrastructure has
been selected as the Preferred Proponent to fund, construct,
operate and maintain the Tlicho All-Season Road ("Tlicho
Road"), pursuant to the Request for Proposal for the project
(see GNWT November 13, 2018 news
release). North Star Infrastructure is a consortium comprised of
Kiewit Canada Development Corporation and Peter Kiewit and Sons (Equity Provider,
Design-Builder and Service Provider), and Hatch Corporation and
Thurber Engineering Ltd. (Design Team Members). The GNWT and North
Star Infrastructure are finalizing the project agreement and
construction is anticipated to begin in the fall of 2019.
Like our news? Click-to-Tweet.
The Tlicho Road will be 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 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. The NICO
Project is a primary cobalt asset and one of the few projects
outside of the Congo that can be
developed in the near-term to help meet growing demand for cobalt
in lithium-ion batteries needed to power electric vehicles,
portable electronic devices and stationary storage cells.
The Government of Canada is
providing up to 25% of the construction costs for the Tlicho Road
through the P3 Canada Fund. The GNWT is funding the remaining 75%
cost, using a Private Public Partnership ("P3") structure.
North Star Infrastructure has been selected as the P3 proponent to
fund, construct, operate and maintain the Tlicho Road and will be
repaid by the GNWT with interest.
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.
Follow Fortune Minerals:
Click here to subscribe to Fortune's email list.
Click here to follow Fortune on LinkedIn.
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 Tlicho 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 Tlicho 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 Tlicho 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