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Fortune Minerals Provides Environmental Assessment Update On Northwest Territories Mine And Mill

Fortune Minerals Limited (FT.TO) has provide an update on the Environmental Assessment process currently underway in the Northwest Territories to permit the mine and mill for its NICO gold-cobalt-bismuth-copper deposit. The NICO project, which was referred to EA in February 2009, has completed an additional milestone by progressing to the Technical Meetings Stage.

The Developers Assessment Report for the NICO project, submitted in May 2011 to The Mackenzie Valley Review Board passed the conformity check in August with no deficiencies. The EA progressed to the Information Request Stage where interested parties that have reviewed the DAR submitted questions to the Company through the MVRB. Fortune received 425 questions from 10 separate interested parties, in mid-October. Fortune completed its responses to these requests and has now advanced to the Technical Meetings Stage of the EA process. These meetings are scheduled for January 17-19, 2012 in Yellowknife.

Fortune is working to secure a strategic partner to help finance the NICO project and has engaged Deloitte & Touche Corporate Finance Canada as its financial advisor. Deloitte was re-engaged after successfully helping Fortune secure POSCO Canada Ltd. as its first stage joint venture partner for the Mount Klappan anthracite coal project in British Columbia. Deloitte will assist Fortune in identifying additional potential strategic partners and in evaluating potential transactions.

Fortune also reported that 6,383,277 of its publicly traded warrants that expired on December 5, 2011 were exercised at a price of $0.80 per share resulting in gross proceeds to the company of approximately $5.1 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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