RFP issued by Northwest Territories
Government for Tlicho All-Season Road
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES/
Issued Capital: 331,497,023
LONDON, ON, Dec. 15, 2017 /CNW/ - Fortune Minerals Limited
(TSX: FT) (OTCQX: FTMDF) ("Fortune" or the
"Company") (www.fortuneminerals.com) announces that, further
to its press release dated November 29,
2017, it has closed the previously announced $5,000,000 non-brokered private placement of
units of securities of the Company ("Units") pursuant to
which 29,411,766 Units were issued.
Fortune is also pleased to report that the Government of the
Northwest Territories
("GNWT") recently issued its Request for Proposals
("RFP") for the construction of the Tlicho All-Season Road
("TASR") to the community of Whati. Three international
consortiums were previously short-listed to finance, construct and
operate the road pursuant to a private-public partnership
("P3"). The TASR is in the late stages of an environmental
assessment ("EA") by the Mackenzie Valley Environmental
Impact Review Board and is expected to be completed during the
first half of 2018. The RFP has been released in alignment with the
environmental regulatory schedule to provide the time required for
the short-listed proponents to prepare their proposals. Fortune has
already received EA approval to construct a spur road from Whati to
the NICO mine site as part of its proposed development. Subject to
receipt of project financing and other approvals, Fortune plans to
construct the NICO mine and concentrator using the existing winter
ice road for access. The all-season road is required for mine
operations to allow metal concentrates to be transported south to a
refinery Fortune plans to construct in Saskatchewan for downstream processing. The
NICO development asset will be a primary producer of cobalt
sulphate for the rapidly expanding lithium-ion battery industry
with supply chain transparency and custody control of product from
a Canadian vertically integrated source. The by-products that will
be produced include gold doré, bismuth ingots and oxide, and copper
cement.
This press release shall not constitute an offer to sell or
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities will not be
and have not been registered under the United States Securities Act
of 1933 and may not be offered or sold in the United States absent registration or
applicable exemption from the registration requirements.
About Fortune Minerals
Fortune is a Canadian mining
company focused on developing the vertically integrated NICO
cobalt-gold-bismuth-copper project in the Northwest Territories and a related refinery
the Company plans to construct in Saskatchewan. Fortune also owns the Sue-Dianne
copper-silver-gold deposit located 25 km north of NICO and a
potential future source of incremental mill feed to potentially
extend the life of the NICO 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 Company's plans
to construct a refinery in Saskatchewan in connection with the NICO
project, the timeline for the completion of the TASR, the Company's
plans for the construction of the NICO mine and the Company's plans
with respect to the production of cobalt sulphate and by-products.
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 and to construct
the related refinery in Saskatchewan, the GNWT's willingness and
ability to construct the TASR within the anticipated time frame or
at all, growth in the lithium-ion rechargeable battery industry and
the economic environment in which the Company will operate in the
future, including the price of 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 the NICO project or the related refinery in Saskatchewan on favourable terms or at all,
the TASR may not be built within the anticipated time frame or at
all, the market for rechargeable batteries and the use of
stationary storage cells may not grow to the extent anticipated,
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