Fortune Minerals NICO Environmental Assessment update

LONDON, ON - Fortune Minerals Limited reported an update of the Environmental Assessment ("EA") process currently underway for its 100% owned NICO gold-cobalt-bismuth-copper project in the Northwest Territories. Building on successful completion of test mining and pilot plant operations, and the positive definitive feasibility study by Micon International Limited. NICO was referred to EA by Indian and Northern Affairs Canada after review of its water license and land use permit applications. An EA is a regulatory process to determine the economic, environmental, and social impacts of major development projects like NICO and is the major component of the mine permitting process. In the Northwest Territories, this is administered by the Mackenzie Valley Environmental Impact Review Board ("MVEIRB").
Fortune Minerals proposes to construct a combined open pit / underground mine at NICO and related surface and processing facilities to produce gold dorŽ, cobalt and bismuth cathodes, and minor amounts of by-product copper and nickel. Fortune has already purchased the Golden Giant Mine buildings, equipment, and an inventory of spare parts from Newmont Canada Limited for relocation of parts of this plant to NICO. Meetings to inform four nearby communities about the project have already been held and additional meetings will follow as part of the EA process. The Company is now awaiting comments from local stakeholders and various regulatory bodies for the development of the Terms of Reference ("TOR"), which governs the EA process and lists the specific issues MVEIRB expects to see addressed.
The company’s address is
140 Fullarton St., Suite 1902, London, ON N6A 5P2, (519) 858-8188, fax: (519) 858-8155, email: [email protected].