Fortune Minerals (FT)

[ryanonthevedder]

More good news from Fortune's proposed Arctos anthracite mine.

Reserves are up and feasibility is sound.

http://www.fortuneminerals.com/files/doc_news/121015__Corrected__Fortune_Minerals_Announces_Updated_Definitive_Feasibility_Study_for_Arctos_Anthracite_Metallurgical_Coal_Project.pdf

[ryanonthevedder]

Recent news on the NICO mine.


Fortune Minerals completes Nico Project Environmental Assessment public hearings session

Issued Capital: 117,076,976

Review process winding down - Advancing towards final report and recommendation

TORONTO, Sept. 18, 2012 /CNW/ - Fortune Minerals Limited (TSX-FT) (OTCQX-FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to report that it has completed a key public hearings session related to the Environmental Assessment ("EA") review process for the permitting of the mine and mill for the Company's 100% owned NICO gold-cobalt-bismuth-copper project in the Northwest Territories ("NT"). With the EA review nearly concluded, the project is advancing towards the preparation of the final report and recommendation. After the public registry closes on October 22, 2012, the Mackenzie Valley Review Board ("MVRB") will prepare the Report of Environmental Assessment which will contain the recommendation on the project to the Federal Minister of Aboriginal Affairs and Northern Development Canada.

Dr. Richard Schryer, Fortune's Director of Regulatory and Environmental Affairs, commented that, "it has been a long and thorough review process and we eagerly anticipate its completion in the coming months." "With over 1 million ounces of gold, significant cobalt and 15% of global bismuth reserves, NICO is well positioned to become a reliable Canadian source of metals of critical importance to the world economy" said Robin Goad, Fortune's President and CEO.

The public hearings for the NICO project were held in the city of Yellowknife and the Tlicho communities of Whati and Behchoko over a four day period between August 27 and August 31, 2012. Participants in these hearings included federal and territorial regulators and First Nations delegations, including the Tlicho Government. As part of the EA review process, these hearings provided a public venue for residents to provide their comments to the MVRB and to hear Fortune's responses and project amendments addressing concerns. The Company presented an updated plan for closure of the project that included details on the use of constructed wetlands to passively treat water. Fortune was not assigned any undertakings during these public hearings and believes that it adequately addressed the few remaining environmental concerns associated with the project that were raised at the hearings.

Due to logistical constraints, the MVRB was unable to complete the entire agenda at the August session and two additional days of hearings have been scheduled to take place in Behchoko on October 10 and 11, 2012. Outstanding items that will be addressed include the presentation of the Tlicho Government's Traditional Knowledge Study, the NICO Project Access Road, and a comment session for Tlicho citizens. The public registry will then close on October 22, 2012 at which point the MVRB will prepare the Report of Environmental Assessment and Reasons for Decision. This report is expected to take between two and three months to complete.

The Company is also in the latter stages of the EA process in Saskatchewan for the planned hydrometallurgical refinery, the Saskatchewan Metals Processing Plant ("SMPP"), where Fortune will process concentrates from the NICO mill to high value metal products. Fortune is set to submit its addendum to the Environmental Impact Statement ("EIS") that will address questions submitted by the Saskatchewan Environmental Assessment Branch ("SEAB"). The EIS, technical review comments and addendum will then be posted for public comment, followed by SEAB's recommendation to the Saskatchewan Minister of Environment for approval.

Fortune is concurrently working to secure strategic partner(s) to help finance the NICO project and has engaged Deloitte & Touche Corporate Finance Canada Inc. ("Deloitte") as the Company's financial advisor. Deloitte was re-engaged after successfully helping Fortune secure POSCO, the third largest steel producer in the world, as its first stage partner for its Arctos Anthracite Metallurgical Coal Project in British Columbia ("BC").

About Fortune Minerals:
Fortune is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada. The Company is focused on the development of the Arctos Anthracite Project in BC and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing the SMPP in Saskatchewan to process NICO concentrates to high value metal products. The Company has acquired and dismantled equipment from the Golden Giant Mine at Hemlo, Ontario for relocation to NICO. In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

[ryanonthevedder]

Interesting news for a company with 1 mil. oz of gold in the ground.

Today James Turk told King World News there is a fierce battle taking place between the bulls and bears in the gold and silver markets. But Turk noted, “... the uptrend shows the physical buyers of gold and silver gaining the upper hand, while the shorts and central planners are losing this war.”


Here is what Turk had to say: “It's a real battleground out there, Eric. It started at the beginning of last week when gold was looking like it would break through $1780 while silver was already climbing through $35. But then the shorts started throwing everything they could at that price advance and stopped both precious metals.”

James Turk continues:


“Hitting a wall like that caused a reversal, but support quickly showed up in the $1750s and around $34. The same thing happened twice last week, but the week ended for the precious metals in a stand-off. Then today the battle started again when the shorts started pounding gold and silver here in Europe.


But just like last week, the buyers of physical metal showed up when gold dropped into the $1750s....

“That price level, which was the low from last week, helped bring in a round of buying by the accumulators of physical metal that took both precious metals back toward the middle of their trading range.


Silver dropped below last week's support, but that was not a surprise given the determined selling we saw. The shorts were obviously driving the price lower to trigger some sell-stops to cover their short positions. It was the opposite of what happened last week when the longs drove silver over $35 looking for buy-stops.


This kind of volatility in silver is not unusual. Remember this Friday not only ends the week and the month, but also the calendar quarter, when the performance of a lot of traders and fund managers gets reported. So both longs and shorts often battle it out in an attempt to make their quarter-end position look good. So we may have more volatility over the rest of the week.


The bottom line is that despite the volatility, nothing has really changed. The gold and silver charts look really good, and the fundamental factors driving them higher remain bullish. The interrelated bank solvency and sovereign debt crises have not been solved. Central banks haven't stopped their money printing.


Economic activity in most of the world continues to slide. None of these factors offer a pretty picture, which explains why the precious metals are in an uptrend and in my view are going to climb much higher as we head toward the end of the year.


Throughout this uptrend in precious metals that began over a decade ago, we’ve seen a lot of battles like this, Eric. The important point though is that the uptrend shows the physical buyers of gold and silver gaining the upper hand, while the shorts and central planners are losing this war.”


Turk had this to say regarding the mining shares: “I very much like what the XAU and HUI are doing, Eric. First of all, they confirmed this breakout in gold and silver by taking out their key resistance points a couple of weeks ago and then continued trending higher.


Last week you could sense that the mining shares were finally starting to do better than the precious metals themselves. This relative strength has been subtle so far, but my expectation is that the mining shares will continue to show more strength than the precious metals.


Fund managers will likely do more buying of the mining shares as we work toward the end of the week in order to report them at their quarter-end. That buying could also explain why the mining shares were showing good relative strength last week.


None of these guys want to go into the quarter-end showing too much cash and too few mining shares, particularly given the stand-out performance of the mining shares over the last couple of months.”

[ryanonthevedder]

Stock volatility is presenting a good last chance to buy in for cheap before we get an important update on earnings Nov.5. We will hear updates on NICO and Arctos, both of which will have good news.

Enviro. assessment is almost complete for NICO and transcripts show that it will go through! The residents just want to ensure proper stewardship is followed. When the approval comes through this stock will be much more attractive!

[ryanonthevedder]

Recent broadcast on BNN with Fortune's CEO Robin Goad. They discuss in detail both the NICO project as well as the Arctos anthracite mine.

$1.4 Billion Net Present Value in properties and 117 million shares outstanding,.... yee haw!


http://www.theglobeandmail.com/report-on-business/video-the-rising-demand-for-bismuth/article1356023/

[ryanonthevedder]

BNN interview with Fortune CFO Julian Kemp.



http://m.bnn.ca/article?itemId=741475&feedId=460

[ryanonthevedder]

Fortune is getting closer and closer to government approval. October 22 the registry will close and then the count down will commence to regulatory approval.

http://finance.yahoo.com/news/fortune-minerals-completes-nico-project-105400648.html

The people who were attending these meetings were very interested to see Fortune's plans for their traditional lands. Although there were many questions, all of the participants had their concerns addressed by Fortune's spokes people. After reading some of the transcripts, there is no reason to believe that the all important recommendation won't come. NWT wants to join the rest of Canada's resource boom.


Read the transcripts of the public hearings to get a sense of the importance of the land, but also the support for the NICO mine.


http://www.reviewboard.ca/registry/project.php?project_id=72

[the cork]

FTMDF - Fortune Minerals (.58) Focused on development of the Arctos Anthracite (coal) Project in British Columbia and the NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories (“NT”).

As part of the development of the NICO deposit, Fortune is developing a hydro-metallurgical plant in Saskatchewan to process NICO concentrates to high value metal products.

The company has also acquired the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled, moved, and stored for relocation to NICO.

Website: http://www.fortuneminerals.com/
TSX as FT: http://tmx.quotemedia.com/quote.php?qm_symbol=ft
Pinksheets: http://www.otcmarkets.com/stock/FTMDF/quote
IHUB: http://investorshub.advfn.com/Fortune-Minerals-FTTO-25599/

[ryanonthevedder]

There are still more answers to come for First Nations involved. They are concerned about water quality and hunting sustainability. The traditional knowledge study was late coming in from the Band office so the locals also wanted it to be acknowledged before they give their blessing. Minor concerns for a resource that contains 1 million ounces of gold as a secondary product.

From a recent CBC article:

Upbeat during public hearings for Fortune Minerals Ltd.'s NICO gold-cobalt-bismuth-copper project were Tlicho leaders Chief Clifford Daniels, left, Chief Edward Chocolate, Grand Chief Edward Erasmus, Chief Charlie Football, and Chief Alfonz Nitsiza. The mining project is the first to be located in Tlicho territory. - Thandiwe Vela/NNSL photo

There will be two more hearings in October, and initial results are positive!

[ryanonthevedder]

orig article from etfdailynews interview with Micheal Fowler senior mining analyst with Loewen, Ondaatje, McCutcheon Ltd.

http://etfdailynews.com/2012/08/22/michael-fowler-2000-gold-price-will-soon-kickstart-mining-shares-gdx-brd-azk-wdo-cfo/

I like Fortune Minerals Ltd. (FT:TSX). It has a large metallurgical coal deposit, Mt. Klappan, in British Columbia. The other property, NICO, is a cobalt-gold-bismuth deposit in the Northwest Territories. It has a mixture of commodities. There is also some copper in there. Both projects need quite a lot of money to get going. The company has been aggressively looking for a strategic investor mining company in Asia. It already has an Asian partner, POSCO (PKX:NYSE) for the Mount Klappan coal deposit and is looking for another Asian partner for the NICO deposit. Despite money being very scarce now, there is a lot of money in Asia. I think Fortune is doing a very good job of trying to find Asian investors for its projects. It’s trading for a song right now, around $0.60, with about a $70M market cap. These two projects have four feasibility studies, and the total net present values of those studies translate into over $5/share. So it’s trading at a big valuation discount.

Good news for FT holders!

[ryanonthevedder]

Welcome To Fortune Minerals. This stock is cheap now, but not for long. NICO mine is in final stages of environmental approval and should be good to go early in 2013. Mt.Klappan is also a world class deposit with Posco buying in as a partner.

NICO also has a million ounces of gold mixed in with the other target minerals.