Financial support to promote education and
better awareness of the importance of mining
Issued Capital: 338,603,220
LONDON, ON, Oct. 4, 2018 /CNW/ - Fortune Minerals
Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or
the "Company") (www.fortuneminerals.com) announces two
community sponsorship initiatives to support education in the
Northwest Territories
("NWT") as it advances its NICO Cobalt-Gold-Bismuth-Copper
project toward construction. Fortune is pleased to be a co-sponsor,
together with the NWT government, and other industry, community and
education partners, in delivering the Prospectors and Developers
Association of Canada
("PDAC") Mining Matters program to elementary schools in the
NWT. The Company is also announcing funding for two educational
awards for Tlicho students to participate in post-secondary studies
in programs related to the resource industry.
Former Whati community Chief, Charlie
Jim Nitsiza, commented, "The Elders have been saying for
many years that the Tlicho people need to be introduced to mining
and geology at an early age so that they can become active
participants in future mining, exploration and development on
Tlicho Lands."
As part of its ongoing community outreach, Fortune is a
co-sponsor of the Mining Rocks Earth Science Education Program for
Grade 4 students at elementary schools in the NWT, including
Elizabeth Mackenzie Elementary School in the Tlicho community of
Behchoko. This program, presented by Mining Matters, is designed to
introduce students to geology and career opportunities in the
minerals industry. The program initiates students to practical
geological and mineral exploration activities, including
prospecting, claim staking and mapping, as well as the use of GPS
technology, and environmental responsibilities and stewardship.
Students benefit from hands-on, curriculum-linked classroom
activities and a field trip to the Ranney Hill Geological
Interpretive Trail.
Fortune is also establishing two educational awards to help
support Tlicho students already enrolled or entering post-secondary
education programs in the fields of Geology, Earth Sciences,
Engineering, Environmental Studies, Business and Accounting, and
Health Care. The funds contributed will help cover educational
expenses such as tuition, books and accommodation.
Robin Goad, President and CEO of
Fortune, said, "We need to promote better awareness of the
importance of mining's contribution to the livelihoods and ongoing
quality of life in Canada. We
believe education is the foundation for better communities and are
pleased to support these two initiatives in the NWT."
About Fortune Minerals
Fortune is a Canadian mining company focused on developing the
NICO Cobalt-Gold-Bismuth-Copper project (the "NICO Project") in the
Northwest Territories.
Fortune also owns the Sue-Dianne copper-silver-gold deposit located
25 km north of the NICO Project and a potential future source of
incremental mill feed to potentially extend the life of the NICO
Project 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 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 All-Season Road (the
"TASR") that would allow all-season access to the NICO Project and
the timing of its completion; the receipt of all necessary
regulatory approvals and the timing thereof; the rezoning of the
Saskatchewan refinery lands 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 TASR 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