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MEI Online: Plant Operation News: North America: July 26th 2013


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:: Fortune Minerals Receives Tlicho and Federal Governments' Approval for the NICO Mine & Mill in the NT


Fortune Minerals Limited is pleased to announce that it has received approval for the NICO gold-cobalt-bismuth-copper mine and mill in the Northwest Territories from the Tlicho Government, as well as from the Honourable Bernard Valcourt as Federal Minister of Aboriginal Affairs and Northern Development Canada, and on behalf of the Responsible Ministers (Environment Canada, Fisheries and Oceans Canada, Natural Resources Canada, Transport Canada and the Government of the Northwest Territories). This acceptance of the Mackenzie Valley Review Board's Report of Environmental Assessment and Reasons for Decision, dated January 25, 2013, allows Fortune to complete the water licensing and land use permits process and to secure the primary permits required for the mine development. The Company is conducting site preparations at NICO this summer in anticipation of commencing construction in 2014, subject to completion of the project financing and receipt of all applicable permits.

Dr. Richard Schryer, Fortune's Director of Regulatory and Environmental Affairs stated, "Approval of the NICO mine and mill by the Minister and Tlicho Government allows us to enter the regulatory phase of project permitting using information gathered during the review of the environmental assessment. Our efforts over the last few months preparing for this final stage of the permitting process will facilitate receipt of the permits required to initiate construction in 2014."

Mr. Robin Goad, CEO of Fortune commented, "This permitting milestone at NICO contributes to the momentum the Company is building for the development of our two key Canadian mining assets. We are a step closer to our goal of transitioning to a multi-asset producer."

The MVRB completed its EA Report in January of this year and recommended approval of the mine and mill. Acceptance of the Report by the Minister of AANDC and the Tlicho Government allows the NICO project to proceed to the regulatory approvals phase with the Wek'ezhi Land and Water Board and other parties to develop the water license and land use permits. Fortune has prepared for this final stage of the permitting process and fully expects to progress in an efficient manner given the positive foundation already built during the environmental assessment process.




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