The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
FT: TSX
President and CEO:
Robin E. Goad, M. Sc., P.Geo.
Vice President, Finance and CFO:
Julian Kemp, B.B.A., C.A.
Vice President, Operations: Tom Rinaldi
Fortune Minerals is a diversified natural resource company with several mineral deposits and a number of advanced exploration and development projects, all located in Canada.
The company's projects include the Mount Klappan anthracite coal deposits located 150 kilometers, or 97 miles, northeast of the port of Stewart in British Columbia; the Nico gold-cobalt-bismuth-copper deposit, located 160 kilometers, or 100 miles, northwest of the City of Yellowknife in the southern part of the Northwest Territories; the Sue-Dianne copper-silver deposit located only 25 kilometers, or 16 miles, north of Fortune's Nico deposit; and other base and precious metals exploration projects in the Northwest Territories.
Fortune focused in 2010 on advancing permitting and financing of the Nico mine site and a metals processing plant site in Saskatchewan.
During the second and third quarters, the company conducted a 6,777-meter drilling program at Nico aimed at extending known mineral reserves in the deposit and providing better definition of the perimeter of the ore body for detailed mine operations and production scheduling.
Fortune also planned to complete the salvage and relocation of milling and process assets from the former Hemlo Golden Giant Mine site in Ontario to appropriate staging locations by fall.
In August, Fortune said it had developed a new commercially competitive railway transportation option for haulage of anthracite metallurgical coal products from its Mount Klappan project in northwest British Columbia to the port of Prince Rupert, B.C. This new development strategy is based on existing infrastructure and provides a much simpler transportation solution that would allow the company to rapidly capitalize on Mount Klappan's four deposits of anthracite coal, which host measured resources of 107.9 million metric tons and indicated resources of 123Mt, plus 2.572 billion metric tons in the inferred and speculative categories, and participate in the growing global shortage of high-quality metallurgical coals.
The railway strategy would also provide access to the Ridley Coal Terminal in Prince Rupert that can load full "Capesize" bulk vessels, making this the preferred point of export for most of Fortune's potential customers in the overseas steel industry.
Fortune reported exploration and development cash expenditures on its properties of C$2,131,778 and C$4,047,795 during the three- and six-month periods that ended June 30, respectively.
Cash and short-term deposits: C$11.75 million (at June 30, 2010)
Working capital: C$10.46 million (at June 30, 2010)
Market Capitalization: C$59.36 million (Sept. 6, 2010)
140 Fullarton St., Suite 1902 London, Ontario N6A 5P2
Tel: 519-858-8188 Fax: 519-858-8155
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