Fortune Receives Permits Needed to Construct NICO Mine and Concentrator

Fortune Minerals Ltd. (TSX:FT,OTCQX:FTMDF) announced that the Wek’èezhìi Land and Water Board in Canada’s Northwest Territories has both issued the Land Use Permit and approved the Type A Water License that the company needs to build and operate its NICO gold-cobalt-bismuth-copper mine and concentrator.

As quoted in the press release:

The Company can now commence construction of the mine upon receipt of project financing and after making the initial closure bond payments to the Government of the Northwest Territories (‘GNWT’). Fortune continues to work with Deloitte Corporate Finance Canada Inc. to secure project financing and negotiations are advancing with a strategic partner and its banks.

Dr. Richard Schryer, Fortune’s director of regulatory and environmental affairs, commented:

With these permits now in hand, Fortune can commence construction of NICO. The Company is continuing to work collaboratively with the Tlicho people, local communities and governments to make this a successful project that contributes positively to the economy and social fabric of the Northwest Territories.  We are particularly proud that NICO will be a catalyst for important legacy infrastructure development, including the proposed Tlicho Road and an expanded electrical grid that will also service nearby communities.

Click here to read the full Fortune Minerals Ltd. (TSX:FT,OTCQX:FTMDF) press release.

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Formation Metals Inc. (TSX:FCO,OTCQX:FMETF) primary asset, located in the mining friendly state of Idaho, is the 100% owned, Idaho Cobalt Project. The ICP is a unique, high grade, primary cobalt deposit which is comprised of the mine and mill site and the proposed refining facility, the Cobalt Production Facility, a stand-alone hydrometallurgical facility that will process the ICP Mine concentrates into cobalt sulfate, copper sulfate, copper concentrate, magnesium sulfate and gold. Connect with FCO to get their latest news instantly.

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