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Volume 436.3K
As of 4:16 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

fortune minerals ltd (FT) Snapshot

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07/30/14 - C$0.42
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fortune minerals ltd (FT) Details

Fortune Minerals Limited, a diversified natural resource company, together with its subsidiaries, is engaged in the exploration, assembly, and development of coal, specialty metals, base metals, and precious metals in the Northwest Territories and British Columbia. It explores for cobalt, gold, bismuth, copper, silver, zinc, and lead. Its principal properties include an 80% interest in the Arctos Anthracit property comprising approximately 16,411 hectares of coal exploration and development licenses in northwest British Columbia; and NICO gold-cobalt-bismuth-copper deposit that consists of 10 mining leases covering an area of approximately 5,140 hectares located in the Northwest Territories. Fortune Minerals Limited was founded in 1988 and is headquartered in London, Canada.

Founded in 1988

fortune minerals ltd (FT) Top Compensated Officers

Co-Founder, Chief Executive Officer, Presiden...
Total Annual Compensation: C$310.0K
Chief Operating Officer and Vice President of...
Total Annual Compensation: C$272.6K
Compensation as of Fiscal Year 2013.

fortune minerals ltd (FT) Key Developments

Fortune Minerals Ltd. Provides Update on its Revenue Silver Mine Operations

Fortune Minerals Ltd. provided an update of its Revenue Silver Mine operations and progress towards building a diversified producer with the development of its organic growth assets. Fortune owns a portfolio of diversified mining assets that includes a 100% interest in the high-grade underground Revenue Silver Mine in southwest Colorado, U.S.A. that is ramping up to a planned 400 short ton per day production rate. Fortune also has two advanced development stage organic growth assets to contribute to the development of a diversified North American mining company. Fortune completed the acquisition of a 100% interest in the Revenue Silver Mine in southwest Colorado on October 1, 2014 after acquiring an initial interest in May at which time it also became the Operator. Revenue is a historical producer of approximately 15 million ounces of silver in the prolific Sneffels Silver Mining District. The revenue mine produces silver (approximately 80% of revenues) and by-product gold, lead and zinc from high-grade, narrow epithermal veins that are mined using underground shrinkage methods. Mine production is then trammed in electric train sets to an underground mill and flotation concentrator that produces silver- and gold-bearing lead and zinc concentrates that are sold to smelters, and a gravity gold concentrate that will be sold to a refinery. Fortune announced with the progress being made at the Revenue Silver Mine. The focus on Safety and Improvements has positioned the operation to achieve the planned production rates. Four concentrate shipments have already been delivered to a smelter for processing. Fortune's goal is to have the Revenue Mine operating at 300 short tons per day by the end of November and is targeting 400 short tons per day by year-end. In order to reflect the reality of lower commodity prices, the mine plan is also being adjusted to focus production from the higher grade Virginius Vein. The NICO project is a vertically integrated project consisting of a proposed mine and concentrator in the NT and refinery in Saskatchewan to produce gold, cobalt sulphate, bismuth metals and chemicals, and copper cement. The feasibility study for NICO by Micon International Limited shows an attractive rate of return from the development with average annual production of approximately 41,360 ounces of gold, 1,615 metric tonnes of cobalt contained in sulphate, 1,750 metric tonnes of bismuth contained in ingots, needles and oxide and 265 metric tonnes of copper in cement.

Fortune Minerals Seeks Acquisitions

Fortune Minerals Ltd. (TSX:FT) is looking for acquisition opportunities. Robin Goad, President and Chief Executive Officer of Fortune said, "Despite very challenging capital markets for the resource sector, we have demonstrated our ability to grow both internally and through acquisitions."

Fortune Minerals Closes Second and Final $10 Million Tranche of Lascaux Financing

Fortune Minerals Limited announced that it has received the second and final instalment of $10 million from the previously reported $35 million production prepay facility from Lascaux Resource Capital Fund 1 LP. A portion of the proceeds from this financing were used to fund the Revenue Silver Mine ("RSM") acquisition, including amounts owing to the previous owner of the mine, and the balance will be used to make investments in the mine to improve operations and provide working capital. The metal prepay facility is to be repaid from a fixed schedule of metal shipments from the RSM to Lascaux, plus interest over a five-year term. The facility includes a six-month grace period as Fortune completes the mine commissioning.


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