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COBALT-GOLD DEVELOPMENT – Fortune Minerals buys more Golden Giant assets for NICO

NORTHWEST TERRITORIES - FORTUNE MINERALS of London, Ont., has purchased additional assets from the Golden Giant min...



NORTHWEST TERRITORIES – FORTUNE MINERALS of London, Ont., has purchased additional assets from the Golden Giant mine at Hemlo, Ont., for use at its NICO cobalt-gold-bismuth development, 160 km northwest of Yellowknife. The recent deal with NEWMONT CANADA (owner of the former Golden Giant mine) includes the headframe, administration buildings, water pumping station, water and tailings lines, and related equipment for a nominal cost of $1. The sale is in addition to the mill building, equipment and spare parts that Fortune bought for $3.3 million in August 2006.

Fortune employees are working at the Golden Giant mine site preparing equipment inventories and salvaging small assets for relocation to the NICO project. The company is also seeking a contractor to handle the salvage, dismantling and demolition of buildings and material from the Ontario site.

Production is expected from NICO in late 2010 and will continue for 15 years. More information is available at www.FortuneMinerals.com.


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