NORTHWEST TERRITORIES – Fortune Minerals of London, ON, has received approval for its NICO gold-cobalt-bismuth-copper mine and mill from the Tlicho government as well as from the Hon. Bernard Valcourt, federal minister of Aboriginal Affairs and Northern Development Canada (on behalf of Environment Canada, Fisheries and Oceans Canada, Natural Resources Canada, Transport Canada, and the government of the Northwest Territories).
This is a major milestone for the NICO project. Plans call for mining and milling the ore 160 km northwest of Yellowknife. The bulk concentrate will then be shipped to a hydrometallurgical plant to be built near Saskatoon, SK.
Dr. Richard Schryer, Fortune’s director of regulatory and environmental affairs said, “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.”
Fortune can now complete the water licensing and land use permitting process.
The deposit contains proven and probable reserves totalling 33 million tonnes containing 1.1 million oz of gold, 82 million lb of cobalt, 102 million lb of bismuth (representing 15% of global bismuth reserves), and 27 million lb of copper. At the planned mill throughput rate of 4,650 t/d, the mineral reserves will sustain operations for 19.8 years.
Please visit FortuneMinerals.com for more information.