GOLD-COBALT: Fortune receives permits to build, run NICO mine and mill

NORTHWEST TERRITORIES – Fortune Minerals of London, ON, has received the final land use permit and water licence for its NICO gold-cobalt-bismuth-copper mine and mill. The company is now cleared to build and operate the project 160 km northwest of Yellowknife.

Fortune must also post a closure bond with the government of the Northwest Territories. The company says work will commence as soon as financing arrangements are completed.

The company recently updated the NICO feasibility study that includes an open pit and a mill to produce concentrates. Building a mine and concentrator with a 20-year life will cost $589 million, including indirect and EPC costs. The concentrates will be treated in a hydrometallurgical plant to be built near Saskatoon, SK. Over the life of the mine production will total 814,000 oz of gold, 70 million lb of cobalt, 74 million lb of bismuth, and 11.2 million lb of copper.

Additional information about the NICO development is available at FortuneMinerals.com.