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MILL SALE – Fortune buys Hemlo mill for NICO

ONTARIO - FORTUNE MINERALS of London, Ontario, has agreed to purchase the processing facilities, other buildings, s...


ONTARIO – FORTUNE MINERALS of London, Ontario, has agreed to purchase the processing facilities, other buildings, spare parts and inventory from the Golden Giant mine at Hemlo. Owner NEWMONT CANADA is getting rid of the infrastructure due to the announced closing of the gold mine. The deal is expected to close no later than Aug. 31, 2006. Fortune will then have 36 months to remove the assets.

Fortune will pay $3.3 million for the assets, which will be re-erected at its NICO gold-cobalt-bismuth project in the Northwest Territories.

The Golden Giant mill includes a 3,000-tonnes/day conventional crushing and grinding plant, flotation and paste fill equipment, engineering designs, and the aforementioned items.

The NICO gold-cobalt-bismuth deposit is located 160 km northwest of Yellowknife. A combination of underground and open pit mining is proposed, and the ore would be processed in a 3,000-tonne/day mill and hydrometallurgical plant to produce gold dor, cobalt cathode and bismuth concentrate.

MICON INTERNATIONAL is leading the team preparing the bankable feasibility study for the NICO project. The study, including an updated resource estimate, should be complete in the second quarter of 2006. Figures released in 2004 put NICO resources at 24.58 million tonnes grading 1.02 g/t Au, 0.12% Co and 0.14% Bi.

An animated 3-D look at the proposed project can be seen at www.FortuneMinerals.com.


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