NORTHWEST TERRITORIES – Fortune Minerals of London, ON, has received the staging (interim) land use permit for the NICO mine from the Wek'èezhìi Land and Water Board. The mine site is 160 km northwest of Yellowknife, near the Snare hydro-electric complex. It will be a producer of gold, cobalt, bismuth and copper in concentrates that will be refined in a facility near Saskatoon, SK.
Receipt of the permit allows Fortune to conduct early site work, including staging of equipment and site preparation activities. The full mine permits are expected by mid-year at which time construction of the mine and concentrator will begin.
The company has also thrown its support behind the Northwest Territories power system plan that will lower the cost of electricity and boost reliability of supply to communities, industries and new mineral developments in the territory. Upon completion, the single interconnected power grid between the Snare-Yellowknife grid north of Great Slave Lake and the Talston grid south of the lake will significantly improve the economics of the NICO project.
Fortune is working with the Northwest Territories Power Commission on connecting to the power grid that will pass only 22 km from the mine site and on long term power rates.
Additional information about the NICO development is available at FortuneMinerals.com.