FORTUNE MINERALS REPORTS ALL-SEASON ROAD MILESTONE Critical Enabler for NICO Mine Operations Advancing to RFP Stage
September 19, 2017 Issued Capital: 302,085,257
NEWS RELEASE
FORTUNE MINERALS REPORTS ALL-SEASON ROAD MILESTONE
Critical Enabler for NICO Mine Operations Advancing to RFP Stage
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the
“Company”) (www.fortuneminerals.com) reports that the Government of the Northwest Territories
(“GNWT”) has recently announced completion of another milestone toward construction of the Tlicho
All-Season Road (“TASR”) to the community of Whati. GNWT Minister of Finance, Robert C. McLeod,
stated in March 2017 that, “Construction of the Tlicho All-Season Road is a priority of the 18th
Legislative Assembly. The project is a critical piece of infrastructure that will result in significant
benefits for the Tlicho region and facilitate growth for the NWT economy.” Fortune has already
received environmental assessment (“ EA”) approval to construct a spur road from Whati to its
proposed NICO mine site as part of its proposed development. All-season road access is required for
mine operations to allow metal concentrates to be transported south for processing.
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The GNWT announced that it has completed the Request for Qualification phase of the proposed
Private-Public-Partnership (“P3”) to design, build, finance, operate and maintain the TASR and has
selected three consortiums of large Canadian and International firms to advance to the Request for
Proposal (“RFP”) stage, subject to progress of the EA. Earlier this year, the Canadian, GNWT and
Tlicho governments announced conditional approval of federal funding for 25 per cent of the
construction costs for the TASR through the P3 Canada Fund (See Fortune’s January 12, 2017 News
Release). The winning consortium will fund the remaining 75 per cent of the cost of the road and will
be repaid with interest over the life of the contract by the GNWT.
Fortune’s NICO Cobalt-Gold-Bismuth-Copper devel opment consists of a planned mine, mill and
concentrator in the Northwest Territories (“NWT”) and refinery in Saskatchewan where it will process
concentrates to value-added products. When NICO is developed, Fortune will be an important new
producer of battery grade cobalt sulphate to the rapidly expanding lithium-ion rechargeable battery
industry and support the use in portable electronic devices, transformative autom otive electrification,
and stationary storage cells enabling renewable energy for base load and off-peak charging from the
grid. Fortune will also produce environmentally friendly bismuth metals and oxide needed in a growing
green economy, as well as gold and minor amounts of copper. As a Canadian vertically integrated
producer, Fortune will be able to demonstrate custody control of metals from ores through to the
production of value added products. This will help mitigate the supply chain concerns that apply to the
dominant supply of cobalt and bismuth from the Congo and China.
The NICO development project has already rece ived EA approvals in the NWT and Saskatchewan. A
2014 Feasibility Study demonstrated attractive rates of return for the development and is currently
being updated by Hatch Ltd. and Micon International Limited (“ Micon”) in order to revise capital and
operating costs and assess the economics based on current commodity price and exchange rate
assumptions. Fortune has engaged PricewaterhouseCoopers Corporate Finance Inc. (“ PwC”) to
arrange the project financing through a combination of strategic partnerships, debt and equity.
FORTUNE MINERALS LIMITED
148 Fullarton Street, Suite 1600, London, Ontario, Canada N6A 5P3
Tel. 519-858-8188 ~ Fax. 519-858-8155
The disclosure of scientific and technical informatio n contained in this news release has been approved by
Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under
National Instrument 43-101. The technical report on t he feasibility study referred to above, entitled "Technical
Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwes t Territories,
Canada", dated April 2, 2014 and prepared by Micon, from which certain information in this press release has
been extracted, has been filed on SEDAR and is available under the Company's profile at www.sedar.com.
About Fortune Minerals
Fortune is a Canadian mining company focused on developing the vertically integrated NICO cobalt-
gold-bismuth-copper project in the NWT and a related refinery the Company plans to construct in
Saskatchewan. Fortune also owns the Sue-Dianne copper-silver-gold deposit located 25 km north of
NICO and a potential future source of incremental m ill feed to extend the life of the NICO mill. The
Company also maintains the right to repurchase the Arctos anthracite coal deposits in northwest
British Columbia that were purchased by a provincial Crown corporation.
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For further information please contact:
Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
Tel.: (519) 858-8188
www.fortuneminerals.com
This press release contains forward-looking informat ion and forward-looking statements within the meaning of
applicable securities legislation. This forward-looking information includes statements with respect to, among
other things, the Company’s plans to develop the NICO Project (including the Company’s plans to secure project
financing to start construction), the updated feasibility st udy for the NICO Project, anticipated growth in the
lithium-ion rechargeable battery industry and plans for t he construction of the TASR for operations at the NICO
Project. Forward-looking information is based on the opi nions and estimates of management as well as certain
assumptions at the date the information is given (incl uding, in respect of the forward-looking information
contained in this press release, assumptions regarding the Company’s ability to arrange the necessary financing
to continue operations and develop the NICO Project, growth in the lithium-ion rechargeable battery industry and
the proposed construction of the T ASR, the economic environment in wh ich the Company will operate in the
future, including the price of gold, cobalt and other by -product metals, anticipated costs and the volumes of
metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of
risks and uncertainties and other factors that could cause actual events or results to differ materially from those
projected in the forward-looking information. These fa ctors include the risks that the Company may not be able
to finance and develop NICO on favourable terms or at a ll, the updated feasibility study may take longer than
anticipated and may not demonstrate improved economics for the NICO Project to the extent anticipated, the
TASR may not be built within the anticipated time frame, the market for rechargeable batteries and the use of
stationary storage cells may not grow to the extent anticipated, the future supply of cobalt may not be as limited
as anticipated, the Company’s production of cobalt and other metals may be less than anticipated and other
operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue
reliance on forward-looking information because it is po ssible that predictions, forecasts, projections and other
forms of forward-looking informati on will not be achieved by the Compan y. The forward-looking information
contained herein is made as of the date hereof and th e Company assumes no responsibility to update or revise
it to reflect new events or circumstances, except as required by law.