NORTHWEST TERRITORIES GOVERNMENT SIGNS CONTRACT TO CONSTRUCT TLICHO ROAD Construction of all-season road to Whati to begin this year for anticipated completion in 2022
February 14, 2019 Issued Capital: 340,803,220
NEWS RELEASE
NORTHWEST TERRITORIES GOVERNMENT SIGNS CONTRACT TO
CONSTRUCT TLICHO ROAD
Construction of all-season road to Whati to begin this year for anticipated completion in 2022
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the
“Company”) (www.fortuneminerals.com) is pleased to report that the Government of the Northwest
Territories (“GNWT”) has announced that it has signed the agreement with North Star Infrastructure
GP (“North Star”) to construct the Tlicho All -Season Road (“ Tlicho Road ”) to the community of
Whati, Northwest Territories. Whati is located 50 k ilometres south of Fortune’s proposed NICO
Cobalt-Gold-Bismuth-Copper mine (“ NICO Project”). As part of its proposed development, Fortune
plans to construct a spur road to connect with the Tlicho Road in order to enable concentrates
produced from the mine to be transported south for processing to value added products . T hese
include cobalt chemicals needed to manufacture lithium -ion rechargeable batteries to power electric
vehicles, portable electronic devices and stationary cells to make electricity use more efficient.
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The T licho Road will be a permanent 97 -kilometre, 2 lane gravel highway, extend ing north from
Highway 3 to Whati at a construction cost of $213.8 million. The Government of Canada is providing
up to 25% of the se costs through the P3 Canada Fund. The GNWT is funding the remaining 75% ,
using a Private Public Partnership (“ P3”) structure with North Star, a consortium consisting of Kiewit
Canada Development Corp. and the Tlicho Government , together with Design -Build partners Peter
Kiewit Sons ULC, Hatch Corporation, and Thurber Engineering Ltd. North Star will design, finance,
construct, operate and maintain the Tlicho Road for a total contract value of $411.8 million over a 28-
year period. The Tlicho Government has invested approximately $16 million to purchase a 20% equity
interest in North Star.
About Fortune Minerals
Fortune is a Canadian mining company focused on developing the NICO Cobalt -Gold-Bismuth-
Copper project in the Northwest Territories. The Company owns lands in Saskatchewan where it
plans to construct a refinery to process NICO concentrates to value -added products. Fortune also
owns the Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Project, which is a
potential future source of incremental mill feed to extend the life of the NICO Project mill.
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FORTUNE MINERALS LIMITED
148 Fullarton Street, Suite 1600, London, Ontario, Canada N6A 5P3
Tel. 519-858-8188 ~ Fax. 519-858-8155
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 information and forward -looking statements within the meaning of
applicable securities legislation. This forward -looking information includes statements with respect to, among
other things, the construction of th e Tlicho Road and the Company’s plans to develop the NICO Project.
Forward-looking information is based on the opinions and estimates of management as well as certain
assumptions at the date the information is given (including, 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; the construction of the Tlicho Road and the
timing of its completion; th e receipt of all necessary regulatory approvals and the timing thereof; the rezoning of
the Company’s Saskatchewan refinery lands to allow for the construction of a refinery to process NICO
concentrate, if needed, and the timing thereof; growth in the dema nd for cobalt; the time required to construct
the NICO Project; and the economic environment in which 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 b e 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 factors include the risks that the Company may not be able to finance and
develop NICO on favourable terms or at all, uncertainties with respect to the receipt or timing of required
permits, approvals and agreements for the development of the Nico Project, the T licho Road may not be
constructed in a timely fashion or at all, the construction of the NICO Project may take longer than anticipated,
the Company may not be able to secure offtake agreements for the metals to be produced at the NICO P roject,
the inherent risks involved in the exploration and development of mineral properties and in the mining industry in
general, 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 risk of decreases in the market
prices of cobalt and other metals to be produced by the NICO Project, discrepancies between actual and
estimated mineral resources or between actual and estimat ed metallurgical recoveries, uncertainties associated
with estimating mineral resources and the risk that even if such resources prove accurate the risk that such
resources may not be converted into mineral reserves, once economic conditions are applied, t he 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 p ossible that predictions, forecasts, projections and other forms of forward -looking
information will not be achieved by the Company. The forward -looking information contained herein is made as
of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or
circumstances, except as required by law.