RURAL MUNICIPALITY OF CORMAN PARK REJECTS PLANT SITE REZONING Fortune Minerals is evaluating its options with the Saskatchewan Government and has identified several alternative sites for its hydrometallurgical plant in other jurisdictions
March 26, 2019 Issued Capital: 347,303,220
NEWS RELEASE
RURAL MUNICIPALITY OF CORMAN PARK REJECTS PLANT SITE REZONING
Fortune Minerals is evaluating its options with the Saskatchewan Government and has
identified several alternative sites for its hydrometallurgical plant in other jurisdictions
LONDON, ONTARIO, Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune” or the
“Company”) (www.fortuneminerals.com) reports that the Rural Municipality of Corman Park (“Corman
Park”) has rejected the Company’s application to change the zoning of its lands near the town of
Langham, Saskatchewan from “ Agriculture” to “M2 Rural Industrial ”. The rezoning is required to
construct and operate a hydrometallurgical facility to process metal concentrates from the Company’s
planned NICO Cobalt -Gold-Bismuth-Copper mine in the Northwest Territories to cobalt battery
materials, gold, and bismuth for the growing green economy.
Fortune owns 4 78 acres in Corman Park through a wholly-owned subsidiary. These lands were
identified in co nsultation with the Saskatchewan Ministry of Economy and the Saskatoon Regional
Economic Development Authority who encouraged the Company to locate the refinery in
Saskatchewan. Fortune received environmental assessment approval from the Saskatchewan
Ministry of Environment in 2014 , which concluded that, “The proposal was assessed to be both
environmentally and technically sound, providing both environmental safeguards and outlin ing
company plans to ensure Saskatchewan’s air, water, and natural resources are protected throughout
the duration of the project and after.” The Saskatchewan Government continues to support the
project.
Fortune is considering its options with respect to its lands in Corman Park. Over the past several
months, the Company has also been working on alternate plans in the event of a negative zoning
change decision. These include identification of other sites in Saskatchewan and other jurisdictions to
build the facility in a supportive municipality that wants to attract economic opportunities and
participate in the production of energy metals and their potential spinoff businesses. Fortune is also
evaluating a lower cost start -up option of selling metal concentr ates and gold doré directly from the
proposed mine to defer construction of a refinery.
Fortune’s proposed hydrometallurgical plant would provide for 80 to 90 full-time employees with an
annual payroll of approximately $9 million. Using a typical employment multiplier, this would result in
two additional indirect jobs for every employee adding another 170 jobs to the region. Contracting
opportunities during construction are estimated to be valued at $76 million with annual operational
expenditures of approximately $25 million, totalling $525 million over the current mine life estimate.
Products the Company plans to produce include cobalt compounds needed to manufacture the
cathodes of lithium ion batteries and participate in the transition to a lo wer carbon future with
transformative automotive electrification and storage of electricity to make energy use more efficient
and enable more renewable energy from wind and solar. Lithium ion batteries are also used to power
portable electronic devices suc h a mobile telephones, portable computers, tablets, toys and power
tools. Bismuth is an eco -metal with growing demand as a non -toxic and environmentally safe
replacement for lead. The NICO mineral reserves also contain more than a million ounces of gold.
FORTUNE MINERALS LIMITED
148 Fullarton Street, Suite 1600, London, Ontario, Canada N6A 5P3
Tel. 519-858-8188 ~ Fax. 519-858-8155
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 and 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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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 Company’s plans to develop the NICO Project and build a hydrometallurgical refinery in
Saskatchewan or elsewhere, the anticipated economic impact of such a refinery and the preparation of an
economic update for the NICO Project. Forward -looking information is based on the o pinions 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 n ecessary financing to continue operations and develop the NICO Project; the receipt of all
necessary regulatory approvals and the timing thereof; the rezoning of the Company’s current Saskatchewan
property or other lands to allow for the construction of su ch refinery, if needed, and the timing thereof; the
anticipated economic impact of such a refinery; the timing of the economic update for the NICO Project and the
results thereof; growth in the demand for cobalt; the time required to construct the NICO Pro ject; 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 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 factors include the risks that the Company m ay 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 construction of the NICO Project may ta ke longer than anticipated,
the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project,
the Company may be able to obtain the necessary re -zoning of its current Saskatchewan property or acquire a
suitable alt ernative property, the economic impact of a hydrometallurgical refinery may not be as positive as
anticipated, the planned economic update for the NICO Project may take longer than anticipated and the results
thereof may not be as positive as anticipated, 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 sup ply 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 estimated
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, the Compa ny’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 possible 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.