April 19, 2001
Listing: TSE, symbol "FT"
Issued Capital: 17,586,669
NEWS RELEASE
FORTUNE MINERALS INCREASES INTEREST IN SUE-DIANNE TO 100%
Fortune Minerals Limited is pleased to announce that its wholly owned
subsidiary, Fortune Minerals NWT Inc., has increased its interest in the
Sue-Dianne copper-silver deposit in the Northwest Territories to 100%,
subject to royalties. Sue-Dianne is located 24km north of the Company's 80%
owned NICO cobalt-gold-bismuth deposit and 170km northwest of the City of
Yellowknife. Both deposits are near the Snare hydro electric complex, the
past producing Rayrock mine and related infrastructure of winter and
all-weather roads.
The Sue-Dianne deposit contains a previously reported measured and indicated
resource of 24.3 million tonnes, grading .56% copper and 2.2g/t silver at a
.10% copper cutoff. The resource includes 17.3 million tonnes, grading .72%
copper and 2.7g/t silver at a .25% copper cutoff, and 10.6 million tonnes,
grading .95% copper and 3.3g/t silver at a .50% copper cutoff.
Metallurgical test work by Lakefield Research Limited on composite core
samples indicated recoveries in flotation concentrate of 90 to 93% for
copper and 77% for silver. Acid pressure oxidation of the concentrate using
the same conditions as the NICO deposit test work produced recoveries of
between 96 and 99% for copper as cathode.
Sue-Dianne was previously a Fortune Minerals operated property optioned from
Noranda Inc., who recently converted to a 1.5% net smelter returns royalty
for non-participation in work programs. There is an underlying 15% net
profits interest royalty to the original vendor of the property.
NICO and Sue-Dianne are part of an approximately 40,000 acre package of
lands being explored by Fortune Minerals in the southern Bear Province for
"iron oxide-hosted polymetallic deposits", commonly referred to as "Olympic
Dam-type". A report assessing the economics of the NICO deposit by
Strathcona Mineral Services Limited is expected to be completed shortly.
Fortune Minerals is an exploration company with diverse interests in
projects in the Northwest Territories and Ontario. In compliance with
National Instrument 43-101, Strathcona is an independent consulting company
acting as "Qualified Person" and advising Fortune on the exploration of
NICO. Assays are conducted at ALS Chemex Labs Ltd. and Lakefield Research
Limited.
Fortune Minerals Limited
[signed]
Robin E. Goad, President.
Further information can be obtained at: Tel:519-858-8188, Fax:519-858-8155,
Email: info@fortuneminerals.com , or visit our
Website:www.fortuneminerals.com |
