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Gold/Mining/Energy : Fortune Minerals Limited (TSE - FT) -- Ignore unavailable to you. Want to Upgrade?

To: Farm Boy who wrote (546)	2/27/2001 2:40:34 PM
From: Richnorth	Respond to of 612

FORTUNE MINERALS PROVIDES UPDATE ON NICO DEPOSIT REPORT February 27, 2001 Listing: TSE, symbol "FT" Issued Capital: 17,586,669 NEWS RELEASE FORTUNE MINERALS PROVIDES UPDATE ON NICO DEPOSIT REPORT Fortune Minerals is pleased to provide an update on the NICO cobalt-gold-bismuth deposit report currently in preparation by Strathcona Mineral Services Limited (Strathcona). The study is expected to be completed in two months and will reflect the increased level of detail determined from recent work on the deposit as well as updated information on anticipated mining and processing costs. Strathcona is presently re-estimating the NICO resources following the drill program completed in 2000. Infill holes were successful in verifying the deposit geological model and expanding the width of its gold-rich central core. Drilling also resulted in near surface deposit expansion, which together with an increase in the angle of the pit, high wall will reduce waste rock stripping. Estimates of mining costs in the study will incorporate more detailed analysis of open pit optimization, mine scheduling, equipment selection and efficiencies. Recovery of bismuth is now being reconsidered because of higher prices (US$3.95/lb) and a material expanding market arising from lead-toxicity and related environmental issues. New bismuth-containing alloys have been developed for hot-dip galvanizing, superconductors and free-cutting steel as well as lead-free solders, brasses, paints, glazes and cartridges. NICO is believed to be one of the largest known resources of bismuth in the world. Further metallurgical testing is currently in progress at Lakefield Research Limited (Lakefield) in an attempt to improve deposit economics by reducing projected processing costs. The work is being supervised by Klaus Konigsmann, P.Eng., a consulting metallurgist and former Vice President Engineering for one of the largest Canadian integrated mining and smelting companies. Additional flotation tests are being conducted in order to simplify the NICO flow sheet and optimize recoveries for bismuth and gold. Work is also being carried out to assess the potential for processing NICO concentrates at existing metallurgical facilities in Yellowknife and northern Alberta, as well as shipping concentrates to various European and North American purchasers. Utilization of these facilities could significantly reduce projected capital costs. Fortune Minerals is an exploration company with diverse interests in projects in the Northwest Territories and Ontario. It is the operating partner in the NICO and Sue-Dianne deposits and has interests in other base and precious metals and diamond exploration projects. Fortune is the operating partner in Formosa Environmental Aggregates Ltd., an industrial mineral development company. 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. 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