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

To: Richnorth who wrote (604)	3/17/2004 4:12:49 PM
From: Richnorth	Read Replies (1) \| Respond to of 612

From Fortune Minerals, a steady stream of positive news have been emerging in recent months, and the resulting outlook on its proven assets and future potential have been very positive. This is reflected in the stock price which rose from a low of about 0.25 cents to a high of about $3.95 before settling to current levels of about $3.35. To be sure, many investors, the patient ones of yesteryears and the present ones and reportedly some of the Mutual Funds will be heartened to know that the stock is likely to attain the target price of $6.60 in the foreseeable future (see the Desjardins Report on Fortune Minerals, dated 15th March 2004). Readers will do well to read the series of upbeat news releases at fortuneminerals.com. Fortune Minerals has had a number of detractors in the past. I am sure, these detractors, including Farm Boy, must have been looking very embarrassed and foolish recently! However, given its proven resources and future potential, Fortune Minerals at current levels offers them an opportunity to more than recoup their losses, IMHO. More power to Fortune Minerals! =========================================== NEWS RELEASE FORTUNE MINERALS ANNOUNCES MARKETING STUDY FOR MOUNT KLAPPAN Fortune Minerals is pleased to announce that it has retained Marston Canada Ltd., to conduct a marketing study of anthracite products expected to be produced from its 100% owned Mount Klappan project in northwest British Columbia. Mount Klappan contains “World Class” resources and reserves of high quality, low-sulphur anthracite coal in four deposits straddling the BC Rail right-of-way, 150km northeast of the Port of Stewart and 330km northeast of the Port of Prince Rupert. Resources at Mount Klappan total 2.8 billion tonnes, including 236 million tonnes classified as Measured and Indicated, 391.9 million tonnes as Inferred, and 2,175 million tonnes as Speculative. The resources were estimated by Marston Canada in 2002 in compliance with National Instrument 43-101. The market for anthracite and lower rank thermal and metallurgical coals has been very strong over the past year as indicated by an approximate 50% increase in the price. The objective of the current marketing study is to update key North American and overseas markets, customers and prices for various anthracite products that would be produced from Mount Klappan. Results will be used to support planning of production throughput, product mix and pricing in an updated feasibility study to be completed later this year. Several engineering companies have been approached to tender proposals for this study. Increasing demand, particularly from growth in Asian economies, coupled with reduced exports from China is generating significant domestic and international interest in Mount Klappan. Notably, new developments in the steel industry have also accelerated anthracite usage in sintering, blend coal for coke production, charge and injection carbon for low volatile pulverized coal injection (PCI), and direct iron reduction (DIR) modern steel making processes. These are augmenting traditional use in markets including; reductants for metallurgical processing of titanium and aluminium, carbon filtration water purification, smokeless fuels for industrial and residential space heating, cooking and heating briquettes, and fuels used in power generation and the manufacture of cement and lime. Anthracite is the highest rank coal by carbon and energy content and has the lowest moisture and volatile content of all coals. Only about 1% of world coal reserves are anthracite grade. The Canadian National Railway Company recently announced its intention to purchase the outstanding shares of BC Rail Ltd. and operate on its roadbed under a long-term lease. CN has indicated its interest in improving rail infrastructure in northwest British Columbia after completing this purchase, including the track installed along the right-of-way to Mount Klappan. Improved railway infrastructure will facilitate access and distribution of anthracite to important NAFTA markets and is also being assessed in the Marston study. Marston Canada is nearing completion (within two weeks) of an earlier study updating the resources and generating a new computer block model of the Lost-Fox deposit at Mount Klappan. The resource model will be used for pit optimization in the updated feasibility study. Richard Marston, P.E. a Principal of Marston and Marston Inc. is the Qualified Person supervising this work for the purposes of National Instrument 43-101. Marston Canada Ltd. is a subsidiary of Marston and Marston Inc., a St. Louis based full-services mining consulting organization with offices in the U.S.A., Canada and Australia. Marston furnishes management consultation, engineering, and geologic and environmental services to the mining industry with an emphasis on the coal and oils sands industries. Fortune Minerals is a diversified natural resource company with seven mineral deposits and a number of exploration projects, all located in Canada. They include the NICO gold-cobalt-bismuth deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. In British Columbia, Fortune owns the Mount Klappan anthracite coal deposits, and in Ontario, it is the managing partner in Formosa Environmental Aggregates Ltd., an industrial mineral company developing the Greenock high calcium limestone quarry. Fortune Minerals is a company focused on the creation of value through the assembly and development of high quality natural resource projects. Further information can be obtained from Fortune Minerals at: Tel: 519-858-8188, Fax: 519-858-8155, Email: info@fortuneminerals.com, or visit our Website at: www.fortuneminerals.com