|By PR Newswire||
|February 11, 2014 01:49 PM EST||
Issued Capital: 150,526,976
LONDON, ON, Feb. 11, 2014 /PRNewswire/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce that the Honourable Ken Cheveldayoff, Minister of Environment for the Province of Saskatchewan, has accepted the Environmental Assessment Branch's recommendation and approved the Company's proposed Saskatchewan Metals Processing Plant ("SMPP"), subject to certain conditions. Today's announcement by the Saskatchewan Government states, "The proposal was assessed to be both environmentally and technically sound, providing both environmental safeguards and outlining company plans to ensure Saskatchewan's air, water, and natural resources are protected throughout the duration of the project and after."
The SMPP is a hydrometallurgical refinery planned near Langham, Saskatchewan (27 kilometres northwest of Saskatoon) in the Rural Municipality of Corman Park. With a capital cost estimated to be in excess of $200 million, this plant is expected to bring 200 jobs during construction, create approximately 100 long-term direct jobs for the region, and produce new business opportunities to support the facility. The SMPP will process metal concentrates from the Company's proposed NICO mine and mill in the Northwest Territories ("NT"). The combined facilities will be an important vertically integrated and reliable Canadian source of cobalt and bismuth metals and chemicals with a highly liquid gold co-product, and copper.
"Saskatchewan has a rigorous environmental review process and we are pleased to have received approval to advance our project," said Robin Goad, President and Chief Executive Officer of Fortune. "This is an important milestone toward bringing this state of the art metals processing facility to Saskatchewan. We intend to work closely with the communities near our site to earn their support and demonstrate the benefits of the project."
With this approval, Fortune is now completing the process of rezoning its land with the Rural Municipality of Corman Park. The Company is also continuing its dialogue with nearby communities to explain the opportunities of the refinery and exchange information about the project with residents. The Company will host a meeting at the Affinity Community Hall in Langham on February 19th. The Company has undertaken extensive studies to develop a facility that can deliver significant economic and social benefits to the area while minimizing its environmental footprint.
Dr. Richard Schryer, Director of Regulatory and Environmental Affairs for Fortune, said "The SMPP is a unique and technologically advanced hydrometallurgical facility that will contribute to Canada's and Saskatchewan's proven expertise in mining and processing." Schryer, who is based in Saskatoon, also commented, "Extensive test work and piloting has been drawn on to design this facility, which incorporates the most up-to-date metallurgical and environmental technologies."
The approval for the SMPP includes conditions, several of which reflect Fortune's prior commitments made through the environmental assessment process. They include among other conditions, establishment of an independent community based monitoring program, submission of an annual monitoring report to Saskatchewan Environment, providing effective dust control for all components of the project, and submission of a detailed quantitative and qualitative analysis of the process residue that will be stored at the site.
Community Monitoring Program
With the introduction of metals refining to the Saskatoon area, Fortune has proposed the creation of an independent community monitoring program to give residents in the area confidence that the new facility is meeting or exceeding all environmental standards. The Company will commit to fund this independent body, which will have the freedom to hire its own expert consultants to review the Company's monitoring plans prior to and during commercial operations. Appropriate consultants will report to the committee and make recommendations to the Environmental Protection Branch and Fortune.
"We recognize that Fortune and metals processing are new in this region and that people who live in the area need to know that their land, air and water supply will not be adversely affected," said Mike Romaniuk, Fortune's Vice President, Operations and Chief Operating Officer. "Just as we've looked for innovative technology to treat metals at our facility, we want to bring creative approaches to our community relationships. By providing funding to set up an independent committee, we hope to establish that our company and our operations can be trusted to deliver the levels of safety and environmental responsibility that we have promised."
About the SMPP
The SMPP lands are adjacent to the Canadian National Railway, which will be used to deliver 180 tonnes per day of bulk concentrate from the NICO mine over its expected minimum 20-year lifespan. The Company is also exploring other potential sources of concentrate that could be processed at the SMPP and is also investigating opportunities for entering the recycling business.
Once operational, the SMPP would have approximate average annual production of:
- 40,500 ounces of gold (contained in doré);
- 1,600 tonnes of cobalt (contained in cobalt sulphate heptahydrate), needed to manufacture lithium ion and nickel metal hydride batteries used in portable electronic devices and electric vehicles;
- Additional cobalt products can be produced to meet changes in market conditions;
- 1,700 tonnes of bismuth (contained in ingots, needles and an oxide compound), a non-toxic, environmentally safe replacement for lead with a broad range of industrial and commercial uses, including pharmaceuticals, cosmetics, electronics, pigments and alloys; and
- 250 tonnes of copper (contained in a metal precipitate by-product that will be sold to smelters).
Current information about the proposed project can be found in the media backgrounder, entitled, "Saskatchewan Metals Processing Plant" - click here to read.
The NICO deposit is located approximately 160 km northwest of Yellowknife and recently received its environmental assessment approval in the NT. The deposit will be mined primarily by open pit methods with underground ores also contributing mill feed during the first two years from the existing underground workings that were established from previous test mining programs. The ores will be processed at the rate of 4,650 tonnes per day in a concentrator at the site, using simple flotation to produce a bulk concentrate for shipment to the SMPP. More than $110 million of work has already been invested to advance the project, including completion of Front-End Engineering and Design and feasibility studies, underground test mining, and pilot plant tests to verify the process methods and products the Company plans to produce.
Fortune continues to work with Deloitte Corporate Finance Inc. to complete project financing agreements for the NICO project. The Company has already announced a strategic investment by Procon Resources Inc. in 2013 to provide interim financing to advance work on the project, and negotiations are ongoing to secure final project financing for the development.
The disclosure of scientific and technical information contained in this press release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of the Company, who is a "qualified person" under National Instrument 43-101.
About Fortune Minerals
Fortune is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada. The Company is focused on the development of the Arctos Anthracite Project in British Columbia and the NICO gold-cobalt-bismuth-copper project in the NT and Saskatchewan. In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.
This press release contains forward-looking information. This forward-looking information includes statements with respect to, among other things, the proposed development of the NICO project and the SMPP, the permitting process for the NICO project and the SMPP, the anticipated production from the SMPP, the number of jobs expected to be created by the SMPP capital cost of and the possibility that the SMPP may be able to source materials from other projects. 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 necessary financing for the NICO project and the SMPP, obtain all necessary permits for the NICO project and the SMPP and assumptions regarding the capital costs of the SMPP, the production from the SMPP, and the number of jobs to be created by the SMPP. 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 inherent risks involved in the exploration and development of mineral properties, the risk that the Company may not be able to arrange the necessary financing to construct and operate the NICO mine or the SMPP, uncertainties with respect to the receipt or timing of required permits for the development of the NICO project or the SMPP, the possibility of delays in the commencement of production from the NICO project or construction of the SMPP, the risk of cost overruns, the risk that the Company may not be able to source materials for the SMPP from other projects and other factors. 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.
SOURCE Fortune Minerals Limited
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 27, 2015 10:30 PM EST Reads: 2,005
BMC Software plans to acquire assets of CDB Software, Inc., a mainframe data management company that has developed utilities for managing IBM DB2 databases with virtually no outage. Focusing on the availability of mission-critical applications is strategic for BMC as it continues to help its customers transform IT into a competitive advantage for their business. CDB's technology complements BMC's existing mainframe data management portfolio, which includes software utilities for DB2 administrat...
Jan. 27, 2015 09:00 PM EST Reads: 769
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. ...
Jan. 27, 2015 06:15 PM EST Reads: 3,175
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
Jan. 27, 2015 06:15 PM EST Reads: 3,944
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness,...
Jan. 27, 2015 06:00 PM EST Reads: 2,884
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 27, 2015 06:00 PM EST Reads: 2,474
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science f...
Jan. 27, 2015 06:00 PM EST Reads: 3,150
Software AG and Wipro Ltd. have announced a joint solution platform for streaming analytics that provides real-time actionable intelligence for the Internet of Things (IoT) market. “The key to successfully addressing the IoT market is the ability to rapidly build and evolve apps that tap into, analyze and make smart decisions on fast, big data”, said John Bates, Global Head of Industry Solutions and CMO, Software AG. To address the huge market potential created by streaming analytics in conj...
Jan. 27, 2015 06:00 PM EST Reads: 806
OneCloud Software has launched the OneCloud Partner Program. Responding to demand from prospective partners, the Program offers managed service providers (MSPs) and resellers the resources they need to grow their business with the OneCloud Recovery solution. OneCloud Recovery is an automated solution for disaster recovery/business continuity (DR/BC), which leverages Amazon Web Services as the disaster recovery site. “This is a tremendous opportunity with an innovative hybrid cloud-based DR pro...
Jan. 27, 2015 04:15 PM EST Reads: 592
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
Jan. 27, 2015 03:00 PM EST Reads: 1,394
MapR Technologies on Tuesday announced the availability of free Hadoop On-Demand Training for developers, analysts and administrators which represents a $50M in-kind contribution* to the broad Hadoop community. The Hadoop training program is a multi-course curriculum designed to expand worldwide adoption of Hadoop technology. The curriculum provides engaging and interactive video lessons, hands-on exercises, labs and quizzes, enabling professionals to acquire valuable Hadoop skills and knowledge...
Jan. 27, 2015 03:00 PM EST Reads: 529
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 27, 2015 02:45 PM EST Reads: 2,339
Axios Systems on Tuesday announced it has selected CenturyLink Cloud as the hosting platform for Axios Systems’ IT Service Management (ITSM) solutions in Canada. CenturyLink, a global provider of communications and IT services, joins other leading technology providers across North America, Europe and APAC to help Axios’ international customers drive efficiencies and innovation across their service management provision. The arrangement with CenturyLink enables Axios to further strengthen its pres...
Jan. 27, 2015 02:45 PM EST Reads: 593
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 27, 2015 02:30 PM EST Reads: 2,468
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 27, 2015 02:30 PM EST Reads: 2,529