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Tuesday, 29th May 2007 (3117 views)

Gold and natural resource exploration company Fortune Minerals has reached a purchase agreement with Candou Industries, it has been revealed.

Fortune has announced that it is to purchase Candou's 9.2 per cent stake in the Nico cobalt-gold-bismuth project near Yellowknife in the Northwest Territories, Canada.

Currently, Fortune claims principal assets in the Nico cobalt-gold-bismuth deposit as well as anthracite coal deposits at Mount Klappan.

"In addition to providing Fortune with a 100 per cent interest in Nico, this transaction will simplify Fortune's corporate structure and allow the company to focus on its two core assets, Nico and the Mount Klappan anthracite coal deposits in northwest British Columbia," commented Robin Goad, president of Fortune.

Fortune is currently entering the permitting process in order to develop a combined underground and open pit mine for the production of gold dore as well as cobalt cathode and bismuth bullion in a process plant at the site.

 

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