Download - Investor Presentation
Emerging Strategic Metal & Coal
ProducerFortune Minerals Limited
Investor Presentation
January 2012
TSX-FT
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FORWARD-LOOKING INFORMATIONThis document contains certain forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the size and quality of the Company’s mineral resources, progress in development of mineral properties, timing and cost for placing the Company’s mineral projects into production, costs of production, amount and quality of metal products recoverable from the Company’s mineral resources, demand and market outlook for metals and coal and future metal and coal prices. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and 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, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal and coal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to metal recoveries and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. 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 them or revise it to reflect new events or circumstances, except as required by law.
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CorporateInformation
Share Performance
Listing: TSX-FT Share Price: $ 0.80 Issued Shares: 117.1 million Fully Diluted: 123.4 million Market Cap: $ 94.0 million Working Capital: $ 26.0 million (Q3- 2011) ($ 3.9 million warrants exercised Dec.)
Total Assets: $ 151.2 million (Q3-2011)
China Mining Resources Group Ltd. ~13% Manulife Global Management US ~ 10% Officer & Director Holdings ~21% (includes China Mining)
As of January 11, 2012All values in C$ unless otherwise noted
Analyst Reports
Ownership
David Davidson, Paradigm Capital Michael Fowler, Loewen Ondaatje McCutcheon
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Canada Focus - Operating in mining friendly jurisdictions
PROPERTY INTERESTS PROPERTY INTERESTS
Canada Focus - Operating in mining friendly jurisdictions
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EMERGING PRODUCER OF GOLD, MET. COAL & SPECIALTY METALS
KEY ASSETS Mount Klappan Anthracite Coal Project, British Columbia
One of world’s premier metallurgical coal development projects JV partnership with South Korean steel producer POSCO Collaboration with CN Rail to extend railway infrastructure Accelerated development strategy with funding to construction in place
NICO Gold-Cobalt-Bismuth-Copper Project, NWT & Saskatchewan 4 million equivalent gold ozs (1) - Significant gold & cobalt - Largest deposit of bismuth in world Mine & Concentrator planned in NWT Vertically integrated metals processing plant planned near Saskatoon, Saskatchewan Golden Giant Mine buildings & equipment purchased & dismantled to reduce costs Potential future mill feed from Sue-Dianne Copper-Silver-Gold satellite deposit
Two development projects, Both: Positive definitive feasibility studies >$ 1.3 billion combined base case NPV Successfully test mined & pilot plant processed In permitting Deloitte & Touche engaged to secure strategic partners New reserves & economics pending
EXPERIENCED BOARD & MANAGEMENT TEAM Proven records in permitting construction & mine operations (1) Using Metal Price Assumptions: US$ 900/oz Au, US$ 20/lb Co, US$ 10/lb Bi, US$ 2.75/ lb Cu
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One of world’s largest undeveloped metallurgical coal deposits
Advanced project with $ 87 million of work completed
Definitive Feasibility Study with robust economics
Railway development strategy to port of Prince Rupert - Allows for scalable expansion
World-class JV partner secured with POSCO - One of the world’s largest steel producers
Supply shortages of metallurgical coals with growing world consumption
Railway sub-grade links mine site with CN mainline & Ridley Terminals
MOUNT KLAPPAN ANTHRACITE COAL PROJECT
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POSCO Canada (POSCAN) has acquired 20% interest in Mount Klappan. Highlights:
Anticipated total payments & cash contributions of $ 181 million based on current capital cost estimates
$ 30 million paid to Fortune, $20 million contributed directly to the JV
20% of total development & capital costs - $154 million under current estimates
$ 17.2 million in additional payments at production
20% of operating costs for 20% of production in-kind for their own use
Fortune is Project Manager & will be compensated for providing operational, technical & administrative support over life of mine
Secures world-class investor & strategic partner
Validates Mount Klappan as one of world’s premier metallurgical coal development projects - Key future supplier to global steel industry
Accelerates project development - Upfront payment anticipated to provide 100% of funding to complete detailed engineering, permitting & stakeholder consultations for construction
Maintains significant upside for Fortune shareholders
$601 million post-transaction levered after-tax NPV (8%) for Fortune’s 80% interest at $175 per tonne for PCI based on current reserves
JOINT VENTURE WITH POSCO
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World’s 3rd largest steel producer by crude steel production
Crude steel production of 35.4 million tonnes in 2010 - Sales for 12 months ended September 30, 2011, totalled US$ 67.0 billion
Gwangyang Works - Largest steel mill in world, 22 million tonnes capacity
Global expansion plans towards goal of 50 million tonnes total crude steel production
Leading innovator in steel production – Finex
Headquartered in Seoul, South Korea
Listed on Korea (KRX), New York, London & Tokyo Stock Exchanges
ABOUT POSCO
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Large license area in northwest B.C. (15,866 Ha)
Close proximity to deep water shipping ports
Stewart Port (150km)
Ridley Terminals in Prince Rupert (330km)
Mine site straddles railway right-of-way
Track (CN) installed to 150km south of mine
Railway road bed largely complete to mine
Road access from railway subgrade
Support of CN Rail for railway expansion
B.C. Government extending electrical grid to area
Project in Tahltan and Gitxsan Territories
B.C. Government sharing revenues with First Nations
STRATEGIC LOCATION & INFRASTRUCTURE
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Mount Klappan Resources (million tonnes)(1)
Historical resources included 2.2 billion tonnes in the speculative class, however, speculative resources are no longer considered NI 43-101 compliant and such resources should not be considered current. (2)
Lost Fox Metallurgical Coal Reserves (million tonnes)(1)
(1) Richard Marston, PE is the Qualified Person as defined by NI 43-101(2) 2.8 billion tonne resource in all classes – estimates by Marston & Marston Inc. as of February 2007
MOUNT KLAPPAN RESOURCES & RESERVES Significant potential to upgrade & increase resources & new reserves (expected Q2 2012)
Lost Fox deposit remains open for possible expansion
Additional coal seams identified below 300 meters & on adjacent lands
Area Measured Indicated Demonstrated InferredLost Fox 107.9 109.5 217.4 91.5Hobbit-Broatch - 13.5 13.5 258.4Summit - - - 9.6Nass - - - -Total 107.9 123.0 230.9 359.5
Run – Of –Mine Coal Reserves 10% Ash Product ReservesMeasured Indicated Total In Situ Proven Probable Total Product
89.5 16.8 106.3 51.6 9.2 60.8
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ANTHRACITE PRODUCTS
Highest quality coal with very high carbon & energy content Anthracite only 1% of world coal reserves Metallurgical coal with diverse applications
Other products: Blend coal with coking coal for making metallurgical coke Direct coke replacement Urea fertilizers Heating & cooking briquettes Pelletizing
Source: Company Information.
Filter Media US$ 1000 / tonne
Metallurgical Reductants / charge carbon US$ 350 / tonne
Ultra-Low Vol. PCI US$ 200 / tonne
Sinter US$ 175 / tonne
Power Generation US$ 150 / tonne
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GROWING PCI DEMAND FROM STEEL PRODUCERS
Use of PCI reduces the amount of coke required in steel production
Steelmakers around the world are expanding PCI use to reduce costs
Low-vol PCI typically priced at 70% to 80% of high quality hard coking coal
Mount Klappan PCI will achieve a higher price given its ultra-low volatile content
Source: Macarthur Coal
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Source: China Coal Resource Website, Deloitte
Coal & Anthracite Net Imports by China In million mt
EMERGENCE OF CHINA AS NET COAL IMPORTER
(72.7)(83.6)
(68.3)
(46.1)
(25.4)
(2.1) (4.9)
103.4
145.8
(3.9) (4.0)
1.4 7.1
17.5 23.2
13.3
31.1 22.2
(100.0)
(50.0)
-
50.0
100.0
150.0
200.02002 2003 2004 2005 2006 2007 2008 2009 2010
Coal Total
Anthracite
World 2009 anthracite production: ~ 565 million tonnes China: 483 million tonnes – Net importer of anthracite Vietnam: 43 million tonnes – Reduced exports to utilize production domestically Few new high-quality deposits in mining friendly jurisdictions
China became a net coal importer of anthracite in 2004, coking coal in 2007, all coals in 2009
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Global Met Coal DemandMillion mt
Source: Peabody Global Energy Analytics
SIGNIFICANT FUTURE MET COAL DEMAND GROWTH
>500 million mt demand increase over the next decade with limited new production potential
Increasing demand for good quality metallurgical coals
China’s growth ~10% per yr
Japan & South Korea are increasing anthracite imports – New steel technologies - Lower emissions
Emerging economies are driving forces for future metallurgical coal demand
India’s growth ~8% per yr & - Crude steel production expected to increase from 72.8 million tonnes to 124 million tonnes by 2012 & 293 million tonnes by 2020
Brazilian crude steel production expected to increase from 26.5 million tonnes to 103 million tonnes by 2030
Insufficient supply of metallurgical coals to meet forecast global demand
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Railway transportation of coal provides lower operational risk over trucking – Allows for scalable expansion of production to take advantage of large resource base
CN Rail operates between Prince George & port of Prince Rupert & on Dease Lake Line to Minaret, 150 km south of Mount Klappan
Railway road bed largely constructed to mine site – Brownfield extension from Minaret
Survey & engineering of railway extension at feasibility level - $ 317.8 million capital cost included in 2010 DFS
CN collaborating on railway upgrade & extension to Mount Klappan
RAILWAY UPGRADE & EXPANSION
Existing railway right-of-way & road bed
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Ice-free, deepwater port 36 hours closer to Asia than port of Vancouver
Ridley coal terminal a world-class coal & bulk materials handling facility
Capable of handling full Capesize vessels ~US$ 10 per tonne reduction in ocean freight
Currently handling ~70% of 16 Mtpa design capacity
Expansion to 24 Mtpa in progress – Potential to expand to 50 Mtpa
Opportunities for shared cargos & blending of coals with other metallurgical coal producers
PORT OF PRINCE RUPERT
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November 2010 update to 2005 & 2008 DFS
Based on railway transport of coal to Ridley Coal Terminal in Prince Rupert
Initial 3 Mtpa production from Lost Fox deposit open pit mine, wash plant & site infrastructure
60.8 Mt of product coal reserves – 20+ yrs production (only 3.6% of global resource)
Premium ultra-low volatile PCI product
Can diversify product mix to produce premium products (charge carbon) & sinter
Life of mine average free on board vessel cash cost of US$104.79/tonne (C$110.30/tonne)
2010 DEFINITIVE FEASIBILITY STUDY
BASE CASEUltra-Low Volatile PCI
US$175 / tonne (C$1 = US$ 0.95)
PRE-TAX AFTER TAX
IRR 25.4% 20.7%
NPV (8%) C$ 1,027.8 Million C$ 667.4 Million
Capital (Years 1-4) C$ 768.4 Million(includes railway capital)
Pre-Tax NPV (8%)In billions
$0.5
$1.0
$1.6
$2.2
$2.7
$3.3
$3.8
$-
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
$150 / t $175 / t $200 / t $225 / t $250 / t $275 / t $300 / t
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Rail transportation allows for higher annual production than 3 Mtpa
DFS reserves only represents 3.6% of total resource
Updated reserves in preparation for Lost Fox deposit that can support higher production rates.
Production can be expanded from adjacent Hobbit – Broatch deposit
Current resource only identified to 300 meters – Additional coal seams identified at depth
Budget in place for additional drilling
3rd Party contribution to railway capital costs increases NPV
BC Government extending electrical grid & connection lowers power costs & enables use of lower cost mining equipment
Lease-to-purchase of mobile equipment fleet lowers upfront capital costs & increases IRR
SIGNIFICANT UPSIDE POTENTIAL
One of world’s largest undeveloped deposits, railway extension to mine site allows
for large, scalable project that can be expanded to 6 Mtpa +
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JV partner now secured & accelerated development program underway
Next steps include:
Update reserve estimate
Complete Front End Engineering & Design Studies on the Lost Fox Mine
Complete engineering on railway transportation with CN Rail
Continue community & stakeholder engagement
Complete environmental permitting process
Conduct additional expansion drilling
Deloitte engaged to secure 2nd stage strategic partner
Minority equity investor at the project level
Provision of debt & equity tied to off-take
Expertise in coal end market with strong financial position
Objective of announcing fully financed, permitted project at conclusion of currently planned programs
ACCELERATED DEVELOPMENT STRATEGY
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NICO GOLD-COBALT-BISMUTH-COPPER PROJECT 100% Ownership – No 3rd party royalties
Open pit & underground mine & mill in Northwest Territories (NT)
Saskatchewan Metals Processing Plant (SMPP) Vertically integrated hydrometallurgical facility to produce gold
doré, cobalt & copper cathodes & bismuth cathode or ingot
$ 100 million work completed to date, includes:
$ 20 million test mining
$ 12 million metallurgy & process pilot plants
2007 positive feasibility study & 2008 update
32.3% Pre-tax IRR
Pre-tax $ 361 million 8% NPV
Significant recent improvements not included
31 Million tonne reserve – 4 Million eq gold ozs*
Golden Giant (Hemlo) buildings & equipment purchased & dismantled to reduce capital costs
Environmental Assessments advanced for mine & SMPP permitting
* Using Metal Price Assumptions: US$ 900/oz Au, US$ 20/lb Co, US$ 10/lb Bi, US$ 2.75/ lb CuTest mining 2006/2007
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MINE LOCATION & INFRASTRUCTURE 5,140 Ha lease in southern NT
Winter access roads
All-weather road planned by governments to Hwy (135 km)
$18 million in place for stage 1 – realignment, bridges & roadbed
Engineering & environmental work underway
450 km from railway at Hay River for transport of concentrates to SMPP
160 km from City of Yellowknife
50 km from Town of Whati
22 km from Snare Hydro
Tlicho First Nation – Settled land claim
Co-operative Relationship Agreement with Tlicho Government
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High concentration ratio of ore using simple flotation 4,650 tonnes of ore per day reduced to only 180
tonnes of concentrate (3.8% sulphide fraction) Allows concentrate to be shipped to
Saskatchewan for lower cost processing
Hydrometallurgical plant to produce gold doré, cobalt & copper cathodes & bismuth ingot
Agreement to purchase lands near Saskatoon Located on CN Rail line - Close to Hwy Inexpensive power (5.7 cents/kWh) Close to natural gas & reagent sources Skilled worker / engineer pool – 85 employees
SMPP capital cost ~ $200 million
SASKATCHEWAN METAL PROCESSING PLANT (SMPP)
NICO
Saskatoon
CN Rail Canadian Route Map
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DIVERSIFIED EXPOSURE TO GOLD & SPECIALTY METALS
Gold the most valuable component by value
Front end gold recovery - largest source of revenue in first year of operation
Bismuth is second largest by value – Largest bismuth deposit world-wide
High purity cobalt (99.8%) commands premium price.
Gold – 907,000 oz @ $1651/ozCobalt – 82 Mlbs @ $16.00/lb
Bismuth – 109 Mlbs @ $13.25/lbCopper – 27 Mlbs @ $3.35/lb
Prices as at Oct 24, 2011
Value by Metal at Spot Prices
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GOLD – COUNTER CYCLICAL HEDGE
Gold price increased consistently in past 9 years, especially after recent economic downturn
While mine supply remains relatively flat, future demand continues to grow:
Growing physical demand from Asia & Central banks
Growing investment demand based on currency protection & safe haven status
Provides a flexible financing opportunity
Historical & Forecast Gold Price
Source: Bloomberg; Energy & Metals Consensus Forecasts, Oct 2012
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COBALT – ROBUST MARKET WITH INCREASING DEMAND
World cobalt production (in tonnes) Wide application of industrial usage
• Vast majority of cobalt sourced from regions that are politically unstable or prone to export restrictions
• Congo currently accounts for 51% of global supply
• China has the largest refining capacity (43% in 2010) but limited mine supply
• LME initiated futures market trading for cobalt in 2010, resulting in a more liquid market
• Wide metallurgical & chemical market applications in: batteries, high strength alloys, cutting tools, catalysts, etc.
• Largest growth is in lithium ion & nickel metal hydride batteries for electronic devices & hybrid/electric vehicles
• High purity cobalt (99.8%) used in aerospace applications
• 76,500 t market with demand growing by approximately 10% per year
Source: USGS Industry Survey Source: Cobalt Development Institute
27%
19%
13%
10%
9%
7%
6%
5%4% Batteries (27%)
Superalloy (19%)
Hard Materials (13%)
Colours (10%)
Catalysts (9%)
Magnets (7%)
Hardfacing & Other Alloys (6%)
Tyre Adhesives, Soaps, Driers (5%)
Feedstuffs (4%)
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BISMUTH – ENVIRONMENTAL FRIENDLY WITH GROWTH POTENTIAL
Bismuth prices continue to increaseWorld reserves (in tonnes)Growing number of applications
Bismuth Prices 3 Years
• Bismuth prices have risen over the last 2 years, supported by steady demand & constrained supply
• China is the principal source of bismuth & has total reserves of 240Kt, accounting for 80% of world reserves
• China has closed 20% of its production due to environmental concerns
• NICO contains over 48Kt of bismuth, equivalent to 15% of world reserves & the world’s largest deposit
• Traditionally used in fusible alloys, cosmetics, chemicals etc.
• New markets focus on super conductors, CDs & auto anti-corrosion materials
• Environmentally safe replacement for lead in plumbing & electronic solders, brass, ceramic glazes, free cutting steel, hot dip galvanizing & paint pigments
• Global framework to eliminate lead could increase bismuth consumption by 25%
Source: MetalPrice.comSource: USGS Industry Survey 2010Source: USGS Industry Survey
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NICO MINERAL RESERVES (TO BE UPDATED SHORTLY)
Underground Mineral Reserves Tonnes Au (g/t) Co (%) Bi (%) Cu (%)Proven 1,403,000 2.23 0.16 0.22 0.04
Probable 767,000 2.92 0.17 0.19 0.03
Total 2,170,000 2.47 0.16 0.21 0.03
Reserve estimate by P&E Mining Consultants Inc., Eugene Puritch, P.Eng. & Fred Brown, CPG PrSciNat, Qualified Persons as defined by NI-43-101
Open Pit Mineral Reserves Tonnes Au (g/t) Co (%) Bi (%) Cu (%)Proven 15,019,000 0.85 0.12 0.16 0.04
Probable 13,797,000 0.71 0.12 0.15 0.03
Total 28,816,000 0.79 0.12 0.15 0.04
Combined Mineral Reserves Tonnes Au (g/t) Co (%) Bi (%) Cu (%)Proven 16,422,000 0.97 0.12 0.16 0.04
Probable 14,564,000 0.83 0.12 0.15 0.03
Total 30,986,000 0.91 0.12 0.16 0.04
Contained Metal 907,000 ounces
82 million pounds
109 million pounds
27 million pounds
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38 holes drilled in 2010
Drilling successfully expanded deposit & intersected high-grade gold intervals
51.3m averaging 2.2 g/t Au & 0.11% Co, including 3m averaging 15.59 g/t Au, 0.46% Co, 0.05% Bi & 0.20% Cu
8.00m averaging 4.74 g/t Au & 0.16% Bi, including 1m grading 35 g/t Au
3.38m averaging 11.59 g/t Au, 0.37% Co, 0.16% Bi & 0.14% Cu, including 1.67m averaging 20.04 g/t Au, 0.36% Co, 0.24% Bi & 0.13% Cu
5.00m averaging 4.84 g/t Au, including 2.5m averaging 9.21 g/t Au
20.1m averaging 0.38% Co & 0.37% Bi
New Mineral Reserve estimates pending
2010 DRILL PROGRAM
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UNDERGROUND TEST MINING & PILOT PLANTS
Mining conditions, geometry & grades for deposit confirmed
Environmental impacts assessed
Portal, decline ramp & 2 mine levels established with ventilation raise to surface
~$ 20 million pre-production development completed
Large sample collected for $ 8 million pilot plant tests
Proved process flow sheet
Verified production of high value metal products
Increase in metal recoveries over feasibility study
Tangible demonstration of successful project to governments & communities
Reduced project risk
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GOLDEN GIANT MINE (HEMLO) MILL, ONTARIO
Buildings, equipment & spare parts acquired from Newmont Canada Relocation to NICO for significant reduction in capital costs & project risk No environmental liability for Hemlo site Dismantling & removal completed for net cash cost of ~$ 19 million Demonstration of project execution on budget & schedule
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Micon, Met-Chem, Golder, SGS Lakefield & metallurgical & engineering experts Results:
Pre-tax IRR 32.3% Pre-tax C$361 million 8% NPV Pre-production capital cost C$213 million Cash Cost US$1.41/lb Co (1)(2)
Cash Cost US $259/oz Au equivalent (2)
April 2008 metal price sensitivity increases IRR to 97.2% & NPV (8%) to $1.5 billion (3)
Study now out of date – New reserves & operational improvements not included – Capital costs will be higher
2008 DEFINITIVE FEASIBILITY STUDY
(1) Net of credits for gold and bismuth sales
(2) Base Case metal prices of US$750/oz Au, US$20/lb Co, US$10/lb Bi and US$/C$ 0.97
(3) April 2008 metal prices of US$900/oz Au, US$50/lb Co, US$16/lb Bi and US$/C$ 0.97
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43% increase in reserves to 31 Mt – 18 Yr mine life - Excludes results of 2010 drilling
16% production rate increase to 4,650 tpd
More efficient mine plan - Eliminated underground backfilling
Identification of low strip starter pit – Eliminates pre-stripping
Co-disposal of waste rock & tails – Reduces dam structures & reclamation costs
Commodity price assumptions higher:
Improved recoveries from pilot plant: Gold 56-85%, Averages 76% Cobalt 84% Bismuth 73% Copper 58% - Not previously included
Higher value metal products: Bismuth 99.5% cathode or 99.9% ingot – Feasibility study assumed concentrate Copper 99.99% cathode – Not included in feasibility study
Hydrometallurgical process plant relocated to Saskatoon Lower OPEX (~$7 million per yr) – Mitigates capital cost increase (~$30 million)
POST-DEFINITIVE FEASIBILITY STUDY IMPROVEMENTS
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Higher forecast annual metal production
Gold yrs 1 & 2 of mine life ~70,000 ozs, yrs 3-18 ~35,000 ozs
Cobalt ~ 3.4 million lbs (1,550 tonnes)
Bismuth ~ 3.65 million lbs (1,650 tonnes)
Copper ~ 770,000 lbs (350 tonnes)
Approximate cost per tonne $ 60 per tonne, $ 102 million per yr
Approximate revenue $ 110 per tonne, was $ 190 million per yr
Capital costs expected to be sub $400 million
Updated economics pending receipt of Front End Engineering & Design (FEED) Study by Jacobs Engineering & other engineering Co.’s
RESULTS OF NICO PROJECT IMPROVEMENTS
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New reserve estimates pending – Focus on expansion of gold
Front End Engineering & Design Studies completed – Currently reviewing draft
Revised capital & operating costs & financial model
Environmental Assessments advanced for mine & SMPP permitting
Developers Assessment Report submitted - No deficiencies
Saskatchewan Environmental Impact statement submitted for SMPP
Expanding management team
Production targeted in 2014
Deloitte engaged to secure strategic partner – Ideal partner: Minority equity investor at the project level
Ability to arrange & guarantee project finance facility
Expertise in cobalt or specialty metal end markets/off-take partner
Committed to an accelerated development plan
DEVELOPMENT STRATEGY
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Mount Klappan
Revised Project Description submission to BC EAO (Q1)
New reserves (Q2)
Revised economics (Q2)
MOU with CN Rail (Q2)
MOU with BC First Nations (Q2)
Second stage strategic partner(s) and project financing
NICO
New reserve estimates (Q1)
Revised economics (Q1)
Initiate Tlicho IBA Negotiations (Q2)
SMPP permits (Q3)
NICO water licence and land use permits (Q4 2012 to Q1 2013)
Strategic partner(s) and project financing
2012 TARGETED MILESTONES
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Directors Mahendra Naik, B Comm, CA Chairman, Director CFO Fundeco - Founding director & former CFO, IAMGOLD
George Doumet, MSc, MBA Honorary Chairman, Director Chemical Engineer – President & CEO, Federal White Cement
Robin Goad, MSc, PGeo President & CEO, Director Geologist - 30 yrs mining & exploration experience
David Knight, BA, LLB Secretary, Director Partner, Macleod Dixon specializing in securities & mining law
James Excell, BASc Director Metallurgical Engineer – 35 yrs mining experience BHP-Billiton
William Breukelman, BASc, MBA, Peng Director Chemical Engineer – Chairman, Gedex
James Currie, BSc (Hons), PEng Director Mining Engineer – former Executive Vice President & COO, New Gold
The Honorable Carl L. Clouter
Shou Wu (Grant) Chen, MSc, MBA
Director
Director
Commercial pilot - former owner of charter airline in NWT
Geologist – Deputy Chairman & CEO, China Mining Resources Group
Management Julian Kemp, BBA, CA VP Finance & CFO Chartered Accountant – 20+ yrs mining financial experience
Thomas Rinaldi, BSc VP Operations Mining Engineer – 30 yrs engineering & operations experience
Michael De Carlo, BSc, BBA
Bill Shepard
Project Manager
Logistics Manager
Mining Engineer – 40+ yrs engineering & managerial experience
15 yrs experience in procurement and logistics
Dr. Richard Schryer, PhD
Adam Jean, HBA, CA
Director Regulatory & Environmental AffairsController
Aquatic Scientist –20+ yrs experience in mine permitting & environmental assessmentsChartered Accountant previously with Ernst & Young
James Mucklow, MESc, PEng
Keith Lee, BSc
Manager Env.& Community
Senior Process Engineer
Geological Engineer – 20+ yrs geological & environmental experience
25 yrs operations, engineering & mineral processing experience
Emerging Strategic Metal & Coal
Producer
For further information, please contact:
Robin Goad, President & Chief Executive Officer
Troy Nazarewicz, Investor Relations Manager140 Fullarton Street, Suite 1902
London, Ontario, Canada
N6A 5P2
Tel. (519) 858-8188
Fax. (519) 858-8155
E-mail. tnazarewicz @fortuneminerals.com
Website. www.fortuneminerals.com
TSX-FT