GOLD-COBALT: Fortune updates NICO economics

NORTHWEST TERRITORIES – Micon has completed the updated feasibility study for the NICO gold-cobalt-bismuth-copper project using lower commodity prices. The project, located 160 km northwest of Yellowknife, is 100% owned by Fortune Minerals of London, ON.

The new study increases mineral reserves to 33.1 million tonnes and boosts gold in the deposit to more than 1.1 million oz. Building a mine and concentrator with a 20-year life will cost $589 million, including indirect and EPC costs. Over the life of the mine production will total 814,000 oz of gold, 70 million lb of cobalt, 74 million lb of bismuth, and 11.2 million lb of copper.

Fortune says that NICO is the world's largest known deposit of bismuth. The combined underground and open pit proven and probable reserves are 32.99 tonnes grading 1.02 g/t Au, 0.11% Co, 0.04% Cu, and 0.14% Bi (102.1 million lb of contained bismuth).

Additional information about the NICO project is posted at FortuneMinerals.com.