Fortune Minerals Provides NICO Project Update - Seite 2

For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at www.sedar.com.

After assessing a contemplated 30% expansion of the NICO Project in 2019, Fortune has refocused the development strategy using a plan similar to the one used in the 2014 Micon Feasibility Study. This plan was based on combined open pit and underground mining transitioning to only open pit mining, a mill throughput rate of 4,650 tonnes of ore per day, and processing of metal concentrates at a hydrometallurgical refinery in southern Canada. With development of the NICO project, Fortune would become a Canadian producer of cobalt sulphate, gold doré, bismuth ingots and copper precipitate with supply chain transparency and custody control of the metals from ore through to the production of value-added products. Before completing an updated Technical Report, Fortune is pursuing opportunities to improve project economics and this work is summarized below.

Updated Mineral Resource Model:

An Updated Mineral Resource block model was recently completed by Fortune and P&E Mining Consultants Inc. (“P&E”) with a number of improvements made to reduce modeling dilution and capture mineralized material that was omitted in the previous Mineral Resource model. A more constrained approach to the mineralized domain wireframes was applied, eliminating areas with little or no grade that caused internal and external modeling dilution and smeared higher grades within the wireframes into areas that had little or no grade. The wireframes were also extended to surface where the deposit is known to outcrop and will reduce near-surface waste rock stripping during operations. The wireframes were also extended in deeper parts of the deposit where there is higher grade gold, which was previously too abruptly terminated.