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NORTHWEST TERRITORIES
Results of Fortune Minerals Limited's front end engineering and design study showed 20 per cent more gold in the NICO gold-cobalt-bismouth-copper project than when the last study was completed in 2008.

The updated mineral estimates also show the life of the mine could increase to 19.8 years, up from 18, and the recent study also shows an increase in mineral reserves by two million tonnes, an increase of 6.5 per cent over 31 million tonnes.

"The key benefit is we're at the point where we're looking for a strategic development partner and this shows a very low operating cost once it's in production," said Troy Nazarewicz, investor relations manager for Fortune Minerals Limited.

"Even in a volatile market, the mine would still operate."

The NICO project is currently in the permit process. There are public hearings on the environmental assessment coming up in late July and at that point, the Mackenzie Valley Review Board will prepare its report for submission to the minister of Aboriginal Affairs and Northern Development Canada.

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