Fortune Minerals (TSX:FT) (OTCQX:FTMDF) announce the results of an updated Definitive Feasibility Study (“DFS”) for the Arctos Project (formerly known as the Mount Klappan) in northwestern British Columbia (“BC”), Canada. Arctos, project, is a collaborative international development project by the Arctos Anthracite Joint Venture (“AAJV”) between Fortune (80%) and POSCAN (20%), the Canadian subsidiary of Korea’s POSCO, one of the world’s largest steel producers. The updated DFS was prepared by Marston, a Golder Associates Company (“Golder-Marston”) and incorporates the results of additional drilling and survey data for the Lost Fox deposit area, which together with updated operating and capital costs, confirms an increase in reserves and robust economics for the Arctos project. Because of a more rapid planned project start-up, initial capital costs to achieve commercial production has increased only 2.6% over the initial capital in the previous 2010 DFS. The updated FOBT cash cost of C$ 127.61 / tonne would place Arctos among the lowest cost Canadian metallurgical coal producers. Innovation in the global steel industry continues to drive the increased use of anthracite in the manufacture of steel and in metal processing, while scarcity of high quality deposits and declining exports from the traditional suppliers highlights the importance of having a new reliable Canadian source of supply.
HIGHLIGHTS OF THE UPDATED DEFINITIVE FEASIBILITY STUDY: