Fortune Minerals Ltd. (TSX:FT,OTCQX:FTMDF) announced that it has sold its Northwest Territories-based Camsell River silver property to Denendeh Exploration & Mining Company (DEMCo), which is beneficially owned by the 27 First Nations in the territory.
As quoted in the press release:
DEMCo has acquired additional land holdings in the Camsell River area, including several past producing mines, and is taking a regional approach to exploration and development in this area.
Fortune sold its Camsell River lease for $25,000 and a 1% net smelter royalty. The Company is pleased to be positioned to realize value from this property while maintaining its focus on the development of its primary assets – the Arctos Anthracite Project in British Columbia (“BC”) and the NICO gold-cobalt-bismuth-copper project in the NT.\
Robin Goad, president and CEO of Fortune, commented:
Although our lease at Camsell River is well-positioned to nearby mines, the property is too small to be explored independently and needs to be developed as part of regional exploration program.
Darrell Beaulieu, DEMCo’s president and CEO, said:
We believe the addition of Fortune’s lease will enhance our significant land holdings and will benefit our pursuit of IOCG type deposits augmented by high grade silver veins in this historic silver district. This project will also benefit from the infrastructure we anticipate will be developed with Fortune’s NICO gold-cobalt-bismuth-copper mine further to the south.