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Fortune Minerals mulls strategic alternatives for project

Fortune Minerals Ltd. said Wednesday it is looking at strategic alternatives to advance its Mount Klappan anthracite coal project in northwest British Columbia.

The miner, based in London, Ont., said it has hired CIBC World Markets Inc. to help it look for potential strategic partners and to evaluate potential transactions.

Engineering studies of the Mount Klappan project's Lost Fox deposit have contemplated a 3 million tonne per year mine and wash plant to produce a premium ultra-low volatile pulverized coal injection product.

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A feasibility study update is expected to be completed this month.

Together, deposits on the property contain measured resources of 107.9 million tonnes, indicated resources of 123 million tonnes, plus 2.572 billion tonnes in the inferred and speculative classes.

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