Issued Capital: 107,519,427
LONDON, ON, June 1, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT)
("Fortune Minerals" or the "Company") is pleased to announce that its
consolidated financial statements prepared under the newly adopted
International Financial Reporting Standards ("IFRS") and management's
discussion and analysis of financial condition and results of
operations for the period ended March 31, 2011 have been filed and will
shortly be available on SEDAR (www.sedar.com) or through the Company's web site (www.fortuneminerals.com). The Company's transition date to IFRS was January 1, 2010, and its
first financial statements prepared under IFRS are the interim
financial statements for the three months ended March 31, 2011. The
March 31, 2011 financial statements include full disclosure of the
Company's accounting policies, including new accounting policies under
IFRS, and complete reconciliations of previously disclosed comparative
period financial statements prepared in accordance with Canadian
generally accepted accounting principles to IFRS, with adjustments
explained, in Note 15.
About Fortune Minerals:
Fortune Minerals is a diversified resource company with several mineral
deposits and a number of exploration projects, all located in Canada.
The Company is focused on the development of its NICO
gold-cobalt-bismuth-copper deposit in the Northwest Territories and its
metals processing plant in Saskatchewan. Fortune Minerals owns the
buildings and equipment from the Golden Giant Mine at Hemlo, Ontario,
which have been dismantled, moved, and stored for relocation to NICO.
Fortune Minerals also owns the Mount Klappan anthracite metallurgical
coal deposits in British Columbia and has engaged Deloitte & Touche
Corporate Finance Canada to assist in attracting a strategic partner to
develop this project. In addition, the Company owns the Sue-Dianne
copper-silver deposit and other exploration projects in the Northwest
Territories. Fortune Minerals is focused on outstanding performance and
growth of shareholder value through assembly and development of high
quality mineral resource projects.