LONDON, ON, Nov. 7, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") is pleased to announce that its
consolidated financial statements and management's discussion and
analysis of financial condition and results of operations for the
period ended September 30, 2011 have been filed and are available on
SEDAR (www.sedar.com) or through the Company's web site (www.fortuneminerals.com).
As at September 30, 2011, Fortune had cash and cash equivalents of
$30,341,681 and a working capital balance of $26,025,526. The Company
generated net income of $6,141,309 ($0.06 basic income per share) and
$5,140,995 ($0.05 basic income per share) for the three and nine months
ended September 30, 2011, respectively. These financial results are
principally the result of the sale of a 20% interest in the Mount
Klappan project ("Klappan") and business partnership with POSCO Canada
Ltd ("POSCAN"). POSCAN is the Canadian subsidiary of South Korea-based
POSCO, one of the world's largest steel producers. The transaction
is described in the Company's news release dated July 13, 2011.
The following table provides selected consolidated financial information
that is derived from the unaudited interim consolidated financial
statements of the Company:
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Three months ending September 30,
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Nine months ending September 30,
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2011
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2010
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2011
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2010
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Net income (loss)
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$6,141,309
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($241,028)
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$5,140,995
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($733,396)
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Basic income (loss) per common share
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$0.06
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—
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$0.05
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($0.01)
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About Fortune Minerals Limited:
Fortune 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 the Mount Klappan anthracite
metallurgical coal deposits in BC and the NICO
gold-cobalt-bismuth-copper deposit in the Northwest Territories
("NT"). As part of the development of the NICO deposit, Fortune is
developing a hydrometallurgical plant in Saskatchewan to process NICO
concentrates to high value metal products. The Company has also
acquired the buildings and equipment from the Golden Giant Mine at
Hemlo, Ontario, which have been dismantled, moved, and stored for
relocation to NICO. In addition, the Company owns the Sue-Dianne
copper-silver-gold deposit and other exploration projects in the NT.
Fortune is focused on outstanding performance and growth of shareholder
value through assembly and development of high quality mineral resource
projects.