| Announcement Date: | 2022-11-01 |
|---|---|
| Announcement Type: | PEA |
| Announcement Code: | NI43-101 |
| Company name: | Fortune Bay Corp. |
| Project name: | Goldfields |
| Location: | Canada |
| Commodities: | Gold |
| Highlight: | PEA result incl. Post Tax NPV (5%) of CAD $285M & IRR of 35.2% |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | HALIFAX, NS November 1, 2022 – Fortune Bay Corp. (TSXV:FOR, FWB:5QN, OTCQX: FTBYF) (“Fortune Bay” or the “Company”) is pleased to announce positive results from the independent Preliminary Economic Assessment (“PEA”) for its 100% owned Goldfields Project (“Goldfields” or the “Project”) located near Uranium City, Saskatchewan. The PEA provides a base case assessment for developing the Goldfields mineral resource by conventional open pit mining methods, and gold recovery with a standard free milling flowsheet, incorporating gravity and leaching of the gravity tails. The economic model supports an operation with low capital cost and high rate of return over an 8.3 year mine life, with average annual production of 101,000 ounces of gold. The PEA was prepared by Ausenco Engineering Canada Inc. (“Ausenco”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The PEA NI-43-101 Technical Report will be filed on SEDAR (www.sedar.com) within 45 days of this News Release. |
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