Issued Capital: 150,526,976
LONDON, ON, Jan. 22, 2014 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce the promotion of Adam Jean, H.B.A., C.P.A., C.A. to the position of Vice-President Finance and Chief Financial Officer of the Company. Adam has been with Fortune for six years as the Company's Controller. He replaces Julian Kemp who is no longer with the Company. We thank Julian for his efforts in helping Fortune grow from a small exploration company to its current stage with two significant projects under development and wish him well in his future endeavors.
Prior to joining Fortune, Adam Jean was a Senior Manager with Ernst & Young LLP ("EY"), one of the world's leading professional services organizations. Extensive experience gained from diverse responsibilities with Fortune and in the professional services sector has provided Adam with the right skills and experience to be successful in his new position as Chief Financial Officer of the Company.
Mahendra Naik, C.P.A., C.A., Chairman of the Board of Directors and Chair of the Audit Committee commented, "I have worked closely with Adam for several years and am confident he is the right person to assume this very important leadership role - managing the Company's regulatory reporting and finance department". Robin Goad, Fortune's President and Chief Executive Officer said, "It is gratifying to be able to fill this position internally from within our organization. Adam's promotion to the executive group solidifies the team we need to deliver on the NICO and Arctos projects".
As Fortune's Controller, Mr. Jean has significant experience with a public issuer and company proposing to develop the NICO mine and concentrator in the Northwest Territories ("NT"), a related refinery in Saskatchewan, and the Arctos Anthracite Metallurgical Coal Project in British Columbia. He has diverse knowledge in public and private equity financings, regulatory compliance, financial reporting, risk management, financial modelling, negotiation and management of legal agreements, and management of the Company's information technology. Adam also has important experience supporting the Company's joint ventures and development activities.
As a Senior Manager with EY, Adam also gained extensive financial reporting, assurance and risk advisory experience in the financial services sector. Over an eight year span, his clients included public, private, domestic and multi-national companies from a variety of industries providing Adam valuable experience in the analysis and evaluation of financial, business, and technological risks.
Adam Jean is a graduate, with distinction, from the Honours Business Administration program at the Ivey Business School at Western University and he subsequently went on to obtain his Chartered Accountant designation. Adam promotes giving back to the community and was recently appointed President of the national Board of Directors of the Sunshine Foundation - Dreams for Kids after serving on the volunteer board for five years in executive and Treasurer roles.
About Fortune Minerals
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 Arctos Anthracite Project in British Columbia and the vertically integrated NICO gold-cobalt-bismuth-copper project that is comprised of a mine and mill in the NT that will produce a bulk concentrate for shipment to a refinery for processing to high value metal products. 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.
This press release contains forward-looking information. This forward-looking information includes statements with respect to, among other things, the Company's expectations with respect to the development of the NICO and Arctos projects. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding the Company's ability to arrange necessary project financing). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of mineral properties, the inherent volatility of metal prices, the risk that the Company may not be able to arrange the necessary financing to construct and operate the NICO mine or develop the Arctos project, uncertainties with respect to the receipt or timing of all applicable permits for the development of the NICO and Arctos projects and other factors. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.
SOURCE Fortune Minerals Limited
Image with caption: "Adam Jean, Vice-President Finance & CFO Fortune Minerals Limited (CNW Group/Fortune Minerals Limited)". Image available at: http://photos.newswire.ca/images/download/20140122_C4279_PHOTO_EN_35749.jpg