Fortune Bay Pronounces Grant of Inventory Choices

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) (“Fortune Bay” or the “Firm”) is happy to announce submitting of an unbiased Preliminary Financial Evaluation (“PEA”) technical report for its 100% owned Goldfields Mission (“Goldfields” or the “Mission”) situated close to Uranium Metropolis, Saskatchewan .

Fortune Bay Corp. Logo (CNW Group/Fortune Bay Corp.)

Fortune Bay‘s Information Launch dated November 1, 2022 , titled ” Fortune Bay Announces Positive PEA For Goldfields Project, Saskatchewan “, outlines the important thing outcomes, assumptions and estimates contained within the Goldfields PEA, which supplies a base case evaluation for growing the Goldfields mineral useful resource by standard open pit mining strategies, and gold restoration with a regular free milling flowsheet. In abstract, the financial mannequin helps an operation with low capital price and excessive charge of return over an 8.3 yr mine life, with common annual manufacturing of 101,000 ounces of gold.

PEA Highlights:

  • Strong economics with after-tax web current worth (“NPV”) (low cost charge 5%) of C$285M , inner charge of return (“IRR”) of 35.2% and payback of 1.7 years estimated with gold value of US$1,650 per ounce
  • Common annual gold manufacturing of 101,000 ounces over lifetime of mine (“LOM”), with a mean of 122,000 ounces per yr within the first 4 years
  • 8.3 yr LOM producing 835,000 ounces of gold
  • Common money price of US$778 /oz and all-in sustaining price (“AISC”) of US$889 /oz gold
  • Preliminary capital expenditure of C$234M

The PEA technical report was ready in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”) by Ausenco Engineering Canada Inc. (“Ausenco”), in collaboration with Moose Mountain Technical Providers for the mine design, and SRK Consulting ( Canada ) Inc. for the up to date mineral useful resource estimate and environmental, allowing and social features. The technical report is out there on the Fortune Bay Corp. firm profile at , and can be accessible on the Firm web site .

The technical and scientific data on this information launch has been reviewed and accredited by Dale Verran , M.Sc., P.Geo., Chief Government Officer of the Firm, who’s a Certified Particular person as outlined by NI 43-101. Mr. Verran is an worker of Fortune Bay and isn’t unbiased of the Firm beneath NI 43–101.

About Goldfields

The 100% owned Goldfields Mission is situated roughly 13 kilometres south of Uranium Metropolis in northern Saskatchewan . The Mission includes 12 mineral inclinations, overlaying roughly 5,000 hectares, and is host to the Field and Athona gold deposits and quite a few different gold prospects and occurrences. The Mission is situated inside a historic mining space and advantages from established infrastructure, together with a highway and hydro-powerline to the Field deposit. Close by services and providers in Uranium Metropolis embrace bulk gas, civil contractors, and a industrial airport. The Mission has a historical past of gold manufacturing (64,000 oz produced between 1939 to 1942), quite a few exploration drilling campaigns (over 1,000 drill holes) and historic mining research by earlier house owners of the Mission. The present complete gold useful resource for Field and Athona (efficient date September 1, 2022 ) stands at 979,900 ounces of gold within the Indicated class (23.2 million tonnes at a mean grade of 1.31 g/t gold) and 210,800 ounces of gold within the Inferred class (7.1 million tonnes at a mean grade of 0.92 g/t gold).

About Ausenco

Ausenco is a world firm based mostly throughout 26 places of work in 14 international locations, with initiatives in over 80 places worldwide. Combining deep technical experience with a 30-year observe document, Ausenco delivers revolutionary, value- add consulting research, undertaking supply, asset operations and upkeep options to the mining and metals, oil & gasoline and industrial sectors.

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) is an exploration and growth firm with 100% possession in two superior gold exploration initiatives in Canada , Saskatchewan (Goldfields Mission) and Mexico , Chiapas (Ixhuatán Mission), each with exploration and growth potential. The Firm can be advancing the 100% owned Strike and Murmac uranium exploration initiatives, situated close to the Goldfields Mission, which have high-grade potential typical of the Athabasca Basin. The Firm has a aim of constructing a mid-tier exploration and growth Firm by means of the development of its current initiatives and the strategic acquisition of recent initiatives to create a pipeline of development alternatives. The Firm’s company technique is pushed by a Board and Administration workforce with a confirmed observe document of discovery, undertaking growth and worth creation. Additional data on Fortune Bay and its belongings may be discovered on the Firm’s web site at or by contacting us as or by phone at 902-334-1919.

On behalf of Fortune Bay Corp.

“Dale Verran”
Chief Government Officer

Cautionary Assertion Concerning Ahead-Wanting Data

Data set forth on this information launch accommodates forward-looking statements which can be based mostly on assumptions as of the date of this information launch. These statements replicate administration’s present estimates, beliefs, intentions, and expectations. They don’t seem to be ensures of future efficiency. Phrases reminiscent of “expects”, “goals”, “anticipates”, “targets”, “objectives”, “initiatives”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “continues”, “could”, variations of such phrases, and comparable expressions and references to future intervals, are supposed to establish such forward-looking statements, and embrace, however should not restricted to, statements with respect to: the outcomes of the PEA, together with future Mission alternatives, future working and capital prices, closure prices, AISC, the projected NPV, IRR, timelines, allow timelines, and the flexibility to acquire the requisite permits, economics and related returns of the Mission, the technical viability of the Mission, the market and future value of and demand for gold, the environmental influence of the Mission, and the continued potential to work cooperatively with stakeholders, together with the native ranges of presidency. Since forward-looking statements are based mostly on assumptions and deal with future occasions and situations, by their very nature they contain inherent dangers and uncertainties. Though these statements are based mostly on data at the moment accessible to the Firm, the Firm supplies no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different components concerned with forward- trying data might trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking data. Ahead trying data on this information launch contains, however will not be restricted to, the Firm’s aims, objectives or future plans, statements, exploration outcomes, potential mineralization, the estimation of mineral assets, exploration and mine growth plans, timing of the graduation of operations and estimates of market situations. Components that might trigger precise outcomes to vary materially from such forward-looking data embrace, however should not restricted to failure to establish mineral assets, failure to transform estimated mineral assets to reserves, the lack to finish a feasibility examine which recommends a manufacturing resolution, the preliminary nature of metallurgical take a look at outcomes, delays in acquiring or failures to acquire required governmental, environmental or different undertaking approvals, political dangers, incapability to meet the obligation to accommodate First Nations and different indigenous peoples, uncertainties referring to the provision and prices of financing wanted sooner or later, modifications in fairness markets, inflation, modifications in alternate charges, fluctuations in commodity costs, delays within the growth of initiatives, capital and working prices various considerably from estimates and the opposite dangers concerned within the mineral exploration and growth trade, and people dangers set out within the Firm’s public paperwork filed on SEDAR. Though the Firm believes that the assumptions and components utilized in getting ready the forward-looking data on this information launch are cheap, undue reliance shouldn’t be positioned on such data, which solely applies as of the date of this information launch, and no assurance may be provided that such occasions will happen within the disclosed time frames or in any respect. The Firm disclaims any intention or obligation to replace or revise any forward-looking data, whether or not on account of new data, future occasions or in any other case, aside from as required by legislation. For extra data on Fortune Bay, readers ought to discuss with Fortune Bay‘s web site at .

Neither TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of TSX Enterprise Trade) accepts duty for the adequacy or accuracy of this launch.

SOURCE Fortune Bay Corp.

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