Vancouver, British Columbia, January 4, 2012 – Fortunate Sun Mining Company (TSXV:FSM) begins trading on the TSX Venture Exchange, under the symbol FSM
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Haywood Securities acted as agent for their IPO, which consisted of 7,500,000 units at a price of $0.20. Each unit consisted of one share and one-half a warrant, with each full warrant exercisable into one common share at $0.30, for an 18 month period.
Fortunate Sun is a junior mining exploration company with early stage precious metal projects in Mexico and British Columbia. The company’s principal property is the Golconda property in the State of Sonora, Mexico, located on the western boundary of the Sierra Madre epithermal gold-silver belt.
The company has an option to purchase 100% of the 6,400 hectare property from Minera Coplau. It comes with a history of activity by various companies. The company’s qualifying report was based on this property, and is available on www.sedar.com. Under the terms of the agreement, along with certain cash payments, Fortunate Sun must spend $2.5 million on the project over a 4 year period. The company has budgeted $410,000 for the initial work program to generate drill targets.
The company has three projects in the Fortunate Sun Belt in Zacatecas State, Mexico. The 1,100 hectare, 100% owned Camacho property, has been optioned to Kinross Gold. Kinross can earn 75% by spending $2.5 million over 5 years, with $1.5 million already spent to November 2011.
The 112,000 hectare, 100% owned Pirelli property, has also been optioned to Kinross Gold under the same terms, 5 years to spend $2.5 million. Kinross has spent $700,000 on this property to November 2011.
The third property in Zacatecas State is the 12,000 hectare, 100% owned grass-roots Michellin property.
The company also has a property on Vancouver Island in British Columbia, which belonged to the predecessor company, Mid Island Mining.
Fortunate Sun is currently trading at $0.15, and with approximately 25 million shares outstanding, the company is capitalized at $3.8 million.
For more information on the company’s properties, please refer to www.fortunatesunmining.com. You can also call their President, Reg Advocaat, at 778-945-2139 or email [email protected].
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