VANCOUVER, BRITISH COLUMBIA, Jan 09, 2012 (MARKETWIRE via COMTEX) — Fortunate Sun Mining Company Ltd. (the “Company”) is pleased to announce that the Camacho and Pirelli projects 100% owned by the Company have been returned to Fortunate Sun by Kinross Gold’s Mexican Subsidiary, KG Exploracion Mexico S.A de C.V. (KG) effective today, as Kinross has elected to terminate the options.
Conditions of the two option agreements previously entered into (as disclosed in the Company’s prospectus dated October 18, 2011) provided that KG spend US$2.5 million on both projects over a 5 year period, beginning April 26, 2010. To date, Kinross has cumulatively spent in excess of US$2 million on the projects, which has produced significant technical data and information for the Company. This work included several thousand meters of both diamond and reverse circulation drilling programs.
This information is in the process of being organized and will be forwarded to the Company sometime over the next several weeks.
Though Kinross has chosen not to proceed with the projects at this time, the information generated by this extensive amount of work will go a long way into investigating the future potential of the projects, either on an in-house basis, or with other interested parties.
The company is also pleased to announce that final permitting is taking place at its Golconda Gold project located in the State of Sonora Mexico, which is currently under agreement with Minera Coplau S.A de C.V. of Hermosillo Mexico. Approximately 2000 meters of diamond drilling is projected to commence sometime in early Q1 2012.
Fortunate Sun Mining Company Ltd. is a junior mining exploration company with early stage precious metals exploration projects in Mexico and British Columbia. Fortunate Sun’s principal property is the Golconda property consisting of two mineral concessions (6,410 hectares) located in the State of Sonora, Mexico.
On behalf of the Board of Directors,
Reg Advocaat, President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Fortunate Sun Mining Company Ltd.
Reg Advocaat
President and CEO
778-945-2139
604-629-0923 (FAX)
[email protected]www.fortunatesunmining.com
