Fortune Minerals receives financing
NWT - Fortune Minerals received an additional $5 million in financing from Lascaux Resource Capital Fund LP to provide working capital for its Revenue Silver Mine in southwest Colorado.
The company is developing a vertically integrated gold-cobalt-bismuth-copper project in the Northwest Territories. The project comprises a proposed mine and mill that will produce a bulk concentrate for shipment to a Saskatchewan refinery for processing to high-value metal and chemical products.
Fortune also owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the territories.
Territories see wholesale trade growth
NWT - The Northwest Territories saw growth of 3.5 per cent in 2014 from 2013 in wholesale trade, according to statistics just released.
Comparatively, the Yukon saw a drop of 12.8 per cent and Nunavut crumbled 50 per cent.
Canada as a whole saw a 6.4 per cent increase, aided by strong trade numbers in Newfoundland and Labrador.
Mountain Province Diamonds announces rights offering
NWT - Mountain Province Diamonds announced a $95 million rights offering as part of conditions to draw down its $370 loan arrangement to fund its share of the construction of the Gahcho Kué diamond mine.
The company is a 49 per cent participant with De Beers Canada in the NWT-diamond mine.
That project consists of a cluster of four diamond bearing kimberlites, three of which have a probable mineral reserve of 35.4 million tonnes grading 1.57 carats per tonne for a total diamond content of 55.5 million carats.
Omilgoitok resigns from Qulliq Energy Corporation
NUNAVUT - David Omilgoitok resigned as chair of Qulliq Energy Corporation last week, the government of Nunavut announced.
“On Friday, David informed the government and the board that he wishes to spend more time pursuing private business interests,” said Keith Peterson, minister of finance, in a press release.
On an interim basis, vice-chair Julie-Anne Miller will fill in for the chair position.
Kitikmeot Corp joins Nunavut Sealink and Supply
IKALUKTUTIAK/CAMBRIDGE BAY - The Kitikmeot Corp. has joined Nunavut Sealink and Supply Inc. as a shareholder, meaning all three regional Nunavut Inuit development firms are now NSSI shareholders.
“By further enhancing Inuit ownership of NSSI, this helps to ensure ongoing economic benefits to the people of Nunavut,” said Bill Lyall, president of NSSI, in a press release.
Kitikmeot Corp. is the business arm of the Kitikmeot Inuit Association.
Nunavut wholesale trade tanks
NUNAVUT - Preliminary wholesale trade numbers for Nunavut in 2014 saw a 50 per cent decrease from 2013.
Total estimates put wholesale trade at $75.72 million.
By comparison, wholesale trade estimates for Canada increased by 6.4 per cent over the same period.
The Yukon saw a 12.8 per cent drop, while the Northwest Territories showed growth a 3.5 per cent increase.