Fortune Bay Proclaims 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 impartial Preliminary Financial Evaluation (“PEA”) technical report for its 100% owned Goldfields Venture (“Goldfields” or the “Venture”) positioned 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 Proclaims Constructive PEA For Goldfields Venture, Saskatchewan “, outlines the important thing outcomes, assumptions and estimates contained within the Goldfields PEA, which offers a base case evaluation for creating the Goldfields mineral useful resource by standard open pit mining strategies, and gold restoration with a normal free milling flowsheet. In abstract, the financial mannequin helps an operation with low capital price and excessive fee of return over an 8.3 12 months mine life, with common annual manufacturing of 101,000 ounces of gold.

PEA Highlights:

  • Sturdy economics with after-tax web current worth (“NPV”) (low cost fee 5%) of C$285M , inner fee of return (“IRR”) of 35.2% and payback of 1.7 years estimated with gold worth of US$1,650 per ounce
  • Common annual gold manufacturing of 101,000 ounces over lifetime of mine (“LOM”), with a median of 122,000 ounces per 12 months within the first 4 years
  • 8.3 12 months 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 Tasks (“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 also be out there on the Firm web site .

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

About Goldfields

The 100% owned Goldfields Venture is positioned roughly 13 kilometres south of Uranium Metropolis in northern Saskatchewan . The Venture 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 Venture is positioned 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 business airport. The Venture 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 Venture. 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 median grade of 1.31 g/t gold) and 210,800 ounces of gold within the Inferred class (7.1 million tonnes at a median grade of 0.92 g/t gold).

About Ausenco

Ausenco is a worldwide firm primarily based throughout 26 places of work in 14 international locations, with tasks in over 80 places worldwide. Combining deep technical experience with a 30-year monitor 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 improvement firm with 100% possession in two superior gold exploration tasks in Canada , Saskatchewan (Goldfields Venture) and Mexico , Chiapas (Ixhuatán Venture), each with exploration and improvement potential. The Firm can also be advancing the 100% owned Strike and Murmac uranium exploration tasks, positioned close to the Goldfields Venture, which have high-grade potential typical of the Athabasca Basin. The Firm has a objective of constructing a mid-tier exploration and improvement Firm via the development of its present tasks and the strategic acquisition of recent tasks to create a pipeline of progress alternatives. The Firm’s company technique is pushed by a Board and Administration group with a confirmed monitor document of discovery, undertaking improvement and worth creation. Additional data on Fortune Bay and its property will be discovered on the Firm’s web site at or by contacting us as [email protected] or by phone at 902-334-1919.

On behalf of Fortune Bay Corp.

“Dale Verran”
Chief Government Officer

Cautionary Assertion Concerning Ahead-Trying Info

Info set forth on this information launch incorporates forward-looking statements which might be primarily based on assumptions as of the date of this information launch. These statements replicate administration’s present estimates, beliefs, intentions, and expectations. They aren’t ensures of future efficiency. Phrases equivalent to “expects”, “goals”, “anticipates”, “targets”, “objectives”, “tasks”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “continues”, “might”, variations of such phrases, and comparable expressions and references to future intervals, are supposed to establish such forward-looking statements, and embrace, however will not be restricted to, statements with respect to: the outcomes of the PEA, together with future Venture alternatives, future working and capital prices, closure prices, AISC, the projected NPV, IRR, timelines, allow timelines, and the power to acquire the requisite permits, economics and related returns of the Venture, the technical viability of the Venture, the market and future worth of and demand for gold, the environmental influence of the Venture, and the continued potential to work cooperatively with stakeholders, together with the native ranges of presidency. Since forward-looking statements are primarily based on assumptions and deal with future occasions and situations, by their very nature they contain inherent dangers and uncertainties. Though these statements are primarily based on data presently out there to the Firm, the Firm offers no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different components concerned with forward- wanting data might trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking data. Ahead wanting data on this information launch contains, however will not be restricted to, the Firm’s targets, objectives or future plans, statements, exploration outcomes, potential mineralization, the estimation of mineral sources, exploration and mine improvement plans, timing of the graduation of operations and estimates of market situations. Elements that might trigger precise outcomes to vary materially from such forward-looking data embrace, however will not be restricted to failure to establish mineral sources, failure to transform estimated mineral sources to reserves, the shortcoming to finish a feasibility research which recommends a manufacturing determination, 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, lack of ability to satisfy the obligation to accommodate First Nations and different indigenous peoples, uncertainties regarding the supply and prices of financing wanted sooner or later, adjustments in fairness markets, inflation, adjustments in change charges, fluctuations in commodity costs, delays within the improvement of tasks, capital and working prices various considerably from estimates and the opposite dangers concerned within the mineral exploration and improvement 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 making 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 will be on condition 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, apart from as required by legislation. For extra data on Fortune Bay, readers ought to consult 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 accountability for the adequacy or accuracy of this launch.

SOURCE Fortune Bay Corp.

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