Fortunate Sun Mining Company Ltd. Announces Start of Drilling at Golconda
18.04.2012 | Marketwire
VANCOUVER, April 18, 2012 - Fortunate Sun Mining Company Ltd. (TSX VENTURE:FSM) (the "Company") is pleased to announce that all permits have now been received in order to begin the proposed 1700 meter diamond drilling program at the company's Golconda property in Sonora Mexico.On January 27th of 2011, Fortunate Sun S.A de C.V., a wholly owned subsidiary of Fortunate Sun Mining Company Ltd., collectively known as "FSM", entered into an agreement with Minera Coplau S.A. de C.V., a private Mexican company based in Hermosillo Mexico, to explore the Golconda property. The terms of the agreement state that FSM must spend a minimum of $250K U.S. on the project in the first year of the agreement and a total of $2.5 million U.S. over four years to earn a 100% in the Golconda project. The property is located in the southwest corner of the state of Sonora Mexico and is accessible to manpower and all suitable infrastructure required to complete the program.
In order to qualify as the company's Initial Public Offering (IPO) project, the terms set out by the TSX Venture Exchange state that the company must conduct a minimum of $400K U.S. worth of work on the project in the first year following the acceptance date of the agreement. The project is expected to take approx. 45 days and is set to begin in the next two weeks following the date of this release. FSM's VP Exploration, Mr. Kristian Whitehead, will be overseeing the program at Golconda.
"We are very excited about the prospects of getting started drilling at our core project, Golconda as we enter the Spring of 2012," stated Reg Advocaat, President of FSM.
On behalf of the Board of Directors,
Reg Advocaat
President and CEO
This news release may contain forward looking statements including but not limited to, information regarding geological interpretations, resources, potential timing and content of exploration programs, production schedules and projections, receipt of permits, company financings etc. Forward looking statements refer to events and conditions which have not yet taken place and therefore involve inherent risks and uncertainties. Actual results may differ materially from those anticipated in these statements. Fortunate Sun relies on litigation protection for forward looking statements.
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.
Contact
Fortunate Sun Mining Company Ltd.
Reg Advocaat, President & CEO
778-945-2139
604-629-0923 (FAX)
reg@fortunatesunmining.com
www.fortunatesunmining.com