Fortune Minerals Limited (TSX: FT, OTCQX: FTMDF) announced that the Mackenzie Valley Review Board has recommended approval of the proposed NICO gold-cobalt-bismuth-copper mine and mill in the Northwest Territories, based on the results from an EA.

As quoted in the press release:

This Report found that, “while the NICO project has the potential to cause significant adverse impacts on the environment, the measures the Review Board has recommended will ensure that no significant adverse impacts will result from the development.”  The Report and recommendation has been submitted to the Honourable John Duncan, Minister of Aboriginal Affairs and Northern Development Canada for his approval and signature, and to the Tlicho Government.  Upon acceptance of the Report by the Minister and the Tlicho Government, the NICO project can progress to the licensing and permitting phase of the process.

Fortune’s Director of Regulatory and Environmental Affairs, Richard Schryer, said:

This is a landmark decision for Fortune as we have successfully demonstrated to the Review Board that the NICO project can be constructed, operated and decommissioned without significant impact to the surrounding environment.

To view the whole press release, click here.