Fortune Minerals Forms Joint Venture with South Korean Steel Company

Fortune Minerals Limited, a London, Ontario-based diversified resource company with mineral deposits and exploration projects in Canada, announced that its wholly-owned subsidiary, Fortune Coal Limited, has entered into a definitive agreement to form a joint venture with POSCO Canada Ltd. and its wholly-owned subsidiary, POSCO Klappan Coal Ltd., to advance the Mount Klappan anthracite metallurgical coal project in northwest BC. POSCAN’s parent company, POSCO, is a South Korea-based steel producer. Pursuant to the agreement, POSCAN will acquire a 20% interest in Mount Klappan, and based on current capital cost estimates, is anticipated to make total payments and cash contributions of C$181 million, including C$30 million in upfront funding upon closing.