Fortune Bay Broadcasts Grant of Inventory Choices

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) (“Fortune Bay” or the “Corporate”) is happy to announce submitting of an unbiased Initial Financial Overview (“PEA”) technical record for its 100% owned Goldfields Mission (“Goldfields” or the “Mission”) positioned close to Uranium Town, Saskatchewan .

Fortune Bay Corp. Logo (CNW Group/Fortune Bay Corp.)

Fortune Bay‘s Information Liberate dated November 1, 2022 , titled ” Fortune Bay Broadcasts Certain PEA For Goldfields Mission, Saskatchewan “, outlines the important thing effects, assumptions and estimates contained within the Goldfields PEA, which gives a base case review for creating the Goldfields mineral useful resource through typical open pit mining strategies, and gold restoration with a typical unfastened milling flowsheet. In abstract, the commercial type helps an operation with low capital price and excessive fee of go back over an 8.3 yr mine lifestyles, with reasonable annual manufacturing of 101,000 oz. of gold.

PEA Highlights:

  • Powerful economics with after-tax internet provide price (“NPV”) (cut price fee 5%) of C$285M , inside fee of go back (“IRR”) of 35.2% and payback of one.7 years estimated with gold value of US$1,650 in keeping with ounce
  • Reasonable annual gold manufacturing of 101,000 oz. over lifetime of mine (“LOM”), with a median of 122,000 oz. in keeping with yr within the first 4 years
  • 8.3 yr LOM generating 835,000 oz. of gold
  • Reasonable money price of US$778 /oz. and all-in maintaining price (“AISC”) of US$889 /oz. gold
  • Preliminary capital expenditure of C$234M

The PEA technical record was once ready according to Nationwide Device 43-101 – Requirements of Disclosure for Mineral Tasks (“NI 43-101”) through Ausenco Engineering Canada Inc. (“Ausenco”), in collaboration with Moose Mountain Technical Products and services for the mine design, and SRK Consulting ( Canada ) Inc. for the up to date mineral useful resource estimate and environmental, allowing and social sides. The technical record is to be had at the Fortune Bay Corp. corporate profile at , and could also be to be had at the Corporate web site .

The technical and medical data on this information free up has been reviewed and authorized through Dale Verran , M.Sc., P.Geo., Leader Government Officer of the Corporate, who’s a Certified Individual as outlined through NI 43-101. Mr. Verran is an worker of Fortune Bay and isn’t unbiased of the Corporate underneath NI 43–101.

About Goldfields

The 100% owned Goldfields Mission is positioned roughly 13 kilometres south of Uranium Town in northern Saskatchewan . The Mission accommodates 12 mineral inclinations, protecting roughly 5,000 hectares, and is host to the Field and Athona gold deposits and a large number of different gold potentialities and occurrences. The Mission is positioned inside of a historic mining space and advantages from established infrastructure, together with a highway and hydro-powerline to the Field deposit. Within sight amenities and products and services in Uranium Town come with bulk gasoline, civil contractors, and a industrial airport. The Mission has a historical past of gold manufacturing (64,000 oz. produced between 1939 to 1942), a large number of exploration drilling campaigns (over 1,000 drill holes) and historic mining research through earlier house owners of the Mission. The present overall gold useful resource for Field and Athona (efficient date September 1, 2022 ) stands at 979,900 oz. of gold within the Indicated class (23.2 million tonnes at a median grade of one.31 g/t gold) and 210,800 oz. of gold within the Inferred class (7.1 million tonnes at a median grade of 0.92 g/t gold).

About Ausenco

Ausenco is an international corporate based totally throughout 26 places of work in 14 nations, with tasks in over 80 places international. Combining deep technical experience with a 30-year observe file, Ausenco delivers cutting edge, value- upload consulting research, venture supply, asset operations and repairs answers to the mining and metals, oil & gasoline and business sectors.

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) is an exploration and building corporate with 100% possession in two complicated gold exploration tasks in Canada , Saskatchewan (Goldfields Mission) and Mexico , Chiapas (Ixhuatán Mission), each with exploration and building attainable. The Corporate could also be advancing the 100% owned Strike and Murmac uranium exploration tasks, positioned close to the Goldfields Mission, that have high-grade attainable conventional of the Athabasca Basin. The Corporate has a objective of creating a mid-tier exploration and building Corporate in the course of the development of its current tasks and the strategic acquisition of recent tasks to create a pipeline of enlargement alternatives. The Corporate’s company technique is pushed through a Board and Control staff with a confirmed observe file of discovery, venture building and worth advent. Additional data on Fortune Bay and its property can also be discovered at the Corporate’s web site at or through contacting us as or through phone at 902-334-1919.

On behalf of Fortune Bay Corp.

“Dale Verran”
Leader Government Officer

Cautionary Remark Relating to Ahead-Taking a look Data

Data set forth on this information free up incorporates forward-looking statements which can be according to assumptions as of the date of this information free up. Those statements replicate control’s present estimates, ideals, intentions, and expectancies. They don’t seem to be promises of long run efficiency. Phrases equivalent to “expects”, “targets”, “anticipates”, “goals”, “objectives”, “tasks”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “continues”, “would possibly”, diversifications of such phrases, and equivalent expressions and references to long run classes, are meant to spot such forward-looking statements, and come with, however aren’t restricted to, statements with recognize to: the result of the PEA, together with long run Mission alternatives, long run working and capital prices, closure prices, AISC, the projected NPV, IRR, timelines, allow timelines, and the facility to acquire the needful allows, economics and related returns of the Mission, the technical viability of the Mission, the marketplace and long run value of and insist for gold, the environmental affect of the Mission, and the continued talent to paintings cooperatively with stakeholders, together with the native ranges of presidency. Since forward-looking statements are according to assumptions and cope with long run occasions and stipulations, through their very nature they contain inherent dangers and uncertainties. Even though those statements are according to data these days to be had to the Corporate, the Corporate supplies no assurance that precise effects will meet control’s expectancies. Dangers, uncertainties and different elements concerned with forward- searching data may reason precise occasions, effects, efficiency, potentialities and alternatives to fluctuate materially from the ones expressed or implied through such forward-looking data. Ahead searching data on this information free up contains, however isn’t restricted to, the Corporate’s targets, objectives or long run plans, statements, exploration effects, attainable mineralization, the estimation of mineral assets, exploration and mine building plans, timing of the graduation of operations and estimates of marketplace stipulations. Elements that would reason precise effects to fluctuate materially from such forward-looking data come with, however aren’t restricted to failure to spot mineral assets, failure to transform estimated mineral assets to reserves, the shortcoming to finish a feasibility find out about which recommends a manufacturing determination, the initial nature of metallurgical check effects, delays in acquiring or disasters to acquire required governmental, environmental or different venture approvals, political dangers, lack of ability to satisfy the obligation to deal with First International locations and different indigenous peoples, uncertainties when it comes to the supply and prices of financing wanted someday, adjustments in fairness markets, inflation, adjustments in change charges, fluctuations in commodity costs, delays within the building of tasks, capital and working prices various considerably from estimates and the opposite dangers concerned within the mineral exploration and building trade, and the ones dangers set out within the Corporate’s public paperwork filed on SEDAR. Even though the Corporate believes that the assumptions and elements utilized in getting ready the forward-looking data on this information free up are cheap, undue reliance will have to now not be put on such data, which most effective applies as of the date of this information free up, and no assurance can also be for the reason that such occasions will happen within the disclosed time frames or in any respect. The Corporate disclaims any purpose or legal responsibility to replace or revise any forward-looking data, whether or not because of new data, long run occasions or another way, instead of as required through regulation. For more info on Fortune Bay, readers will have to discuss with Fortune Bay‘s web site at .

Neither TSX Project Trade nor its Law Products and services Supplier (as that time period is outlined in insurance policies of TSX Project Trade) accepts accountability for the adequacy or accuracy of this free up.

SOURCE Fortune Bay Corp.

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