POLYMETALLIC – Fortune Minerals Ltd. June 20 reported that the Wek’èezhìi Land and Water Board in Northwest Territories has issued a land use permit and approved the Type A water license required to construct and operate the Nico gold-cobalt-bismuth-copper mine and concentrator on the company’s mining leases located 160 kilometers (99 miles) northwest of Yellowknife and 50 kilometers (31 miles) north of the Tlicho community of Whati. These are the primary permits required to develop the Nico project following completion of the company’s environmental assessment for the project in 2013, dated July 19, 2013). The company can now commence construction of the mine upon receipt of project financing and after making the initial closure bond payments to the Government of the Northwest Territories. Fortune continues to work with Deloitte Corporate Finance Canada Inc. to secure project financing and negotiations are advancing with a strategic partner and its banks. “With these permits now in hand, Fortune can commence construction of Nico,” said Richard Schryer, Ph.D., Fortune’s director of regulatory and environmental affairs. The company is continuing to work collaboratively with the Tlicho people, local communities and governments to make this a successful project that contributes positively to the economy and social fabric of the Northwest Territories. We are particularly proud that Nico will be a catalyst for important legacy infrastructure development, including the proposed Tlicho Road and an expanded electrical grid that also will service nearby communities.” Fortune President and CEO Robin Goad said the permits position his company for organic growth after having entered into an agreement in May to purchase the Revenue Silver Mine in Colorado. “It is very gratifying to see Nico advance from an in-house exploration success to become a shovel-ready development asset after the expenditure of more than C$110 million over many years to validate the project and reduce risks from its development. I want to congratulate all of our team members who contributed to achieving the critical milestones as we transition into the project execution and construction phase of the development.” The Nico Project consists of a proposed open-pit and underground mine and mill in Northwest Territories that will produce a bulk concentrate for shipment to the planned Saskatchewan Metals Processing Plant near Saskatoon, Sask., for further processing to high-value metal and chemical products. Fortune intends to produce gold, bismuth metals and chemicals, cobalt chemicals and by-product copper at Nico. As a North American project, Nico is expected to command significant interest from manufacturers that have concerns about the concentration of supply for both cobalt and bismuth in just two countries. More than 60 percent of cobalt mine production is currently sourced from the politically unstable Democratic Republic of the Congo and 43 percent of refinery production is from China. Bismuth is principally sourced from China, which accounts for roughly 80 percent of mine production and most of the refining. Nico also will benefit by selling into the North American and European Union markets where it has advantages from lower transportation costs and exemptions from paying excise duties and tariffs under the North American Free Trade Agreement.

FINANCE – Avalon Rare Metals Inc. June 19 reported that the company is planning to raise roughly c$2 million in a non-brokered private placement of up to 2.5 million flow-through common shares at a price of C60 cents per share and a non-brokered private placement of up to 1 million non-flow-through units priced at C48 cents per unit. Each non-flow-through unit will consist of one common share and one-half share purchase warrant of the company. Each whole warrant will entitle the subscriber to purchase one common share of the company at a price of C60 cents per share for a period of three years from the date of issuance. The private placement is scheduled to close in one or more tranches on or before June 30, and is conditional upon receipt of all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE MKT. The proceeds from the sale of the FT shares will be used to fund the summer drilling programs and other eligible exploration work on Avalon’s Nechalacho