First Fortune Investments acquires 26 Claims in Sweden
The president of First Fortune Investments Inc. (News) (Frankfurt ISIN: CA3199841006, WKN: 876916), Jeff Gale, announced that it signed a memorandum of understanding with Mawson Resources Ltd.. ( “Mawson”) has taken a 25 Claims exploration and mining lease property, the Claims from 15 gold and 11 base metal Claims in northern Sweden, to acquire. Seven of the Gold Claims subject to a warrant and joint-venture agreement dated 24 August 2006 between First Fortune, Fortune First AB, Mawson and Mawson Sweden AB. The JV agreement with the completion of the transaction end, which is subject to regulatory approval. Mawson is from First Fortune for the purchase of the Claims CDN $ 250,000 and 6,000,000 shares, the future production of these two claims is subject to a NSR royalty of 2%. Upon completion of the transaction, Mawson about 19% of First Fortune on a undiluted basis. The Gold Claims are the largest property in the Skellefte gold mining district in the north of Sweden with 76,000 ha of Claims. The Gold Claims cover 60 km of the 130-kilometer Skellefte “Gold Line”. This course is a gold camp, which already has two gold mines in operation, another project is located in the final feasibility. The Gold Claims, large stretches of no reason exploriertem along the course of large gold projects within the Claims dar. there are three advanced gold projects. On one of them, on the Vargbacken project, found sufficient holes, a NI43-101 CIM-compliant estimate an indicated resource of 1.2 million tonnes @ 1.44 g / t gold and a “Inferred” Resource of 0.9 million tonnes @ 1.68 g / t gold and 0.6 g / t cut-off to calculate. On Vargbacken there is a 25-year-old mining license, which in October 2003 was granted. The first revelation of resources by Mawson on 16 August 2006. At the moment, a technical report prepared as part of the remaining regulatory documents from First Fortune will be stored. The base metal assets include the Caledonide properties of Mawson in the north west of Sweden and the Vena copper-cobalt-zinc-silver project in central Sweden, which is 7 km north of the Zinkgruvan mine is located. Mr. Gale commented: “After a year in Sweden, where we worked many of these properties, this acquisition is a natural extension of our joint venture with Mawson. We are pleased that our business relationship with Mawson by the holding of First Fortune’s shares remains so that all parties for the benefit of the shareholders of First Fortune can work. These properties have great potential and we all work diligently in order to maximize this opportunity. ” The loud NI43-101 qualified person is Mark Saxon, Director and Vice-President of Exploration for Mawson and a member of the Australasischen Mining and Metallurgy Institute. Mr Saxon, the contents of this news release.
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