HALIFAX, May 27, 2014 /CNW/ - Fortune Bay Corp. ("Fortune Bay" or the "Company") (TSX: FOR) announces that it has initiated a strategic review process to explore alternatives for the enhancement of shareholder value. The review will consider various alternatives for the Company, including the potential sale of the Company's exploration assets, and any other options identified by executive management with the fundamental objective of realizing the best value for the Company's shareholders.
Deloitte Corporate Finance Inc. has been retained to explore any and all options and primarily advise the Company on alternatives relating to the Company's two mining assets. The value enhancing alternatives could include, but are not limited to, a sale or partnership of the primary mining assets.
There can be no assurance that the Company's efforts will be successful or that this process will result in any transaction. The Company does not intend to disclose further developments with respect to this process unless and until the Board reviews and approves the outcome together with recommendations.
About Fortune Bay
Fortune Bay is engaged in the exploration and potential development of two primary mining projects; the Goldfields project and the Ixhuatan project. The Goldfields project is a property comprised of 25,685 ha located in northern Saskatchewan and consists of two gold deposits: the Box deposit and the Athona deposit. The Ixhuatan project is located in the northern Chiapas State in Mexico covering 4,176 ha.
Fortune Bay Corp. was created as a result of a merger between Primero Gold and Brigus Gold whereby these development stage mining assets and cash were spun out into the new company.
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the closing of the successful completion of the strategic review. While such forward-looking statements are expressed by Fortune Bay, as stated in this release, in good faith and believed by Fortune Bay to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Fortune Bay does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at investors' own risk.
SOURCE Fortune Bay Corp.