Fortuna enters Bengkulu iron sands project

ASX-listed firm Fortuna Minerals Limited announced on Wednesday it had signed exclusive option deal to acquire Seluma iron sands mining project in the Sumatra province of Bengkulu.

The company said the deal gave it right to exercise the option at any time prior to 12 January 2011. If Fortuna exercises the option, a total royalty of US$ 10.00 per tonne of mined concentrate of all minerals obtained from the mining license area is payable.

Fortuna has appointment Zephyr Consulting Group Pty Ltd to undertake a review and appraisal of the Project.

According to the company, analysis of samples collected from two programs completed in 2008 demonstrated that the sedimentary profile contains potentially economic Iron Sands, with iron content ranging from 4.8 to 22.5% (6.9 ? 32.1% Fe2O3), and justify further evaluation of the project.(alex)