Name of the Project
Goldfields gold project.

Location
Saskatchewan, Canada.

Project Owner/s
Fortune Bay Corp.

Project Description
Fortune Bay has decided to complete a preliminary economic assessment (PEA) on the Goldfields project.

The PEA aims to define the optimal development path for the project before initiating further resource delineation drilling and/or development work in support of a possible future prefeasibility study.

The scope of work comprises two phases:

Phase 1: Mine-to-mill optimisation, incorporating mine scheduling, process plant engineering and financial modelling. The objectives of this phase are to optimise mining and processing parameters by evaluating various business cases for the project before proceeding to the PEA.

Phase 2: The PEA, which will cover all aspects of such studies, including mining and recovery methods, project infrastructure, capital and operating costs and financial analysis.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
The results of the study are expected early in the fourth quarter of 2022 and will be compiled into an NI 43-101 technical report.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
Ausenco Engineering Canada (PEA); SRK Consulting (Canada) (updated mineral resource estimate); and Moose Mountain Technical Services (mine design and mine planning).

Contact Details for Project Information
Fortune Bay Corp, tel +1 902 422 1421 or email info@fortunebaycorp.com.