Fortune Minerals Ltd. recently entered into an agreement to purchase land near Saskatoon, Saskatchewan, for a new refinery that would process gold, cobalt, bismuth and copper.

The company plans to build a spur from the refinery to a CN mainline to receive inbound concentrates, reagents and other supplies, and ship outbound metal products to North American industrial centers or ports for export. The refinery also would be built near the Trans-Canada Highway.

The land purchase is subject to certain conditions, such as rezoning approval.