<<
    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
    THE UNITED STATES/

    Issued Capital: 68,240,857 (including shares issued pursuant to this
    offering)
    >>

LONDON, ON, Aug. 14 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") is pleased to announce that it has issued 3,350,000 flow-through shares at $0.70 per share under a non-brokered private placement to institutional investors to raise gross proceeds of $2,345,000. The gross proceeds of the offering will be used: (i) to fund environmental testing, engineering studies and site activities at its NICO gold-cobalt-bismuth-copper project in the Northwest Territories, (ii) to fund site studies for the proposed southern hydrometallurgical facility in western Canada and (iii) to fund engineering studies at its Mount Klappan anthracite coal project in northwest British Columbia.

The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons. This release does not constitute an offer for sale of securities in the United States.

About Fortune Minerals

Fortune Minerals is a diversified natural resource company with several mineral deposits and a number of exploration projects, all located in Canada. They include the Mount Klappan anthracite coal deposits in British Columbia, and the NICO gold-cobalt-bismuth-copper deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. Fortune Minerals owns the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled for relocation to NICO. Fortune Minerals is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.