Issued Capital: 107,519,427

TORONTO, June 13, 2011 /CNW/ - Fortune Minerals Limited (TSX: FT) ("Fortune" or "the Company"), at the request of Market Surveillance, on behalf of the Toronto Stock Exchange, has issued this news release to confirm that it is not aware of any material corporate developments which would account for the recent increase in its stock price and trading volume.

Fortune has engaged Deloitte & Touche Corporate Finance Canada Inc. ("Deloitte") as its financial advisor to identify and help negotiate with a strategic partner to advance the Company's Mount Klappan anthracite metallurgical coal project in northwest British Columbia to production (see Fortune news release, dated June 30, 2010).  Mount Klappan is one of world's largest undeveloped deposits of metallurgical coal used to manufacture steel and other metals, fertilizers and various carbon products.  An update to the Mount Klappan Definitive Feasibility Study ("DFS") was completed by Marston & Marston Inc. in late 2010 using a new railway transportation solution to the port of Prince Rupert, which indicates robust economics for the development (see Fortune news release, dated November 4, 2010).  The Deloitte process is continuing, and while the Company is in discussions with a potential strategic partner with respect to a possible transaction, no assurance can be given that any such transaction will be concluded.

Fortune owns the NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories ("NT") where it plans to construct a mine and mill to produce bulk concentrate for shipment to its proposed Saskatchewan Metals Processing Plant ("SMPP") near Saskatoon for further processing to high value metal products including gold doré, cobalt and copper cathodes, bismuth ingots and a nickel precipitate.  Environmental Assessments to permit both the NT and Saskatchewan sites are well advanced and the Company has filed its Developers Assessment Report (see Fortune news release, dated May 24, 2011). NICO has been assessed in a DFS by Micon International Limited (updated in 2008), which indicates an attractive rate of return for the development (see Fortune news release, dated May 8, 2008).  Since completion of the DFS, Fortune announced a 43% increase to the NICO Mineral Reserves (See Fortune news release, dated January 14, 2010) and other mining, metallurgical and operational improvements (see Fortune 2010 Annual Review).  Additional drilling was conducted at NICO in 2010 and updated Mineral Reserves for the project are nearing completion by P&E Mining Consultants Inc.  The improvements to the NICO project are being incorporated into Front End Engineering and Design ("FEED") studies by Jacobs Minerals Canada Inc. (formerly Aker Metals, a division of Aker Solutions Canada Inc.) and other engineering companies.  Updated economics for the NICO development will be announced upon completion of FEED.

Fortune completed the demolition and dismantling of the buildings and equipment from the Golden Giant Mine near Hemlo, Ontario that had been purchased previously from Newmont Canada Limited.  After receipt of NICO permits and project financing, this equipment will be reused to reduce capital costs for the development.  The Company has engaged BNP Paribas to arrange a debt facility of up to $250 million to help finance the project.

Fortune notes that there continues to be significant growth in demand for all of the commodities it expects to produce from its proposed Mount Klappan and NICO mines.

About Fortune Minerals:

Fortune Minerals is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada. The Company is focused on the development of the Mount Klappan anthracite metallurgical coal deposits in British Columbia and the NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories ("NT"). As part of the development of the NICO deposit, Fortune is developing a metals processing plant in Saskatchewan and has acquired the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled, moved, and stored for relocation to NICO. In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune Minerals is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

This press release contains forward-looking information.  This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the proposed development of and anticipated production from the Mount Klappan and NICO projects, the proposed purchase and development of the site for the Saskatchewan Metals Processing Plant ("SMPP"), the establishment of a railway link to Prince Rupert and the pursuit of strategic alternatives for the Mount Klappan project. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information.  These factors include the risk that the Company may not be able to arrange the necessary financing to construct and operate the Mount Klappan and NICO mines, the SMPP and/or the railway link to Prince Rupert, the risk that the Company may not be able to conclude a strategic transaction for Mount Klappan or an agreement with CN for the transportation of coal from Mount Klappan to Prince Rupert, the possibility of delays in the commencement of production from the Mount Klappan, NICO and SMPP projects, the inherent risks involved in the exploration and development of mineral properties, the risk that actual capital and operating costs for the Mount Klappan, NICO and SMPP projects may differ from those anticipated, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating coal and metal prices and other factors. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.