Significant construction and operations expertise to strengthen project execution and delivery

Issued Capital: 120,276,976

LONDON, ON, Nov. 29, 2012 /CNW/ - Fortune Minerals Limited (TSX-FT) (OTCQX-FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce that Mike Romaniuk has joined the Company as Vice President Operations effective November 19, 2012.  Mike Romaniuk brings extensive global engineering, mining and mineral processing operations and construction experience gained from more than 25 years in the sector primarily with Xstrata Nickel and Falconbridge.  Mike is based in Fortune's head office in London, Ontario and will oversee development of the Company's NICO gold-cobalt-bismuth-copper project in the Northwest Territories ("NT") and Saskatchewan, and the Arctos anthracite metallurgical coal project ("Arctos") in British Columbia ("BC").  Both of these projects have already been assessed in positive definitive feasibility studies ("DFS"), have been test mined and pilot plant processed, and are now in permitting for their proposed development.

Robin Goad, Fortune's President and CEO commented, "Mike's expertise managing complex global mining operations through the various stages of development and construction makes him a timely addition to our team as we advance toward our goal of becoming a reliable North American producer of metallurgical coal, gold and specialty metals."  "I am excited to join Fortune and see great opportunity in the development of Fortune's significant Canadian assets," said Mike Romaniuk, Vice President Operations of Fortune.

Mike Romaniuk, P.Eng., has degrees in Geological Engineering - Mineral Processing from the University of Toronto and Mine Geology from Laurentian University.  His prolific career includes more than two decades of experience within Xstrata Nickel and Falconbridge and senior positions including Vice President in charge of Sudbury Operations and its integrated mining, milling and smelting facilities in Sudbury and the Montcalm mine in Timmins.  Mike was also Vice President and Project Director of the multi-billion dollar Koniambo ferronickel project in New Caledonia, which included operating centres in Canada, China, France, New Caledonia, Australia, and Malaysia.  As Director of Projects, Mike oversaw a portfolio of development projects that included the Nickel Rim mine in Sudbury, the Perseverance mine and mill in Quebec and Altonorte Smelter expansion in Chile.  Prior to his senior roles with Falconbridge, Mike held various positions in mineral processing, design engineering, project management, utilities and as the Commissioning Manager for the Raglan Mine in the Nunavik far north region of Quebec. Most recently he was President and CEO of Rail-Veyor Technologies - a bulk material haulage solutions company.

Fortune is also pleased to announce that, further to its press release dated October 15, 2012, the NI 43-101 compliant technical report for the updated DFS for the Arctos Anthracite Project in northwestern BC, will be filed today on SEDAR (www.sedar.com) and will also be available through the Company's website (www.fortuneminerals.com).  Arctos, formerly known as the Mount Klappan project, is a collaborative international development project by the Arctos Anthracite Joint Venture ("AAJV") between Fortune (80%) and POSCAN (20%), the Canadian subsidiary of Korea's POSCO, one of the world's largest steel producers.

About Fortune Minerals:
Fortune 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 Arctos Anthracite Project in BC and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing a metals processing plant ("SMPP") in Saskatchewan to process NICO concentrates to high value metal products. The Company has acquired and dismantled equipment from the Golden Giant Mine at Hemlo, Ontario for relocation to NICO. In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune 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 statements with respect to, among other things, proposed production of metallurgical coal, gold and specialty metals, the proposed development of the Arctos and NICO projects and the proposed purchase and development of the site for the SMPP. 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 inherent risks involved in the exploration and development of mineral properties, the inherent volatility of metal prices, the risk that the Company may not be able to arrange the necessary financing to construct and operate the Arctos coal project, the NICO mine or the SMPP, uncertainties with respect to the receipt or timing of required permits for the development of the Arctos project, the NICO project or the SMPP, the possibility of delays in the commencement of production from the Arctos project, the NICO project or construction of the SMPP 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 made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.