Issued Capital: 117,076,976

LONDON, ON, Aug. 16, 2012 /CNW Telbec/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") is pleased to announce that, further to its press release dated July 2, 2012, the NI 43-101 compliant technical report for the updated mineral reserves and economics for its 100% owned NICO gold-cobalt-bismuth-copper project has been filed and will shortly be available on SEDAR (www.sedar.com and through the Company's web site www.fortuneminerals.com).

About Fortune Minerals Limited:

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 Mount Klappan anthracite metallurgical coal deposits in British Columbia and the NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories.  As part of the development of the NICO deposit, Fortune is developing the 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 Northwest Territories.  Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.