Fortune Minerals Limited Press Releases

Fortune Minerals Provides Shareholder Update

Mon, 06 May 2013 10:19:00 -0400

First quarter 2013 results filed

Issued Capital: 121,276,976

LONDON, ON, May 6, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune Minerals" or the "Company") reports that its consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the period ended March 31, 2013 have been filed and are available on SEDAR (www.sedar.com) or through the Company's web site (www.fortuneminerals.com).

Fortune has two advanced development assets: the Arctos Anthracite Project in northwest British Columbia ("BC"); and the NICO Gold-Cobalt-Bismuth-Copper Project in the Northwest Territories ("NT"), which will also include a proposed refinery to process concentrates to high value products. Both projects have been assessed in positive detailed feasibility studies, and their development risk mitigated from extensive work including test mining and pilot plant processing. Both projects are progressing through environmental assessments.

The following is reproduced from the Company's Annual Review and President's letter to shareholders forming part of the materials to be provided to shareholders in connection with the Company's annual meeting scheduled for June 25, 2013:

The past two and a half years have seen a sustained bear market for the resource industry that has eroded share prices for many companies. We, however, remain committed to our view that the Earth's inventory of readily accessible mineral deposits is in decline and companies with high quality assets will benefit from the increasing demand for commodities when confidence returns to our sector in the capital markets.

Over the past two years, Fortune Minerals has carefully managed its cash resources while successfully advancing its Arctos and NICO projects through detailed feasibility studies and the environmental assessment process. The 2012 Front-End Engineering and Design study completed for NICO demonstrated a positive rate of return for the development with a significant increase to the mineral reserves to 33 million tonnes, including a 20% increase in the gold content to 1.1 million ounces. With a positive recommendation for approval received recently from the Mackenzie Valley Review Board, the NICO project will be ready for construction upon receipt of the final permits and requisite project financing. Similarly, the updated Arctos feasibility study indicates robust economics with increased run-of-mine coal reserves of 125 million tonnes within a much larger underexplored historical resource. Based on the revised project description, the Arctos project is actively conducting environmental work to support the EA process.

Concurrent with advancing the operational side of our two development assets, Fortune Minerals has been pursuing a project financing strategy based on forming joint ventures with strategic partners and building on the successful first stage partnership we have with POSCO for our Arctos project. The current state of the capital markets only reinforces our view that this is the correct approach. The Company has been working with Deloitte & Touche Corporate Finance Canada, our financial advisor, to leverage its significant global platform and build important relationships with potential partners, particularly in Asia. Fortune Minerals is advancing discussions with prospective partners and is committed to successfully completing the plan.

I am very proud of the team we have assembled over the years at Fortune Minerals. We continue to build our capacity with the addition of key people needed to properly execute our plan, including the appointment of Mike Romaniuk as Vice President of Operations and Chief Operating Officer. Mike's expertise, gained from more than two decades with Xstrata Nickel and Falconbridge, includes managing complex mining projects through the various stages of development and operations and makes him a timely addition to lead the development of our NICO and Arctos projects.

Fortune Minerals recognizes the importance of sustainable development that balances economic opportunity with environmental stewardship and the social license to operate. Significant effort is being made to engage with communities and regulators to mitigate potential impacts from our developments and benefit First Nations and stakeholders. The Company's efforts are recognized by the Canadian Council for Aboriginal Business through our participation in the Progressive Aboriginal Relations program at the Committed Level. This "PAR" program is the first and only corporate responsibility assurance program in the world with an emphasis on aboriginal relations.

Fortune Minerals has the assets, the people and the plan to transition through construction and realize our goal of becoming a diversified Canadian producer of metallurgical coal, gold and specialty metals to service a world economy that needs access to raw materials.

Robin E. Goad, President and CEO

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 Arctos Anthracite Project 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 Minerals is developing the Saskatchewan Metals Processing Plant ("SMPP") in Saskatchewan to process NICO concentrates to high value metal products. 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.

The disclosure of scientific and technical information contained in this press release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of the Company, who is a "qualified person" under National Instrument 43-101.

This discussion contains certain 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 size and quality of the Company's mineral resources, progress in development of mineral properties, securing of strategic investors for the Company's mineral projects, demand and market outlook for metals and coal and future metal and coal prices. 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, 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 metal and coal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties with respect to the Company's ability to secure strategic investors, other uncertainties relating to the availability and costs of financing needed in the future, uncertainties related to metal recoveries 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.

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com

Renmark Financial Communications
Barbara Komorowski: bkomorowski@renmarkfinancial.com, or
Nadia Marks: nmarks@renmarkfinancial.com
Montreal Tel: (514) 939-3989, Toronto Tel. (416) 644-2020
Montreal Fax: (514) 939-3717, Toronto Fax. (416) 644-2021
www.renmarkfinancial.com

Fortune Minerals provides Arctos project environmental assessment update

Fri, 19 Apr 2013 07:27:00 -0400

BCEAO issues Section 10 Order & requests streamlined EA process

Issued Capital: 121,276,976

LONDON, ON, April 19, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) and POSCO Canada Ltd. ("POSCAN") are pleased to announce that their Arctos Anthracite Joint Venture ("AAJV") has submitted a revised Project Description for the Arctos Anthracite Project to the British Columbia Environmental Assessment Office ("BCEAO") and the Canadian Environmental Assessment Agency ("CEAA"). This revised Project Description is based on the current development plan that includes extending the Dease Lake railway line in northwest British Columbia ("BC"), 150 km to the proposed mine along the existing railway roadbed. The mine plan has also been amended to reflect a three million tonne per annum production rate and to include modifications to reduce environmental impacts. The CEAA has accepted the Project Description and is seeking public comment on the environmental assessment ("EA") process.

The BCEAO has issued a Section 10 order that determines that the project is reviewable and requires an EA to proceed. The BCEAO has also submitted a request to the CEAA for "substitution", which would streamline the EA process under a single regulatory body in BC, making the EA more efficient with the elimination of unnecessary duplication. A decision on substitution is expected from the CEAA by late May. If the request is approved by the federal Minister of Environment, the province would commit to fulfill the conditions for substitution which includes undertaking procedural delegation of aboriginal consultation for the project.

Dr. Richard Schryer, Fortune's Director of Regulatory and Environmental Affairs, commented, "substitution of the federal EA process enables cooperation between jurisdictions in the delivery of timely, high quality EAs to achieve the objective of a 'one project-one assessment' approach".

The AAJV had already been in the EA process for a previous development plan and most of the environmental baseline information for the mine site has already been collected. The AAJV has been conducting significant additional environmental baseline studies for the proposed railway extension and to address gaps and update the mine baseline data to support permitting and detailed engineering designs. The AAJV is also targeting submission of its draft Application Information Requirements ("dAIR") or "Terms of Reference" in May. The final EA report is expected to be filed in early 2014 to initiate the review process.

Project overview:

The Arctos Anthracite Project is one of the world's premier metallurgical coal projects consisting of 16,411 hectares of contiguous coal licenses in northwest BC. The project is an international collaboration between Fortune (80%) and POSCAN (20%), the Canadian subsidiary of South Korea's POSCO, one of the world's largest steel producers. Substantial engineering, feasibility and environmental work have already been completed for the proposed development, with expenditures to date totalling approximately $100 million.

The Arctos project is located 330 km northeast of the Port of Prince Rupert and straddles the existing BC Railway right-of-way. The roadbed for this railway was constructed in the 1970's by the BC government, but was never completed from the current terminus of track, 150 km south of the proposed mine. The railway right-of-way provides a simple brownfield access corridor to the Canadian National Railway at Minaret, and from there, to the Ridley Coal Terminal in Prince Rupert for export of metallurgical coal products to overseas steel manufacturers and metal processors. Based on the recently updated definitive feasibility study for the Arctos project, the Proven and Probable Run-of-Mine Product Reserves will support a 25-year mine life, contributing 500 direct jobs and 1000 jobs in supporting activities and generating more than $10 billion in revenues and $900 million in combined federal and provincial taxes. Further, there is an opportunity to extend the mine life from a very large mineral resource base.

Anthracite coal:

Anthracite is the highest quality metallurgical coal, measured by carbon and energy content, and represents just 1% of world coal reserves. It is also the most versatile coal, suitable for use in a broad range of steel making and metallurgical processes and as a raw material to manufacture synthetic products. The natural high carbon and very low volatile (gas) content of anthracite makes it ideal for use as a premium ultra-low volatile pulverized coal injection ("PCI") product that is injected into the blast furnace to reduce the amount of coke used in crude steel production. High carbon and low volatiles also allows anthracite to be used as a direct coke replacement and as a blend coal to make metallurgical coke that is typically made from hard coking coal. Anthracite is the only coal that can be used as sinter feed. Anthracite reductants are used in electric arc / direct reduction steel manufacturing and for the processing of ferroalloys and other metals. Carbon filters for water purification are made with anthracite coal as well as some carbon composite materials. The high carbon content of anthracite makes it the preferred coal for gasification and liquefaction technologies to make urea fertilizers, plastics and high quality synthetic fuels, particularly in Asia where natural gas supplies are scarce.

The global shortage of high quality metallurgical coal is driving innovation in the steel industry as producers develop new technologies to be globally competitive, reduce greenhouse gas emissions, and diversify their sources of key raw materials. Many of these new technologies use even greater amounts of anthracite. The scarcity of high quality deposits and declining exports from the traditional suppliers highlights the importance of having a reliable Canadian source.

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 Northwest Territories ("NT"). As part of the development of the NICO deposit, Fortune is developing the Saskatchewan Metals Processing Plant ("SMPP") in Saskatchewan to process NICO concentrates to high value metal products. 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, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the timing of a decision on substitution by the CEAA, the timing of the submission of a dAIR or Terms of Reference by the AAJV, the timing of issuance of a final EA report, the proposed development of and anticipated production from the Arctos project, the anticipated economic impact of the Arctos project and the establishment of a railway link to Prince Rupert. 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 Arctos mine and/or the railway link to Prince Rupert, the risk that the AAJV may be terminated in accordance with its terms, the risk that the Company may not be able to conclude an agreement with CN for the transportation of coal from the Arctos site to Prince Rupert, the possibility of delays in the commencement of production from the Arctos project, the inherent risks involved in the exploration and development of mineral properties, the risk that actual capital and operating costs for the Arctos project 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 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.

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com

Fortune Minerals Releases 2012 Annual Financial Results

Mon, 04 Mar 2013 12:01:00 -0500

Issued Capital: 121,276,976

LONDON, ON, March 4, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") is pleased to announce that its annual audited consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the year ended December 31, 2012 have been filed and are available on SEDAR (www.sedar.com) and will be available soon through the Company's web site (www.fortuneminerals.com).

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 British Columbia ("BC") and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing the Saskatchewan Metals Processing Plant ("SMPP") in Saskatchewan to process NICO concentrates to high value metal products. 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.

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com

Fortune Minerals receives Environmental Assessment Board approval for the NICO mine & mill

Mon, 28 Jan 2013 07:26:00 -0500

Mackenzie Valley Review Board recommends NICO project with measures

Issued Capital: 121,276,976

LONDON, ON, Jan. 28, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce that the Mackenzie Valley Review Board ("Review Board") has concluded its Environmental Assessment ("EA") and has recommended approval of the proposed NICO gold-cobalt-bismuth-copper mine and mill in the Northwest Territories ("NT"). The Review Board concluded that a full environmental review of the NICO Project is not necessary and that it should proceed to the regulatory phase for approvals subject to the measures set out in its Report.

The Review Board, the primary authority responsible for all EA and review in the NT, issued its Report of Environmental Assessment and Reasons for Decision ("Report") for the NICO project on January 25, 2013. This Report found that, "while the NICO project has the potential to cause significant adverse impacts on the environment, the measures the Review Board has recommended will ensure that no significant adverse impacts will result from the development." The Report and recommendation has been submitted to the Honourable John Duncan, Minister of Aboriginal Affairs and Northern Development Canada ("AANDC") for his approval and signature, and to the Tlicho Government. Upon acceptance of the Report by the Minister and the Tlicho Government, the NICO project can progress to the licensing and permitting phase of the process.

Dr. Richard Schryer, Fortune's Director of Regulatory and Environmental Affairs stated, "This is a landmark decision for Fortune as we have successfully demonstrated to the Review Board that the NICO project can be constructed, operated and decommissioned without significant impact to the surrounding environment. The measures requested by the Review Board were developed primarily from pre-existing commitments already agreed to by the Company during the EA. Fortune is confident these measures can be successfully implemented since they were already part of the project development plan." Examples of the measures include the development of a Wildlife Effects Monitoring Program, a Wildlife and Wildlife Habitat Protection Plan, and the signing of a socio-economic agreement with the Government of the Northwest Territories ("GNWT") which are all standard practice for mines in the NT. One of the measures was directed to the GNWT and Tlicho Government, which are required to establish and co-chair, at their own expense, an expert working group to develop a response framework for managing cumulative impacts.

The Review Board stated that its recommendation assumes Fortune will implement all of the commitments it made during the EA process as well as the measures outlined in the Report. A number of suggestions were also proposed by the Review Board which Fortune will take into consideration in the development of the NICO project. Completion of the EA process is a significant milestone for the NICO project which will proceed to the regulatory approvals phase with the Wek'èezhìi Land and Water Board and other parties to develop the water license and land use permits upon acceptance of the Report by the Minister of AANDC and the Tlicho Government. Fortune has already begun preparations for this final stage of the permitting process and fully expects to progress in an efficient manner given the positive foundation already built during the EA process. The Company is also advancing discussions with the Tlicho Government toward completing agreements on the NICO development.

NICO is a planned vertically integrated project consisting of an open pit and underground mine and mill in the NT and a refinery in Saskatchewan where concentrates from the mill will be processed to high value metal products. The proposed mine is located 50 km north of the Tlicho community of Whati and 160 km northwest of the City of Yellowknife. The NICO project has already been assessed in a positive Front-End Engineering and Design study led by Jacobs Minerals Canada Inc. and other engineering companies, and the deposit has been test mined and the ores and concentrates subjected to pilot plant testing to verify the process flow sheet, and the production and recoveries of metal products.

With 33 million tonnes of Proven and Probable Mineral Reserves containing approximately 1.1 million ounces of gold, 82 million pounds of cobalt, 102 million pounds of bismuth and 27 million pounds of copper, the NICO mine can sustain operations for 20 years at the planned production rate of 4,650 tonnes of ore per day. The high concentration ratio of NICO ores allows this daily throughput to be reduced to only 180 tonnes of concentrate containing the valuable metals. The concentrate will be trucked to the rail head at Hay River for delivery by rail to the Saskatoon Metals Processing Plant ("SMPP") for further processing to high value metal products.

NICO is planned to be a reliable Canadian producer of gold doré, cobalt sulphate, bismuth ingot and copper metal precipitate. Notably, cobalt has growing consumption in superalloys and chemicals needed to manufacture high performance lithium-ion and nickel-metal hydride rechargeable batteries used in portable electronic devices and hybrid-electric cars. NICO contains approximately 15% of global bismuth reserves, demand for which is growing as an environmentally safe and non-toxic replacement for lead in a number of important metal alloys, industrial materials and specialized products that require its unique physical and chemical properties. The approximately 1.1 million ounces of gold contained in the NICO deposit is a counter cyclical hedge to the other metals that could sustain operations during periods of metal price volatility.

Underground Mineral Reserves

Class	Tonnes	Au (g/t)	Co (%)	Bi (%)	Cu (%)
Proven	282,000	4.93	0.14	0.27	0.03
Probable	94,000	5.60	0.11	0.19	0.01
Total	376,000	5.09	0.13	0.25	0.02

Open Pit Mineral Reserves

Class	Tonnes	Au (g/t)	Co (%)	Bi (%)	Cu (%)
Proven	20,513,000	0.94	0.11	0.15	0.04
Probable	12,099,000	1.05	0.11	0.13	0.04
Total	32,612,000	0.98	0.11	0.14	0.04

Underground and Open Pit Combined Mineral Reserves

Class	Tonnes	Au (g/t)	Co (%)	Bi (%)	Cu (%)
Proven	20,795,000	0.99	0.11	0.15	0.04
Probable	12,193,000	1.09	0.11	0.13	0.04
Total	32,988,000	1.02	0.11	0.14	0.04
In-Situ Contained Metal		1,085,000 Ounces	82,268,000 pounds	102,053,000 pounds	27,179,000 pounds

Sums of the combined reserves may not exactly equal sums of the underground and open pit reserves due to rounding error.

The geological block model consists of the aggregate of five metre cubed individual blocks with grades assigned by the interpolation of composited assay data using Indicator Kriging. The resource estimate was also verified using Nearest Neighbor interpolation, which generated similar results. The composite database was subjected to geostatistical analysis to limit the influence of grades that were considered statistically anomalous, and established grade caps of 24 grams/tonne ("g/t") for gold, 0.94% for cobalt, 1.40% for bismuth and 0.71% for copper. The mineral reserve estimates were prepared by Eugene Puritch, P.Eng., Fred H. Brown, CPG PrSciNat, and James L. Pearson, P.Eng. of P&E, who are the Qualified Persons responsible for the updated mineral reserves as defined by NI 43-101.

Concurrent with the permitting process, Fortune has been working with Deloitte & Touche Corporate Finance Canada to attract one or more strategic partners to provide the project financing for the NICO project. As a potential Canadian-based producer of cobalt and bismuth, NICO presents an attractive opportunity for prospective partners to secure a reliable supply of these metals with a highly liquid gold co-product. Discussions are ongoing with several parties interested in participating in joint venture development of the project.

The disclosure of scientific and technical information contained in this press release has been approved by Robin Goad, M.Sc., P. Geo., President and Chief Executive Officer of the Company, who is a "qualified person" under National Instrument 43-101.

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 British Columbia ("BC") and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing the Saskatchewan Metals Processing Plant ("SMPP") in Saskatchewan to process NICO concentrates to high value metal products. 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 gold and specialty metals, the permitting process for the NICO project, the proposed development of the NICO project and the 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 secure appropriate strategic partners or otherwise arrange the necessary financing to construct and operate the NICO mine or the SMPP, uncertainties with respect to the receipt or timing of required permits for the development of the NICO project or the SMPP, the possibility of delays in the commencement of production from 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.

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com

Fortune Minerals closes NICO refinery lands purchase

Wed, 09 Jan 2013 06:52:00 -0500

MVRB's final report and recommendation on mine and concentrator in NT anticipated

Issued Capital: 121,276,976

LONDON, ON, Jan. 9, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce that on December 19, 2012 it closed the purchase of lands near Saskatoon, Saskatchewan on which the Company proposes to build its Saskatchewan Metals Processing Plant ("SMPP") for the NICO gold-cobalt-bismuth-copper project. Rezoning of the 482 acre property is underway as the Company nears completion of the permitting process in two jurisdictions. NICO is a planned vertically integrated project consisting of an open pit and underground mine and mill in the Northwest Territories ("NT") and refinery in Saskatchewan where concentrates from the mill will be processed to high value metal products.

The SMPP location in the Rural Municipality of Corman Park, 27km northwest of Saskatoon, straddles the CN main rail line and is near the Trans-Canada Highway. The site has access to nearby natural gas and reagent sources for processing as well as a skilled labour pool of engineers and refinery workers. The plant is expected to employ at least 85 employees over a 20 year period based on the anticipated life of the NICO deposit. The opportunity to source materials from other projects for custom processing and the potential to participate in the metals recycling business could extend the useful life of the facility well beyond the mine life. The 2012 NICO Front End Engineering and Design study has determined the capital cost for the refinery at $230 million (see the report entitled "Technical Report And Updated Mineral Reserve Estimate And Front-End Engineering & Design (FEED) Study on the NICO Gold-Cobalt-Bismuth-Copper Deposit Mazenod Lake Area, Northwest Territories, Canada" prepared by P&E Mining Consultants Inc. and effective as of July 2, 2012 filed under the Company's SEDAR profile at www.sedar.com).

The high concentration ratio of the NICO ore allows for generation of a high value concentrate at the mine site containing the valuable metals, which can then be transported to a lower cost region for processing. The decision to locate the downstream processing in Saskatchewan was driven primarily by the availability of lower cost electricity and the support of the Government of Saskatchewan, which passed attractive tax legislation to encourage processing of raw materials that have been sourced from outside the province. An average of 4650 tonnes per day of NICO ore will be converted to 180 tonnes of bulk concentrate and shipped by truck and rail to the SMPP for processing. The life of mine average annual metal production from the facility is expected to be 40,500 ounces of gold doré, 1576 tonnes cobalt in the form of 99.8% cobalt cathode and/or cobalt sulphate heptahydrate, 1670 tonnes of bismuth ingot, and 254 tonnes of copper metal precipitate.

Fortune is advancing through the Environmental Assessment process in Saskatchewan to permit the SMPP. The next step is for the Saskatchewan Environmental Assessment Branch ("SEAB") to post the Environmental Impact Statement and associated documentation for public review. This will be followed by the SEAB's recommendation to the Saskatchewan Minister of Environment. Permitting in the NT is also well advanced with the Mackenzie Valley Review Board ("MVRB") finalizing its Report of Environmental Assessment that will contain the recommendation to the Minister of Aboriginal Affairs and Northern Development Canada for the mine and concentrator. This report is expected to be completed by January 22, 2013 and shortly thereafter placed on the public registry.

Fortune is concurrently working with Deloitte & Touche Corporate Finance Canada ("Deloitte") to attract a strategic partner(s) to provide project financing. As a potential reliable Canadian-based producer of cobalt and bismuth, NICO presents an attractive opportunity for potential partners that need a secure source of supply of these specialty metals. The countercyclical hedge provided by the approximately 1.1 million ounces of gold contained in the deposit, together with the low cash cost for metals net of by-product credits, will contribute to the sustainability of operations during periods of low metal prices. Cobalt has growing consumption in superalloys and cobalt sulphate needed to manufacture high performance lithium-ion and nickel-metal hydride rechargeable batteries used in portable electronic devices and hybrid-electric cars. NICO also contains 15% of global bismuth reserves, which has growing use as a non-toxic and environmentally safe replacement for lead in a number of important metal alloys, industrial materials as well as other specialized products that leverage its unique physical and chemical properties.

The disclosure of scientific and technical information contained in this press release has been approved by Robin Goad, M.Sc., P. Geo., President and Chief Executive Officer of the Company, who is a "qualified person" under National Instrument 43-101.

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 British Columbia ("BC") and the NICO gold-cobalt-bismuth-copper deposit in the NT. As part of the development of the NICO deposit, Fortune is developing the Saskatchewan Metals Processing Plant ("SMPP") in Saskatchewan to process NICO concentrates to high value metal products. 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 gold and specialty metals, the proposed development of the NICO project and the 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 NICO mine or the SMPP, uncertainties with respect to the receipt or timing of required permits for the development of the NICO project or the SMPP, the possibility of delays in the commencement of production from 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.

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com

Renmark Financial Communications
Barbara Komorowski: bkomorowski@renmarkfinancial.com, or
Nadia Marks: nmarks@renmarkfinancial.com
Montreal Tel: (514) 939-3989, Toronto Tel. (416) 644-2020
Montreal Fax: (514) 939-3717, Toronto Fax. (416) 644-2021
www.renmarkfinancial.com

Fortune Minerals comments on BC Government restriction of petroleum and natural gas development in Northwest Region

Tue, 18 Dec 2012 14:00:00 -0500

Coal mining unaffected

LONDON, ON, Dec. 18, 2012 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to acknowledge and comment on the Government of British Columbia's decision to restrict petroleum and natural gas development in the Klappan area of northwestern British Columbia. The government announcement can be found at http://www2.news.gov.bc.ca/news_releases_2009-2013/2012EMNG0073-002054.htm . Coal mining remains unaffected by this decision. Fortune and POSCO Canada Limited ("POSCAN"), Fortune's 20% joint venture partner in the Arctos Anthracite Joint Venture ("AAJV"), recognize that the Arctos anthracite metallurgical coal project is located in an area of significant spiritual, cultural and environmental importance to the Tahltan and Iskut people, and are committed to sustainable development of the project for the benefit of Aboriginal groups and stakeholders.

"Fortune will continue working toward development of the Arctos project and will continue consultation with local communities and Aboriginal groups to address concerns related to our project", said Robin Goad, Fortune's President and CEO.

Arctos is a collaborative international development project by the AAJV between Fortune (80%) and POSCAN (20%), the Canadian subsidiary of South Korea's POSCO, one of the world's largest steel producers. Substantial engineering, feasibility and environmental work have already been completed for the proposed development, totalling nearly $100 million. The Arctos project is currently in the British Columbia Environmental Assessment process and the development plan is being designed to minimize environmental impacts associated with the project. These include initiatives such as designing the wash plant to recycle 95% of the process water. The AAJV is working with local communities to explain the project including its benefits and potential impacts. The AAJV is focused on developing the project such that it has a lasting positive impact on the nearby communities.

The Arctos project is located 330 km northeast of the Pacific Ocean Port of Prince Rupert and straddles the BC Rail right-of-way and its substantially completed roadbed 150 km north of the current terminus of track. This railway is proposed to be upgraded and extended to the site to allow for rail haulage of coal to the Port of Prince Rupert and export to the overseas steel industry.

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 British Columbia ("BC") 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 the Saskatchewan Metals Processing Plant ("SMPP") in Saskatchewan to process NICO concentrates to high value metal products. 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.

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com

Fortune Minerals announces appointment of Mike Romaniuk as Vice President Operations

Thu, 29 Nov 2012 15:21:00 -0500

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.

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com

Fortune Minerals releases third quarter 2012 results

Mon, 12 Nov 2012 11:03:00 -0500

Issued Capital: 117,076,976

LONDON, ON, Nov. 12, 2012 /CNW/ - Fortune Minerals Limited (TSX-FT) (OTCQX-FTMDF) ("Fortune" or the "Company") is pleased to announce that its consolidated financial statements and management's discussion and analysis of financial condition and results of operations for the period ended September 30, 2012 have been filed and will shortly be available on SEDAR (www.sedar.com or 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 Arctos Anthracite Project 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 Saskatchewan Metals Processing Plant 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.

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com

Fortune Minerals announces closure of the public registry for the NICO Project Environmental Assessment

Tue, 23 Oct 2012 07:21:00 -0400

Final report and recommendation for the mine and concentrator in the NT in preparation

Issued Capital: 117,076,976

LONDON, ON, Oct. 23, 2012 /CNW/ - Fortune Minerals Limited (TSX-FT) (OTCQX-FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to report the closing of the public registry for the Environmental Assessment ("EA") review process to permit the mine and mill for the Company's 100% owned NICO gold-cobalt-bismuth-copper project in the Northwest Territories ("NT"). The Mackenzie Valley Review Board ("MVRB") closed the registry on October 22, 2012 after receiving the final arguments from the Company. The MVRB is now preparing its Report of Environmental Assessment that will contain the recommendation on the project to the Minister of Aboriginal Affairs and Northern Development Canada. This report is to be completed within 90 days and will then be placed on the public registry, pending Ministerial review.

Dr. Richard Schryer, Fortune's Director of Regulatory and Environmental Affairs, commented, "We are very confident that, with the refined project design and the impact mitigation measures in place, NICO will not have a significant adverse impact on the environment, and the project will provide significant economic benefits to the nearby Tlicho communities and economy of the NT."

The final two days of public hearings for the NICO project were held in the community of Behchoko on October 10 and 11, 2012. These additional public hearing days were scheduled to allow the MVRB and other participants in the EA to consider the information collected in the Tlicho Government's Traditional Knowledge ("TK") report. In the spirit of the Co-operative Relationship Agreement signed with the Tlicho Government in 2011 (see November 8, 2011 news release), Fortune funded this TK study. A summary of the study results and information on the NICO Project Access Road were presented on the first day, whilst the final day was dedicated to a public venue for residents to provide comments on the project to the MVRB. Notably, the Company was not assigned any undertakings as a result of these additional two days of public hearings and Fortune believes that it adequately addressed the few remaining environmental concerns associated with the project.

Fortune is also advancing towards the completion of the EA process in Saskatchewan to permit its planned hydrometallurgical refinery, the Saskatchewan Metals Processing Plant ("SMPP"), where Fortune will process NICO concentrates to high value metal products. On September 20, 2012, Fortune submitted its addendum to the Environmental Impact Statement ("EIS") to the Saskatchewan Environmental Assessment Branch ("SEAB"). After review, SEAB will post the EIS, technical review comments and addendum for public comment, followed by SEAB's recommendation to the Saskatchewan Minister of Environment.

Fortune is also pleased to report that it recently joined the Canadian Council for Aboriginal Business's ("CCAB") Progressive Aboriginal Relations ("PAR") program at the Committed Level. The PAR program is the first and only corporate responsibility assurance program in the world with an emphasis on aboriginal relations. Over the past year, Fortune has worked with guidance and support from the CCAB to document practices, policies and behaviours that quantify and validate the Company's commitment to positive and progressive aboriginal relations. The Company has been assessed to be performing at the Gold Level and is striving for formal recognition at this level in due course through completion of the certification process.

Bill Shepard, Fortune's Procurement and Logistics Manager, commented, "I take great pride from being part of an organization that considers positive and progressive aboriginal relations key to its success. Our Company is very appreciative of the acknowledgement it received from the CCAB through the PAR program."

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 British Columbia and the NICO gold-cobalt-bismuth-copper deposit in the NT. 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 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, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the completion of the EA processes for the NICO project and the SMPP and the proposed development of and anticipated production from the NICO 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 receive favourable recommendations from the applicable regulatory authorities pursuant to the EA processes for NICO and/or the SMPP, the risk that the Company may not be able to arrange the necessary financing to construct and operate the NICO mine and/or the SMPP, the possibility of delays in the commencement of production from the NICO project, the inherent risks involved in the exploration and development of mineral properties, the risk that actual capital and operating costs for the NICO project 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 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.

Fortune Minerals announces updated Definitive Feasibility Study for Arctos Anthracite Metallurgical Coal Project

Mon, 15 Oct 2012 14:34:00 -0400

Robust economics confirmed with expanded coal reserves

Issued Capital: 117,076,976

LONDON, ON, Oct. 15, 2012 /CNW/ - Fortune Minerals Limited (TSX-FT) (OTCQX-FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) and POSCO Canada Ltd. ("POSCAN") are pleased to announce the results of an updated Definitive Feasibility Study ("DFS") for the Arctos Anthracite Project ("Arctos") in northwestern British Columbia ("BC"), Canada. 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. The updated DFS was prepared by Marston, a Golder Associates Company ("Golder-Marston") and incorporates the results of additional drilling and survey data for the Lost Fox deposit area, which together with updated operating and capital costs, confirms an increase in reserves and robust economics for the Arctos project. Because of a more rapid planned project start-up, initial capital costs to achieve commercial production has increased only 2.6% over the initial capital in the previous 2010 DFS. The updated FOBT cash cost of C$ 127.61 / tonne would place Arctos among the lowest cost Canadian metallurgical coal producers. Innovation in the global steel industry continues to drive the increased use of anthracite in the manufacture of steel and in metal processing, while scarcity of high quality deposits and declining exports from the traditional suppliers highlights the importance of having a new reliable Canadian source of supply.

HIGHLIGHTS OF THE UPDATED DEFINITIVE FEASIBILITY STUDY:

17.5% increase in Run of Mine ("ROM") Coal Reserves to 124.9 million tonnes ("Mt") and 13.8% increase in 10% Ash Product Reserves to 69.2 Mt in the Lost Fox deposit area;
Extension of mine life from 20 to 25 years;
Production of premium pulverized coal injection ("PCI") coal used to manufacture steel;
Ability to diversify production to other metallurgical coal products that are short of supply;
Initial capital (first 3 years) of C$ 788.6 million for the mine, surface facilities and railway;
Cash cost FOBT loading vessel in Prince Rupert of C$ 127.61 / tonne (US$ 121.22 / tonne);
Base Case pre-tax IRR of 17.0% and pre-tax 8% discounted NPV of C$ 615.9 million;
Expansion case from 3 to 4 million tonnes per annum ("Mtpa") in year eight of the mine life, increases Pre-tax IRR to 17.5% and 8% discounted NPV to C$ 657.1 million;
Significant additional improvement to economics when using higher coal prices and / or incorporating railway capital contributions from third party users or government;
Advancing railway with Canadian National Railway Company ("CN") and BC Government.

Robin Goad , Fortune's President and CEO, commented that, "we are pleased to confirm the Arctos project as a future long-life, low-cost producer of high quality anthracite metallurgical coal and are especially pleased to have confirmed the capital requirements for this project with minimal escalation from the previous study."

The AAJV is proceeding with the Environmental Assessment ("EA") and community engagement to permit the proposed open pit mine, wash plant and railway infrastructure. The railway expansion for the Arctos project is a high priority for both the AAJV and CN which is collaborating on this initiative, which is also consistent with the BC Government Pacific Gateway Policy that includes significant investments in rail, port and power infrastructure in the northwest part of the province. The railway provides a simple and scalable transportation solution for hauling coal from the mine to the port of Prince Rupert for export of products to the global steel industry. Deloitte & Touche Corporate Finance Canada Inc. ("Deloitte") is continuing to work with Fortune as its financial advisor with a mandate to help identify additional strategic partners to provide financing for the Arctos project.

GENERAL INFORMATION:
The AAJV retained Golder-Marston to update the geological model, coal resources and reserves and economics for the Lost Fox deposit, one of four deposit areas that are part of the Arctos project (see Fortune news release, dated February 7, 2012). This DFS is an update to the 2005 DFS and 2010 DFS that were prepared by Marston & Marston Inc. prior to it being purchased by Golder Associates. The updated study is based on an open pit mine and wash plant producing 3 Mtpa of washed coal, consisting of a premium 10% ash ultra-low volatile PCI product used to manufacture steel. The study is based on railway transportation of coal to the Ridley coal terminals at the port of Prince Rupert for export to the overseas steel industry. This will be accomplished by an upgrade to the existing Dease Lake Railway Line and a 150 km extension of this rail to the mine site along the railway right-of-way and roadbed that was substantially constructed by the BC Government during the 1970's. The railway project is being conducted in cooperation with CN and the BC Government, but the study assumes that the AAJV would be responsible for paying 100% of the cost.

COAL LICENSES AND LOCATION:
The AAJV has 16,411 hectares of contiguous coal licenses in Tahltan traditional territory in northwest BC, located 330 km northeast of the port of Prince Rupert . The licenses straddle the aforesaid BC railway right-of-way and roadbed, which provides road access to the site from Highway 37 and extends south into Gitxsan traditional territory. The project also has an active airstrip.

RESOURCES AND RESERVES:
The Arctos project consists of four resource areas referred to as the Lost Fox, Lost Fox Extension, Hobbit-Broatch and Summit deposits. The geology of the property includes at least 33 individual coal seams up to 11 metres in true thickness, 14 of which are considered economic in the initial open pit mine in the Lost Fox deposit area with a minimum true thickness of 1 metre. Golder-Marston prepared an updated digital block model of the geology and coal seams and estimated In-Pit Coal Resources and Run of Mine ("ROM") and 10% Ash Product Coal Reserves for the Lost Fox deposit area. The updated resources and reserves were prepared using Maptek™-Vulcan 3D mining software based on the results of 152 cored drill holes, 19 rotary drill holes, 5 winkie holes, 301 mechanical and hand trenches, 4 underground adits, and a 200,000 tonne bulk sample, pilot plant test and trial cargo.

The drill hole database includes 14 additional drill holes completed by Fortune in 2005 in order to verify the geological model and coal resources and reserves in an area that had previously been classified as Inferred within the former open pit shell. This drilling also tested for lateral extensions to the coal seams beyond the former pit limits and provided geotechnical and environmental information to support project permitting. The results of Fortune's drilling confirmed the coal and its geometry within the former pit configuration, and also extended the Lost Fox deposit beyond the former pit limits. A detailed airborne LIDAR laser topographic survey of the project area and proposed mine site was also incorporated into the geological model to improve the accuracy of calculating the mine rock to coal ratios and strip volumes, as were updated coal price assumptions.

IN-PIT COAL RESOURCES FOR LOST FOX DEPOSIT
Mt, Raw Coal Ash Wt. %, air dried basis
Measured	Indicated	Total Measured & Indicated	Inferred
172.4	20.4	192.8	12.1
38.6%	42.7%	30.1%	41.7%

COAL RESERVES FOR LOST FOX DEPOSIT AREA
ROM COAL RESERVES (Mt)			10% ASH PRODUCT RESERVES (Mt)
Proven	Probable	Total	Proven	Probable	Total
115.0	9.9	124.9	64.4	4.8	69.2
37.0%	42.1%	37.4%	10%	10%	10%

Historical estimates of additional coal resources for the Arctos project include Indicated Resources of 38.1 Mt and Inferred resources of 359.5 Mt within the Lost Fox Extension, Hobbit-Broatch and Summit deposit areas. In addition, there is a historical estimate of 2.2 billion tonnes that were classified as Speculative Resources, however, Speculative Resources are no longer considered NI 43-101 compliant and should not be relied upon. Significant additional drilling and sampling is required to verify these historical estimates.

The Arctos Coal Resource and Reserve estimates were prepared in 2012 by Golder-Marston in compliance with National Instrument 43-101. Mr. Edward (Ted) Minnes, P.E. is the Qualified Person responsible for the estimates. Further information regarding the Arctos Coal Resource and Reserve estimates is available from the Company's disclosures under the Company's profile on the SEDAR website at www.sedar.com.

The historical resource estimate was developed by Gulf in 1988 and updated in 2002 by Marston-Golder to reflect changes in the estimation of Inferred Resources under Paper GSC 88-21. The Speculative portion of the resources is not compliant with current reporting standards and is not included in the current mineral resources. Speculative Resources were developed based on estimated average coal thickness applied to the projected aerial extent of the coal.

MINING:
The updated 10% Ash Product Coal Reserves for the Lost Fox deposit area will support production of 3 Mtpa over a minimum mine life of 25 years. The mine will utilize conventional open pit mining using 177 tonne class trucks, with 26 m³hydraulic shovels for mine rock removal and 17 m³ backhoes to mine the coal from 10 metre high benches. The life of mine average in-pit strip ratio is 6.2 bank cubic metres ("bcm") of mine rock / tonne of in-situ coal and the washed coal strip ratio is 11.3 bcm of mine rock / PCI product tonne.

PROCESS PLANT AND ON-SITE INFRASTRUCTURE:
Coal from the Lost Fox deposit area will be processed in a wash plant constructed at the site for the production of a 10% ash, ultra-low volatile PCI product for sale to the overseas steel industry. The Arctos wash plant will use standard processing methods of heavy media separation, cyclones and froth flotation with a washability yield averaging 55.4% for the 14 coal seams that are economic in the initial open pit mine. The plant will also be configured to produce other premium anthracite products in the future, including charge carbon for electric arc steel manufacturing, coke replacement and ferroalloys processing; carbon filters for water purification, as well as sinter.

PCI COAL QUALITY 10% Ash Product (air dried basis)
Specification	Mean
Residual Moisture	0.9%
Ash	10%
Volatile Matter	6.5%
Fixed Carbon	82.6%
Sulphur	0.5%
Gross Calorific Value	31.1 GJ / t
Gross Calorific Value	7423 kcal / kg
Gross Calorific Value	13,352 Btu / lb
HGI	40-45
Size	0-50 mm

Source: Gulf Canada Resources Coal Quality Handbook

A camp will be constructed to accommodate the work force of approximately 470 employees (580 at peak), primarily from nearby communities, and working on a rotational basis. Electrical power supply for the process plant, camp and other facilities would be generated by diesel with an installed load of 10.9 megawatts and consisting of eight, 1,500 kilowatt generators. The BC Government is extending the electrical grid north along Highway 37 to Bob Quinn Lake, and if the grid is extended by the AAJV to the mine, there is potential to significantly reduce operating costs.

RAILWAY:
CN operates on the Dease Lake Railway Line under a long-term lease with BC Rail between Fort St. James and Minaret, the current terminus of track, which is 150 km south of the Arctos project. This railway requires an upgrade to the track and sub-grade to achieve a modern operating standard of at least 263,000 pounds gross weight per car on rail that will enable efficient haulage of coal to Prince Rupert . The railway right-of-way and roadbed has been substantially completed beyond Minaret to the project site. Capital of C$ 330 million has been estimated to upgrade and extend this railway to the project site and is included in the initial capital for the project with the AAJV assumed to be paying 100% of this cost. The DFS contemplates that the AAJV will lease six, 127 car train sets with capacity of 95 tonnes per car to transport the production of 3 Mtpa to the port. CN will supply the locomotives and train crews. The cost of leasing the rail cars is included in the operating costs and the locomotives and train crews are included in the CN haulage rate. Railway transportation of coal is a simple and scalable transportation solution that allows for potential expansion of production in the future to leverage the large resource base of the Arctos project.

PORT:
Railway transportation of coal provides access to the Ridley coal terminal at the port of Prince Rupert, which is a modern government-owned, bulk handling facility capable of handling full Capesize ocean vessels up to 250,000 dead weight tonnes. It is also about 30 cruising hours closer to north Asia than other west coast ports. The terminal is currently undergoing an expansion to 24 Mtpa and is permitting a future potential expansion to 60 Mtpa. The terminal is also handling metallurgical coal from other western Canadian mines that provides an opportunity for blending and split cargos.

ECONOMIC ANALYSIS:
The Golder-Marston DFS uses a base case price of US$ 175 / tonne of PCI product, unchanged from the previous 2010 DFS update. The Canadian to US dollar exchange rate is C$ 1 = US$ 0.95. The project generates an attractive rate of return using base case assumptions.

LOST FOX MINE BASE CASE ECONOMICS
	Pre-Tax	After Tax
IRR	17.0%	14.7%
NPV (8% Discount Base case)	C$ 615.9 M	C$ 405.8 M
NPV (5% Discount Sensitivity)	C$ 1,058.2 M	C$ 749.8 M
Capital (Initial 3 Years)	C$ 788.6 M

Capital costs to achieve full production is C$ 788.6 million during the first three years of the project and includes the mine, process plant and all required on-site and railway infrastructure.

CAPITAL SUMMARY
Capital Item	Cost C$
Mine & Equipment	192.0 M
Process Plant & Facilities	259.6 M
Off-site transportation	330.4 M
Other	6.6 M
Total	788.6 M

Operating costs for the Arctos project includes all mining, processing, transportation, royalties and administration FOBT vessel in Prince Rupert and totals C$ 127.61 / tonne (US$ 121.22 / tonne). This is within the lower range of cash costs for all current Canadian metallurgical coal producers.

OPERATING CASH COST SUMMARY C$ / TONNE
Drilling & Blasting	9.39
Stripping & Topsoil Removal	31.75
Coal Loading & Haulage	5.52
Mine Maintenance	5.10
Operations Support & Interim Reclamation	8.47
Coal Processing & Loadout	10.02
Supervision & Administration	3.06
Total Direct Operating Cost	73.31
Coal Transportation Rail	33.63
Coal Terminal	9.00
Mine Overhead	1.80
On-site Infrastructure	3.91
Production Royalties	5.76
Selling, General & Administration	0.20
Total Indirect Operating Costs	54.30
FOBT Vessel Cash Cost C$	127.61
FOBT Vessel Cash Cost US$	121.22

The Arctos project produces even higher rates of return for the development at coal price sensitivities above US$ 175 / tonne. Coal price sensitivities were prepared for the project to assess the economics at prices up to US$ 300 / tonne, the approximate price for metallurgical coal attained in 2011. The project is well positioned to benefit from the projected global shortage of high quality metallurgical coals that is expected to support strong prices for the foreseeable future.

COAL PRICE SENSITIVITIES
FOBT PRICE (US$ / t)	Pre-Tax IRR	Pre-Tax NPV (8%)	After Tax IRR	After Tax NPV (8%)
$175	17.0%	C$ 616 M	14.7%	C$ 406 M
$200	24.8%	C$1,245 M	21.5%	C$ 883 M
$225	32.0%	C$ 1,887 M	27.8%	C$ 1,366 M
$250	38.3%	C$ 2,510 M	33.3%	C$ 1,835 M
$275	44.6%	C$ 3,154 M	38.7%	C$ 2,318 M
$300	50.4%	C$ 3,784 M	43.7%	C$ 2,791 M

Initial rail capital for the Arctos project totals C$ 330 million for the upgrade and extension of the Dease Lake Rail Line to the mine site. The updated DFS assumes the total capital cost for this infrastructure would be paid by the AAJV. Sensitivities were prepared, which demonstrate the impact on project economics in the event of a third party user or government paying a portion of the railway infrastructure costs, which would lower the AAJV development capital and improve project economics.

THIRD PARTY RAIL CONTRIBUTION TO CAPITAL
	25% Contribution		50% Contribution
	Pre-Tax	After Tax	Pre-Tax	After Tax
IRR	19.1%	16.5%	21.7%	18.7%
NPV (8% Discount)	C$ 688 M	C$ 466 M	C$ 758 M	C$ 525 M
Capital (1^ST 3 Years)	C$ 706.0 M		C$ 623.4 M

The updated 10% Ash Product Coal Reserves for the Arctos project will support production of 3 Mtpa over a 25 year mine life. Using base case data developed for the 3 Mtpa case, a sensitivity analysis was also prepared to determine the impact on project economics in the event of an increase in production rate from 3 Mtpa to 4 Mtpa in year eight of the mine life. This analysis demonstrates the positive impact on project economics when the production rate is increased and the fixed cost associated with the railway infrastructure is spread over greater annual throughput volumes. In this sensitivity analysis, the additional expansion capital to accommodate the production rate increase is assumed to be paid from cash flows.

LOST FOX MINE ECONOMICS WITH RAMP UP TO 4 Mtpa in Year 8
	Pre-Tax	After Tax
IRR	17.4%	14.2%
NPV (8% Discount)	C$ 668.9M	C$ 389.9 M
Incremental LOM Capital	C$ 100M

ABOUT ANTHRACITE COAL:
Metallurgical coal together with iron ore are the principal raw materials needed to make steel. Anthracite is the highest quality metallurgical coal, measured by carbon and energy content, and represents just 1% of world coal reserves. It is the most versatile coal, suitable for use in a broad range of metallurgical, thermal, water purification and composite material products. The natural high carbon and very low volatile (gas) content of anthracite makes it ideal for use as a premium ultra-low volatile PCI product that is injected into the blast furnace to reduce the amount of coke used in crude steel production. High carbon and low volatiles also allows anthracite to be used as a direct coke replacement and as a blend coal with hard coking coal to make metallurgical coke. Anthracite is the only coal that can be used as sinter feed. Anthracite reductants are used in electric arc / direct reduction steel manufacturing and for the processing of ferroalloys and other metals. Carbon filters for water purification are made with anthracite coal as well as some carbon composite materials. The high carbon content of anthracite makes it the preferred coal for gasification and liquefaction technologies to make urea fertilizers, plastics and high quality synthetic fuels, particularly in Asia where natural gas supplies are scarce.

The world's reserves of high quality metallurgical coal are in decline, while consumption of anthracite is increasing in metallurgy. The historical dominant sources of supply of anthracite have been in China, which has been a significant net importer of anthracite since 2004, and Vietnam which is curtailing exports in order to preserve their own reserves for domestic use. This emergence of China as a net importer coupled with depletion of supplies from other historical producers allows for the development of a new Canadian source of supply to service the global steel and metal processing industry.

OPPORTUNITIES:
Opportunities exist to further improve the economics for the Arctos project, some of which are identified in the updated DFS and in previous studies. The property has a very large resource base that is well in excess of the current reserves. There is good potential to expand the reserves in the Lost Fox deposit and identify additional reserves in the adjoining deposits to extend the mine life or expand the production rate. Additional drilling is planned in the future. An expansion of production would improve the project economics by achieving greater economies of scale and spread the fixed costs associated with the railway infrastructure upgrade and extension on greater throughput volumes. The AAJV is also engaged in discussions with the BC Government and potential third party users of the proposed railway extension with the objective of securing additional investment to share some of the capital cost to upgrade this rail.

The DFS is also predicated on diesel-generated power and the use of diesel mining equipment. The BC Government is extending the provincial electrical grid along Highway 37 north towards the Arctos project. Access to grid power would eliminate the need for on-site power generation, allow for the use of more efficient electric-cable shovels and electric drills, and alleviate uncertainties associated with fluctuations in the price of diesel.

Opportunities also exist to finance mobile equipment for the mine through a "lease-to-purchase" program, and / or use contract mining during the construction phase, to lower the up-front capital for the development.

CURRENT ACTIVITIES:
Substantial engineering, feasibility and environmental work have already been completed for the development of the Arctos project, totalling nearly $100 million. The project is currently in the BC EA process and the development plan is being designed to minimize impacts on the environment. The AAJV is working with the local communities to explain the project including its benefits and potential impacts. Development of the Arctos project will bring long-term employment to a region already adversely impacted by the downturn in the forestry industry, as well as provide important infrastructure for the benefit of other projects and the public.

The updated DFS has confirmed robust economics for the Arctos project with rail transportation of metallurgical coal to the port of Prince Rupert . The potential to expand production from a world class resource base, combined with anticipated strong prices for metallurgical coal for the foreseeable future, makes Arctos a compelling development opportunity to service a global steel industry in need of new sources of supply of its critical raw materials. After successfully securing POSCAN as its initial joint venture partner, Fortune is working with Deloitte to attract a second stage strategic partner to complete project financing.

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 (formerly Mount Klappan project) in BC 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 the Saskatchewan Metals Processing Plant 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, 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 Arctos project and, the establishment of a railway link to Prince Rupert. 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 Arctos mine and/or the railway link to Prince Rupert, the risk that the AAJV may be terminated in accordance with its terms, the risk that the Company may not be able to conclude an agreement with CN for the transportation of coal from the Arctos site to Prince Rupert, the possibility of delays in the commencement of production from the Arctos project, the inherent risks involved in the exploration and development of mineral properties, the risk that actual capital and operating costs for the Arctos project 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 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.

Fortune Minerals Limited
Robin Goad, President, or
Troy Nazarewicz Investor Relations Manager
info@fortuneminerals.com
Tel.: (519) 858-8188
Fax: (519) 858-8155
www.fortuneminerals.com

Renmark Financial Communications
Barbara Komorowski: bkomorowski@renmarkfinancial.com, or
Nadia Marks: nmarks@renmarkfinancial.com
Montreal Tel: (514) 939-3989, Toronto Tel. (416) 644-2020
Montreal Fax: (514) 939-3717, Toronto Fax. (416) 644-2021
www.renmarkfinancial.com