Fortune Minerals announces government & industry funding for Nico Road engineering & environmental work

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Fortune Minerals Limited (TSX-FT) is pleased to report that the Federal, Northwest Territories (NWT) and Tlicho governments, together with private industry will provide approximately $1 million for studies to improve road access to isolated Tlicho communities and various businesses including Fortune's proposed NICO gold-cobalt-bismuth mine. The funds will be used for engineering and environmental work for a re-alignment of the winter road and bridged water crossings to extend the winter road season and to provide for the eventual upgrade to a permanent all-weather road. Fortune Minerals has contributed approximately $250,000 of its own engineering and environmental work toward this project and will provide additional studies it has carried out in recent months at a cost of approximately $75,000.

The proposed road re-alignment and upgrade would provide year-round road access to local communities and businesses, replacing the temporary winter road running north from the communities of Behchoko and Edzo that is rebuilt every year. Weather conditions, mounting costs, as well as major logistical and safety concerns have made the need for a permanent road an increasingly important issue for the area, particularly as plans are being advanced to develop the region's mineral resources and expand local hydro power generation facilities.

NWT Transportation Minister Kevin Menicoche said that improved road access to Tlicho communities would create many direct benefits for residents, including "easier travel between communities, better access to services, lower re-supply costs and more re-supply options."

Minister Menicoche said Tlicho residents could also gain from employment, training and contracting opportunities during construction and maintenance of the winter and all-weather roads. Further, he said better road access into the region could boost road-based tourism travel and make it more attractive for mining companies to explore and invest in the region.

Jim Prentice, Minister of Indian Affairs and Northern Development, added that the Federal Government "is pleased to play a major role in the Tlicho road project, which will help local industry, and Tlicho businesses and community members take advantage of the growing economic and social opportunities in the NWT and contribute to the development of a sustainable, diversified economy" for the Tlicho.

"This project study is a positive development that will stimulate discussion in Tlicho communities about the benefits and impacts that would eventually arise from improving road access to the region," says George Mackenzie, Grand Chief of the Tlicho Government.

Fortune's NICO project is located 160 km northwest of the City of Yellowknife, 85 km north of Behchoko and Highway 3 to Edmonton, Alberta, and 22 km west of the Snare hydro complex. NICO was recently assessed in a positive full feasibility study that showed an attractive rate of return for the development using base case metal price assumptions and very attractive economics at current prices (see News Release, dated January 17, 2007). Fortune has already purchased the Golden Giant mill and surface facilities for dismantling and relocation to NICO. The Company is very pleased that all three governments are allocating funds to needed infrastructure in the area as it proceeds with an environmental assessment and permitting for the mine.

About Fortune Minerals

Fortune Minerals is a diversified natural resource company with seven mineral deposits and a number of exploration projects, all located in Canada. They include the Mount Klappan anthracite coal deposits in British Columbia, and the NICO cobalt-gold-bismuth deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. Fortune is the managing partner of Formosa Environmental Aggregates Ltd., an industrial mineral company developing the Greenock high calcium limestone quarry in Ontario. Fortune Minerals is focussed 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 size and quality of the Company's mineral resources, progress in development of mineral properties, demand and market outlook for metals and future metal 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, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. 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.

For further information

Fortune Minerals Limited, Robin Goad, President, Tel.: (519) 858-8188, Fax: (519) 858-8155, info@fortuneminerals.com, www.fortuneminerals.com
Greg Taylor, Investor & Public Relations, Tel: (416) 605-5120, Fax: (905) 844-6532, gtaylor@fortuneminerals.com


Source: Fortune Minerals Limited

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