Issued Capital: 97,314,407
FORTUNE MINERALS ANNOUNCES $2 MILLION FLOW-THROUGH FINANCING
* NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES *
London, ON - July 2, 2010 � Fortune Minerals Limited (TSX-FT) (�Fortune� or the �Company�) is pleased to announce that it has issued 2,535,000 flow-through shares at $0.78 per share under a non-brokered private placement to primarily institutional investors to raise gross proceeds of $1,977,300. The gross proceeds of this offering will be used: (i) to fund the drilling, metallurgical testwork, environmental testing, and engineering studies for its NICO gold-cobalt-bismuth-copper project in the Northwest Territories, (ii) to fund site environmental studies for the proposed southern hydrometallurgical facility in Saskatchewan and (iii) to fund engineering studies at its Mount Klappan anthracite coal project in northwest British Columbia.
The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons. This release does not constitute an offer for sale of securities in the United States.
About Fortune Minerals:
Fortune Minerals Limited 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 its NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories and its metals processing plant in Saskatchewan. Fortune Minerals owns the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled for relocation to NICO. Fortune Minerals also owns the Mount Klappan anthracite coal deposits in British Columbia, and the, the Sue-Dianne copper-silver deposit and other exploration projects in the Northwest Territories. Fortune Minerals is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.