FORTUNE MINERALS
ANNOUNCES EXPANDED MANAGEMENT TEAM
Additional Support
for Project Development, Communications and Administration
London, ON - May 12, 2011 -
Fortune Minerals Limited (TSX-FT) (�Fortune Minerals� or �the Company�) is pleased to announce the
addition of three new members to its project development and
administration teams in London, Ontario. William Shepard has joined the company as Logistics and
Procurement Manager, Troy Nazarewicz as
Investor Relations Manager, and Fiona Brekelmans
as Accounting Manager. �We are very pleased to be adding
exceptional people to strengthen our management and add depth to the
Company�, said Robin Goad, President and CEO of Fortune Minerals.
�We will continue to add talent as the Company grows and advances toward
our goal of becoming a successful gold, specialty metals, and
metallurgical coal producer�.
William Shepard, who had been working as a contractor with
Fortune Minerals assisting with the dismantling of our Golden Giant mine
buildings and equipment at Hemlo, Ontario, has
now joined the Company full-time as our Manager of Logistics and
Procurement. Bill has a Diploma in Industrial Management and
specializes in global supply chain management developed over 20 years of
previous experience in the automotive and aerospace industries with TRW
Automotive Holdings Inc., Magna International Inc., Keiper
Limited and Diamond Aircraft Industries Inc. His expertise in
purchasing, logistics, materials management, and supplier development has
already had an impact on the successful completion of the Hemlo project with his new role supporting planning
for the development of the proposed NICO gold-cobalt-bismuth-copper mine
and concentrator in the Northwest Territories and hydrometallurgical
refinery in Saskatchewan.
Troy Nazarewicz, CIM, FCSI, has also joined Fortune
Minerals as Manager of the Company�s investor relations and corporate
communications programs. Troy has more than 17 years of experience
in the financial services industry as an investment advisor and portfolio
manager with MacDougall, MacDougall & MacTier
Inc., a full service Canadian investment firm. He also worked as
Business Development Manager with a design and marketing firm. In
these previous positions, Troy gained valuable experience communicating
with both retail and institutional investors that will assist Fortune
Minerals in proactively engaging with the investment community and
improving market awareness of our Company and its projects.
Fiona Brekelmans, B.Acc. (Hon),
C.A. joined Fortune Minerals in late 2010 as Accounting Manager to assist
the CFO and Controller and add capacity with the Company�s external and
internal financial reporting and regulatory compliance. She is also
helping with the transition of its financial reporting to International
Financial Reporting Standards (�IFRS�) for public issuers. Prior to
joining Fortune Minerals, Fiona worked in public accounting with Ernst
& Young LLP where she gained valuable experience with a variety of
public and private companies in the mining, construction and
manufacturing sectors in accounting, audit, and business processes.
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, moved,
and stored for relocation to NICO. Fortune Minerals also owns the
Mount Klappan anthracite metallurgical coal
deposits in British Columbia and has engaged Deloitte & Touche Corporate Finance Canada to assist in
attracting a strategic partner to develop this project. In
addition, the Company owns 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.
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Forward-Looking Information
This press release contains
forward-looking information. This forward-looking information includes
statements with respect to, among other things, the proposed
development of the NICO project 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 NICO mine and the SMPP, uncertainties with respect to
the receipt or timing of required permits for the development of the
NICO project and the SMPP, the possibility of delays in the
commencement of production from the NICO project and 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.
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