Fortune Valley Resources Inc. Explore Property Adjacent to El Penon Mine by 24hgold

Mots clés associés : Copper | Fort Knox | Knox |

Re: News Releases - Thursday, January 10, 2008
Title: Fortune Valley Partners With Codelco To Explore Property Adjacent To El Peñon Mine

Vancouver, British Columbia -- January 10, 2008 -- Fortune Valley Resources Inc. ("Fortune Valley Resources" or the "Company") (TSX-V: FVX) announces it has signed an option agreement with Corporación Nacional del Cobre de Chile ("Codelco") to acquire a 65% interest in the Anillo property located in Region II of the Republic of Chile. The property area totals 24,000 hectares and flanks Yamana Gold's El Peñon Mine to the north and east. The agreement is subject to fulfillment of applicable regulatory procedures in Chile.

Fortune Valley Resources President and CEO, Michael Gingles commented: "This is an important partnership that matches a highly-motivated exploration company focused on success in gold together with the world's largest copper producer focused on creating value from its portfolio of non-core assets. Our target is the discovery of another major gold deposit on the highly prospective El Peñon trend."

The option agreement with Codelco provides for Fortune Valley Resources to spend US$3,000,000 on exploration work over a period of 4 years and to complete a bankable feasibility study within a further 2 year period in order to earn a 65% interest in the property. Following completion of the bankable feasibility study, Codelco and Fortune Valley Resources would establish a joint venture company. The agreement includes an option for Codelco to place up to 20% of the capital stock in the new joint venture company to the public provided that Fortune Valley Resources retains the right to maintain its ownership interest.

In the event Fortune Valley Resources discovers a copper deposit on the Anillo property, Codelco will have a back-in right to increase its ownership interest by up to 35% (70% overall) by reimbursing Fortune Valley Resources for its expenditures. The back-in right will not apply to the discovery of a gold deposit.

In addition to the 24,000 hectare Anillo property, Fortune Valley has recently acquired preferential concession rights to 7,200 hectares adjacent to the Anillo project. These new concessions will be contributed to the option agreement to create a consolidated land position of 31,200 hectares.

The Anillo land position lies within the Paleocene belt of Chile that is the main focus of gold exploration and mining within the country. Past exploration work on the project focused on copper within the altered volcanic lithologies. The regional geologic setting is the same as the adjacent El Peñon mine. At Anillo, banded epithermal quartz veins have been identified within an upper tuffaceous unit that is stratigraphically above the pay zone of the Ortiz and Colorado veins of the El Peñon mine. Exploration work on the Anillo project will focus on mapping, geophysical and exploration drilling programs to find the rhyolite dome host rocks that are the gold localizing feature in the El Peñon gold/silver vein system.

Additional information on the Anillo property and location maps can be found on Fortune Valley's website at: http://www.fortunevalleyresources.com/s/Anillo.asp.

Mr. William C. (Bill) Howald, AIPG, Certified Professional Geologist # 11041, Fortune Valley Resources' VP Exploration & Corporate Development, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and is responsible for reviewing the technical disclosure in this press release.

Fortune Valley Resources Inc. is a Canadian mining exploration company focused on creating shareholder wealth through the acquisition, exploration and development of high quality gold and silver projects in Chile and Argentina. The Company has assembled a highly experienced Board of Directors and management team with proven technical and commercial successes at some of the major gold mines and projects in North and South America, including Yanacocha, Cortez, Voisey's Bay, Zaldivar, Turquoise Ridge, Fort Knox, La Coipa, Pueblo Viejo and Cerro Casale. Management has good understanding of how to do business in Latin America gained from living and working in the region, and extensive skills in exploration, feasibility work, business and corporate development, gold trading, finance and executive management of public companies. Fortune Valley holds ownership interests in approximately 54,000 hectares exploration concessions in Chile.

On behalf of the Board of Directors

Michael J. Gingles, President and CEO

For additional information contact:

Fortune Valley Resources Inc.
Karen Robb, Manager, Investor Relations
info@fortunevalleyresources.com
Phone 604-637-1268
Fax 604-637-1269

CHF Investor Relations
Robin Cook, Account Manager
robin@chfir.com
Phone: (416) 868-1079, Ext. 228
Fax: (416)868-6198

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Copyright © 2008 FORTUNE VALLEY RESOURCES INC. (FVX) All rights reserved. For more information visit our website at http://www.fortunevalleyresources..com/ or send email to info@fortunevalleyresources.com ..

Légende
	Production
	Mine développement
	Découverte
	Exploration
	Ancien producteur
Sur Google Earth, cliquez sur les pictogrammes, pour voir les informations du projet, accéder à sa page, ou à la page de la compagnie.