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Fortune Valley Details Its Exploration Plan For The Anillo
Project
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Vancouver, British Columbia - February 28, 2008 - Fortune Valley
Resources Inc. ("Fortune Valley" or the "Company") (TSX-V: FVX)
provides an update on its exploration plan and budget for the Anillo
project located immediately adjacent to Yamana Gold's El Pe�on
gold/silver mine complex in northern Chile.
The Anillo project is located within the Paleocene gold belt and is
contiguous with the El Pe�on mine property. The project is
approximately 140 kilometres southeast of Antofagasta, and 40
kilometres west from the massive Escondida copper mine. Over the past
several decades, companies including CODELCO, Utah International,
Billiton, and Normandy explored for porphyry copper mineralization but
did not contemplate the gold potential of the property. Although
Normandy was the first to identify banded epithermal quartz veins
within the property in 2001, they did not pursue the gold potential.
Based on Fortune Valley's initial geologic evaluation, the project
contains the same geology and is the strike extension of the vein
controlling structures from the El Pe�on property, thus making Anillo
highly prospective for a new gold discovery.
Recent reconnaissance mapping and sampling has identified new areas of
vein material and potential gold and silver mineralization along the
south and western portions of the Anillo property. Yamana Gold is
pursuing a mineralized structural trend, and has trenched and drilled
up to the southern boundary on the western side of the Anillo property.
Fortune Valley's geologic team has reviewed the geology immediately
north of the Yamana's trenches and has identified a structural zone
with silica and banded veins. Samples have been collected and results
are pending at this time; past sampling in the area by previous
operators returned silver values yielding up to 60 g/t silver.
Fortune Valley plans to complete IP-resistivity geophysical survey,
detailed geologic mapping and rock-chip sampling on the project to
identify the best targets for drilling. Based on several visits to the
El Pe�on mine, the Anillo geologic model is the same as that used on
the El Pe�on property with a focus on finding siliceous flow-banded
rhyolite volcanic domes within the tuffaceous volcanic stratigraphy.
These volcanic domes are the localizing features for the vein deposits
of El Pe�on district and should show as resistive bodies within the
volcanic pile.
Several regional structural zones that control the enechelon vein
system at El Pe�on are believed to extend on to the Anillo property.
Our exploration team will map and sample these structures within the
Anillo property and use the planned geophysics to locate where the
structures pass through the rhyolite domes. These areas will be
high-priority drill targets.
The Company has approved a US$250,000 budget to identify and refine
drill targets on the Anillo property. The project will be ready for
drilling within 6 to 9 months. At that time, the Company will approve
additional funding for the drill program.
To acquire the Anillo project, Fortune Valley Resources Inc. signed an
option agreement with Chilean copper giant Corporaci�n Nacional del
Cobre de Chile ("Codelco") to acquire a 65% interest in the Anillo
property. The Company's overall property interest totals 31,200
hectares and flanks Yamana Gold's El Pe�on Mine to the north and east.
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's Board of Directors and management
team has 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.
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Copyright (c) 2008 FORTUNE VALLEY RESOURCES INC. (FVX) All rights
reserved. For more information visit our website at
http://www.fortunevalleyresources.com/ or send
mailto:info@fortunevalleyresources.com
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