Fortress Minerals Corp.
TSX VENTURE : FST

Fortress Minerals Corp.

March 29, 2010 10:52 ET

Fortress Intercepts 0.36% Copper Over 444.7 Metres on the Central Prospect at Its Malmyzh Project, Russia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2010) - Fortress Minerals Corp. ("Fortress") (TSX VENTURE:FST) is pleased to announce assay results on an additional eight holes from the phase 1 drilling program at its 74-square kilometre Malmyzh license in eastern Russia. Please see attached maps.

At the Central prospect, Hole AMM-012 intercepted 444.7 metres grading 0.36% copper from 3.8 metres to the bottom of the hole. The Central prospect is constrained only to the northeast by Hole FMCX-2, which intercepted 215 metres grading 0.34% copper. Drill results from the Central prospect show strong westward-increasing vectors in copper grade, increasing gold to copper ratios, and overall increasing grade-thickness along a coincident magnetic anomaly. The western extension of this anomaly will be tested during the second round of drilling.

Other highlights include Hole AMM-007 drilled into the Valley prospect, which intercepted 391.3 metres (from 16.4 metres to the bottom of the hole) grading 0.25% copper and 0.14 gram/tonne (g/t) gold. The mineralization at the Valley prospect is open at depth and laterally in all directions. The Valley prospect is located 5 kilometres northeast of the Central prospect and 2.5 kilometres east of the Flats Prospect where Hole AMM-002 intercepted 474.7 metres grading 0.26% copper and 0.29 g/t gold (see news release dated March 17, 2010).

The phase 1 drill program, which will include approximately 5,200 metres of drilling in 26 holes, will test ten large geophysical and geochemical targets. Determination of hole locations for the first-pass drilling program was based almost exclusively on soil geochemistry and magnetic anomalies due to the extensive soil and vegetative cover that characterizes the Malmyzh license. The phase 2 drill program, which is scheduled to commence in November 2010, will concentrate on delineation drilling of higher-priority mineralized targets identified in phase 1 and focused drilling in the priority prospects to identify higher-grade copper-gold feeder zones.

Hole Target TD (m) From (m) To (m) Width (m) Copper Grade (%) Gold Grade(g/t) Copper Equivalent (%) (i)
AMM-005 ABV 250.3 112.0 138.0 26.0 0.18 0.05 0.20
AMM-006 ABV 400.2 5.2 49.0 43.8 0.14 0.04 0.17
    And 281.6 294.0 12.4 0.15 0.03 0.17
    And 388.2 400.2 12.0 0.12 0.02 0.13
AMM-007 Valley 407.6 16.4 407.6 391.3 0.25 0.14 0.33
    Including 47.7 114.8 67.1 0.30 0.21 0.42
    And including 168.9 202.5 33.6 0.34 0.20 0.45
    And including 223.9 268.8 44.9 0.35 0.17 0.44
AMM-008 'Z' 263.1 63.4 107.7 44.3 0.09 0.08 0.13
    And 227.2 269.2 42.0 0.14 0.10 0.19
AMM-009 Central 202.3 27.5 127.6 100.1 0.15 0.05 0.18
    And 182.4 202.3 19.9 0.26 0.04 0.29
AMM-010 Central 350.4 2.6 44.3 41.7 0.15 0.02 0.16
    And 56.6 121.3 64.7 0.12 0.00 0.12
    And 307.3 332.3 25.0 0.12 0.00 0.12
AMM-011 Central 265.3 6.0 96.8 90.8 0.19 0.01 0.20
    Including 6.0 15.4 9.4 0.35 0.08 0.40
AMM-012 Central 448.5 3.8 448.5 444.7 0.36 0.09 0.41
    Including 19.7 354.7 335.0 0.39 0.10 0.44
    And including 384.1 432.3 48.2 0.33 0.05 0.36
(i) Intercepts are calculated using a copper equivalent cut-off grade and have been calculated using assumed metal prices (US$2.35/pound of copper and US$972/ounce for gold); Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of calculating copper equivalent. Copper equivalent = %Cu + 0.55 x g/t Au.

Fortress considers the initial assay results from all targets to be encouraging and results from the Flats, Valley, and Central prospects to be particularly encouraging given the wide spacing of these drill holes and the thickness and continuity of mineralization. In addition, the initial drill holes at both the Flats and Valley targets contain significant gold which could enhance the economics of the project. Mineralization at Malmyzh is of the copper-gold porphyry style similar to that found at Oyu Tolgoi in Mongolia and Cadia-Ridgeway in New South Wales, Australia. Each of these targets is large enough to contain a significant porphyry deposit.

The Malmyzh Copper-Gold Project is located 215 kilometres northeast of the City of Khabarovsk near well developed infrastructure, including high voltage power lines, the Amur River (a major shipping route in the Russian Far East) and all season roads that connect the project to the regional capital of Khabarovsk City and the seaport City of Nikolaevsk at the northern end of the Sea of Japan. The Malmyzh prospect is held under a 20-year Exploration and Mining License.

The terms of Fortress' agreement with Freeport-McMoRan Exploration Corporation ("FMEC") are that Fortress receives a 51% ownership position in Amur Minerals LLC ("Amur") by taking operational control of the Amur Company, complying with license requirements, and completing, at the company's sole expense, an aggregate of 12,000 metres drilling. FMEC does not retain any clawback provisions under the terms of the Agreement.

Malmyzh is one of three Amur projects located in the Khabarovsk Krai, Far East Russia, the same administrative subdivision in which Fortress's 100% controlled Svetloye Gold project is located.

About Fortress

Fortress is principally engaged in the acquisition, exploration and development of precious and base metal properties located in Russia. The common shares of Fortress are listed for trading on the TSX Venture Exchange under the trading symbol "FST".

The technical information contained in this news release was reviewed by Thomas E. Bowens, Chief of Operations, P. Geo., and a Qualified Person as defined by National Instrument 43-101.

FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements concerning the Company's plans for its properties. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company's exploration and development of its properties, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described in the Company's periodic filings with the British Columbia Securities Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.

On behalf of the Board of Directors,

Lukas H. Lundin, President and CEO

To view the maps accompanying this press release please click on the following link: http://media3.marketwire.com/docs/FST0329.pdf

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Fortress Minerals Corp.
    Sophia Shane
    Corporate Development
    604-689-7842
    or
    Fortress Minerals Corp.
    Ryan Torvik
    Chief Financial Officer
    604-689-7842
    www.fortressminerals.com