Fortress Minerals Corp.
TSX VENTURE : FST

Fortress Minerals Corp.

September 29, 2009 14:25 ET

Fortress Minerals Enters Into Joint Venture With Freeport-McMoRan Exploration Corporation on Three Porphyry Copper and Copper-Gold Projects in the Russian Far East

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 29, 2009) - Fortress Minerals Corp. (TSX VENTURE:FST) ("Fortress") is pleased to announce that the Company has entered into a Share Purchase Agreement ("the Agreement") with Freeport-McMoRan Exploration Corporation ("FMEC") in which Fortress has acquired a 51% interest in a subsidiary of FMEC that controls 100% of three separate copper and copper-gold projects in the Russian Far East. One of the projects, the Malmyzh exploration and mining license, has been tested by 6 drill holes with very encouraging intercepts including hole PDMC-002 which intercepted 215 metres (from 0 to 215 metres) grading 0.34% copper, hole PDMC-004 which intercepted 195.6 metres (from 2 to 197.6 metres at end of hole) grading 0.39% copper and 0.29 grams per tonne (g/t) gold and hole PDMC-005 which intercepted 181.7 metres (from 12 to 193.7 metres) grading 0.30% copper. The terms of the Agreement are outlined below.

The three projects are located in the Khabarovsk Krai, Russian Far East; the same administrative subdivision in which Fortress's 100% controlled Svetloye Gold Project is located. The properties have potential to contain large porphyry copper and copper-gold prospects and are all located near established transport infrastructure; two of the projects are traversed by power lines and are accessible by car via all-season roads from the city of Khabarovsk. In addition, all three projects occur adjacent the Amur River (a major shipping lane in the Russian Far East) which connects the city of Khabarovsk and the sea port city of Nikolaevsk (to view Figure 1, click on the following link: http://media3.marketwire.com/docs/FSTfig1929.JPG).

Of the three projects, the Malmyzh Project is the most advanced. Malmyzh was identified during regional exploration programs conducted under the former Soviet Union and is the location of previous Soviet placer and hardrock gold exploration and historic artisanal placer mining. Malmyzh is held under a 20-year Exploration and Mining License and comprises a 74 square kilometer license area, containing quartz-sericite alteration over an approximate 40 square kilometer area. To date at Malmyzh, Amur has completed surface rock chip sampling, soil sampling and geophysical surveys, which has identified 10 specific target areas within the mineralized belt. Limited drilling (1,066 meters in 6 widely spaced drill holes into 4 of 10 identified targets) is very encouraging because all of these wide-spaced holes contain significant mineralization and the targets are large enough that each of them could contain a significant porphyry deposit.

HoleAreaAzimuthAngleTD
(m)
From
(m)
To
(m)
Width
(m)
Copper grade (%)Gold
Grade
(g/t)
FMXC-001West150-60200.148.693.044.40.10 less than 0.01
FMXC-002Trench145-56223.60.0215.0215.00.340.03
    Including2.016.014.00.390.03
    Including64.0119.055.00.360.05
    Including143.0207.064.00.500.04
FMXC-003West330-58159.720.073.053.00.170.10
    Including30.034.04.00.460.31
    And119.5157.037.50.140.08
FMXC-004Flats0-90197.62.0197.6195.60.390.29
    Including7.0147.0140.00.410.32
    Including15.049.034.00.520.29
    Including165.0197.032.00.360.29
FMXC-005North0-90193.712.0193.7181.70.300.07
    Including14.050.036.00.450.18
    Including16.024.08.00.610.04
    Including71.084.013.00.360.06
FMXC-006North330-6081.38.033.025.00.110.03
    And57.067.010.00.11 less than 0.01

Fortress Minerals has acquired a 51% ownership position in Amur Minerals LLC ("Amur") and its US parent, which are subsidiaries of FMEC, by making a cash payment of $10,000 and taking operational control of Amur and completing, at the company's sole expense, an aggregate of 12,000 metres drilling. Additionally, Fortress is obliged to insure that all Amur activities comply with and fulfill Russian license requirements. FMEC does not retain any "clawback" provisions under the terms of the Agreement.

Mr. Lukas Lundin, President and CEO of Fortress Minerals, commented, "We firmly believe that these copper-gold exploration projects hold excellent potential for large bulk-mineable copper and gold deposits and that the addition of these projects to Fortress's Russian portfolio adds value to the company going forward."

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. Fortress believes there was an adequate QA/QC program with assays completed by a Moscow branch of an internationally recognized and certified laboratory. Fortress found no discrepancies in its review of the technical data and core or during the site visit.

ON BEHALF OF THE BOARD

Lukas H. Lundin, President and CEO

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.

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.

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