Fortune River Resource Corp.

Fortune River Resource Corp.

May 16, 2006 12:04 ET

Fortune River Hits 14 g/t Gold in Ontario; Announces Plans for Multi-Project Drilling in Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 16, 2006) - Fortune River Resource Corp. (TSX VENTURE:FRX)(FWB:RG7A) today reported results of core drilling at the company's Drayton Archean "greenstone" property, located in western Ontario. A total of ten holes (1,674 metres) were drilled and significant gold intercepts were encountered (see table below). Higher grade intervals of up to 14.5 g/t Au over 2.0 metres contain visible gold in quartz +carbonate veins. Gold mineralization has been traced in seven holes over a strike length of 400 metres, and is open below 115 metres depth and along strike to the NE and SW. Three holes tested geophysical targets and returned no significant values.

Gold-bearing quartz+carbonate veins are generally narrow (less than 15 cm), sulphide-poor, and can form moderate to low density stockworks, breccias and sheeted vein sets within the broader, lower grade, mineralized zones. Elevated gold is also associated with coarse, disseminated pyrite in several samples. Other significant gold intercepts from the program include 4.3 g/t Au over 1.5 metres and 1.0 g/t Au over 9.1 metres.

Both the 14.5 g/t Au and 4.3 g/t Au values are metallics assays of earlier 50-gram fire assays that returned 7.4 g/t Au and 3.9 g/t Au, respectively (see table below). Metallics assays were used to verify the fire assay results once visible gold was recognized in several samples and are generally considered a more robust and reliable analyses for samples containing coarse gold.

Table I: Significant Gold Assays, Drayton Property

Drill Orig. 1/2 Duplicate 1/4 Original
Hole From To Interval split FA split FA Metallics
No. metres metres metres Au g/t Au g/t Au g/t

DT06-01 30.2 40.8 10.6 1.3 0.5
and 47.9 57.0 9.1 0.9 1.0

DT06-02 107.7 114.4 6.8 0.8 pending

DT06-03 35.3 37.3 2.0 7.4 4.8 14.5

DT06-04 158.6 160.1 1.5 3.9 4.3

DT06-05 116.4 118.0 1.6 1.2 pending

DT06-06 65.9 68.1 2.2 1.9 1.1

DT06-10 87.3 91.1 3.8 1.0 pending
True Thickness not calculated due to limited structural data
Fire Assay: 50gr Au assay on 250 to 400gr pulp
Metallics Assay: 1000g screen sample sieved through 150 mesh.
Entire +150 fraction assayed and duplicate -150 assays

The company said mineralization is only exposed in trenches along the host structure and a detailed IP survey is planned to infill the existing broad survey to further define geologic features that may control gold mineralization. A follow-up core drilling program of approximately 1,500 metres will be formulated once the additional geophysics has been completed.

The company also reported the completion of staking of an additional 192 hectares covering the northeast extension of the target structure, bringing the total land holding at Drayton to 1,584 hectares.

In other news, the company reports that this season it expects to drill three of its Nevada low-sulphidation gold/silver properties and that a partner plans to drill a fourth. All five of the company's Nevada properties are located in the Walker Lane gold belt.

Highland Project - Newcrest Resources Inc., a subsidiary of Australian-based Newcrest Mining Limited, has received permits to begin the previously announced 5,000 metre drilling program at Fortune River's Highland low-sulphidation property in western Nevada (see news release dated January 20th, 2006). Phase I will consist of relatively shallow reverse-circulation drill holes and is expected to begin around the end of May. Phase II, scheduled for later this summer or early fall, is expected to consist of deeper core drill holes. A principal target is expansion of a zone where prior drilling encountered 1.5 metres of 66.9 g/t gold and 397.7 g/t silver within an 12.2 metre intercept of 9.5 g/t gold and 109.4 g/t silver (see news release dated December 12, 2003).

Wind Mountain Project - Work is underway to develop a 20-hole (approximately 4,850 metre) drill program at the company's Wind Mountain low-sulphidation property in northwestern Nevada, where Fortune River is earning an interest from Agnico-Eagle (USA) Limited, a subsidiary of Agnico-Eagle Mines Ltd. (see news release dated March 1st, 2006). Data from historic reverse-circulation drilling and blast holes are being integrated into a 3D computer model. Detailed geologic mapping and sampling in the open pit is planned to verify feeder structures indicated by linear trends of +9 g/t gold values in historic blast holes at or near the bottom of the former open pit prior to selecting drill sites.

Baxter Project - Fifteen reverse-circulation drill holes (approximately 3,600 metres) are planned at the company's Baxter property, which consists of 115 claims (approximately 930 hectares). Several linear magnetic lows appear to represent magnetite destruction along poorly exposed zones of veining and gold mineralization. Previous drilling was encouraging (see news release Nov. 18th, 2004) with anomalous gold intersected in ten of the company's initial eleven holes. Hole B04006 encountered the strongest mineralization, intersecting 1.5 metres of 9.12 g/t Au within a 6.1 metre interval of 3.5 g/t Au beneath approximately ten metres of gravel at the Chugiak target area. Vein textures and geochemistry suggest initial drilling tested high levels of the system, above the main zone of boiling and gold deposition. A detailed ground mag survey was completed recently to identify major faults that could control deeper zones of high-grade gold and silver mineralization.

Mud Springs Project - Eight reverse-circulation drill holes (approximately 1950 metres) are planned at the company's Mud Springs property, which consists of 79 claims (approximately 640 hectares). Detailed ground magnetic data was collected and integrated with detailed surface mapping and sampling. Several linear magnetic lows appear to trace zones of silicification and gold mineralization through areas covered by shallow gravel. Grab samples from exposed zones of silicification contain background concentrations to +9 g/t gold and +700 g/t silver (see news release dated June 24th, 2005). These samples are believed to be from a high-level of the system, representing leakage above more significant high-grade gold and silver mineralization at depth.

Buz Project - Completion of geologic mapping and sampling is planned for Buz, the company's fifth low-sulphidation property, as time permits.

About Fortune River Resource Corp.

Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The low-sulphidation Highland, Baxter, Mud Springs, Wind Mountain and Buz projects in Nevada and the Archaen-vein Drayton project in Ontario, all have significant high-grade gold potential.

Rob Macdonald, (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported for the Drayton project and Joseph Anthony Kizis, Jr., (P.Geo) is the Qualified Person responsible for reviewing the technical results for the Nevada projects reported in this release.

On behalf of the Board,

Joseph Anthony Kizis, Jr. President, Fortune River Resource Corp.

We seek safe harbour.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

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