Fortune River Resource Corp.
TSX VENTURE : FRX
FRANKFURT : RG7A

Fortune River Resource Corp.

October 31, 2007 12:43 ET

Fortune River Purchases East Manhattan Project From Newcrest

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2007) - Fortune River Resource Corp. (TSX VENTURE:FRX)(FRANKFURT:RG7A) today reported that it has signed an agreement to purchase a Nevada low-sulfidation gold/silver project from Newcrest Resources Inc. ("Newcrest"). The "East Manhattan" project consists of 70 unpatented lode claims (approximately 560 hectares) located in Nye County, Nevada at the eastern edge of the Manhattan district. Estimated historic production from the district is approximately one million ounces of gold.

Numerous veins are partially exposed at East Manhattan, with the three largest veins being up to 10 meters in width and each being traced on surface for 770 to 1,200 meters along strike. Nine of the 16 grab samples of vein exposures and dump material collected by Fortune River assay +3 g/t Au, with a high value of 30.1 g/t Au (repeat 31.1 g/t Au). The remaining samples range from less than detection to 1.94 g/t Au. Vein textures and mineralogy suggest the current erosion level is near the top of the gold zone. No data is available for several historic vertical holes believed to have been drilled for disseminated gold mineralization.

East Manhattan is located approximately 19 kilometers southeast of the Round Mountain mine (reported production of +10 million ounces of gold and reserves of approximately four million ounces of gold). In addition, Royal Standard Minerals is currently conducting underground test mining at its Goldwedge development project, located approximately five kilometers to the west of the East Manhattan project.

Fortune River will purchase the project from Newcrest for a one-time payment of US$45,000 and a commitment for 4,000 feet (approximately 1,200 meters) of drilling within 12 months. Newcrest will retain a 3% NSR, of which 1% NSR can be purchased for US$1,000,000 any time prior to commercial production.

The Company's Board of Directors has approved a budget of US$212,000 for detailed geologic mapping and sampling followed by approximately 6,000 feet (1,800 meters) of reverse-circulation drilling. Geologic work and permitting are expected to be completed over the next few months, with drilling anticipated late winter or early spring, subject to snow conditions and rig availability.

In other news

Wind Mountain Deep Drilling Planned this Winter

The company's Board of Directors has approved a three-hole, reverse-circulation drilling program (+1,200 meter total) to further test for high-grade feeder structures beneath the Wind Mountain mine. The company's Phase I program earlier this year demonstrated that a north-trending fault zone is an important control of mineralization. 3D modeling and subsequent detailed mapping and sampling have identified several crossing structures that also appear to control mineralization. The intersections of these sets of structures are likely "feeder" channel ways for the large body of disseminated gold mineralization from which AMAX, a former owner of the property, produced nearly 300,000 ounces of gold and more than 1.7 million ounces of silver during the early 1990s. These "feeders" may host bonanza-grade gold/silver mineralization, which will be the target of the Phase II program that is anticipated to be completed this winter.

Phase I drilling also confirmed that a significant low-grade resource remains unmined at the project, and the company is making arrangements for an independent consulting group to calculate and verify the remaining resource in accordance with NI-43-101 standards. The 43-101 report will also recommend specific scoping work necessary to begin evaluating economics of the resource. The study is expected to be completed late fall of this year.

2007 Baxter and Mud Springs Drilling Programs Completed

All assays have been received from the company's recent drilling program at its Baxter project, and drilling has been completed at its Mud Springs project. A total of 13 reverse-circulation drill holes (2,964 meters) were completed at Baxter, and a total of seven reverse-circulation drill holes (1,397 meters) were completed at Mud Springs. Precious-metal assays for Mud Springs, where seven vein/fault zones were tested, are not encouraging; however, geochemical zoning and alteration suggest molybdenum mineralization may lie at depth.

The company tested two mineralized zones with drilling at Baxter during 2004. The 2007 program consisted of 13 holes at seven vein/fault zones. Holes at two of the zones, Chugiak and Last Chance, intersected several narrow intervals of significant gold mineralization, with each zone having strike lengths of +600 meters (See tables below). Both zones lie near the center of the claim group: Chugiak strikes west-northwest and Last Chance strikes almost due north. Drill holes at other vein/fault zones intersected narrow intervals of anomalous gold, generally less than 1 g/t Au.

The company intends to seek JV partners to test deeper portions of the Chugiak and Last Chance structures at Baxter and to evaluate the potential for molybdenum mineralization at Mud Springs.



--------------------------------------------------------------------------
Chugiak Target
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Begin End
Drill Total interval interval Thickness Au Ag
Hole Depth Orientation Feet Feet Feet (g/t) (g/t)
--------------------------------------------------------------------------
B04006 400 -60, due N 170 190 20 3.50 NSV
--------------------------------------------------------------------------
including 170 175 5 9.12 NSV
--------------------------------------------------------------------------
B04007 460 -70, due N 155 190 35 2.00 13
--------------------------------------------------------------------------
including 170 175 5 7.38 15
--------------------------------------------------------------------------
275 280 5 0.85 NSV
--------------------------------------------------------------------------
290 295 5 0.29 NSV
--------------------------------------------------------------------------
B04008 400 -70, due N 315 320 5 1.19 NSV
--------------------------------------------------------------------------
B07015 835 -60, 045 NSV NSV
--------------------------------------------------------------------------
B07016 885 -70, 030 450 455 5 1.142 NSV
--------------------------------------------------------------------------
525 535 10 0.854 NSV
--------------------------------------------------------------------------
645 650 5 0.396 NSV
--------------------------------------------------------------------------
675 685 10 0.515 NSV
--------------------------------------------------------------------------
B07018 725 -60, 030 345 350 5 1.226 15
--------------------------------------------------------------------------
370 375 5 3.374 44
--------------------------------------------------------------------------
375 380 5 0.425 NSV
--------------------------------------------------------------------------
NOTE: "B04" holes were drilled in 2004 and were previously reported. They
are repeated here for completeness.

True thicknesses are uncertain, particularly thicker zones that may be the
intersection of high-angle faults and low-angle stratigraphic contacts



--------------------------------------------------------------------------
Last Chance Target
--------------------------------------------------------------------------
Begin End
Drill Total interval interval Thickness Au Ag
Hole Depth Orientation Feet Feet Feet (g/t) (g/t)
--------------------------------------------------------------------------
B07012 805 -60, 232 480 485 5 0.302 NSV
--------------------------------------------------------------------------
520 525 5 1.878 NSV
--------------------------------------------------------------------------
550 555 5 0.695 NSV
--------------------------------------------------------------------------
565 570 5 0.870 NSV
--------------------------------------------------------------------------
775 780 5 0.660 NSV
--------------------------------------------------------------------------
B07017 735 -60, 225 160 170 10 0.620 NSV
--------------------------------------------------------------------------
235 240 5 0.305 NSV
--------------------------------------------------------------------------
B07019 815 -60, 230 620 635 15 1.456 NSV
--------------------------------------------------------------------------
including 620 625 5 3.104 NSV
--------------------------------------------------------------------------
665 675 10 0.524 NSV
--------------------------------------------------------------------------
785 795 10 1.625 NSV
--------------------------------------------------------------------------
True thicknesses are uncertain due to limited pierce points


Highland Project Update

Newcrest, as Optionee of the property, has completed logging, splitting, and sampling of their 2006/7 four-hole core program. Only partial assays from the final hole, HL-18C, are pending. Multiple, narrow veins were intersected, with the highest gold grade being a 0.24 meter intercept (unknown true thickness) grading 15.980 g/t Au (17.005 g/t repeat) and the highest silver grade being a 0.21 meter intercept of 308.5 g/t Ag. Several vein zones, ranging from less than a meter to 1.7 meters, returned grades of 0.3 to 2.4 g/t Au and up to 49 g/t Ag. Detailed geology from Newcrest's oriented core program and new assays are being integrated into Fortune River's 3D model in order to evaluate these results.

Corporate Update

The company also announces changes to the constitution of its Board of Directors. Robert Gayton and Donald Bubar have recently resigned to devote more time to their other business interests. Donald R. Head of Scottsdale Arizona has been appointed to the Board; Mr. Head is the Vice Chairman of the Board of Directors of Global Entertainment Corporation and has been a member of that Board since 2000. Global Entertainment Corporation is a company engaged in sports management, multi-purpose events and entertainment centre and related real estate development, and venue management, marketing and ticketing. He is the former Chairman, President, and Chief Executive Officer of publicly held Capital Title Group, Inc. a title insurance underwriter, agent and settlement services provider.

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 Wind Mountain, Highland, Baxter, Mud Springs, and Buz projects are in Nevada and the Archean-vein Drayton project is in Ontario.

Joe Kizis Jr., (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release for Nevada properties.

On behalf of the Board,

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

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. We seek safe harbor.

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