Fortune River Resource Corp.

Fortune River Resource Corp.

January 08, 2008 13:18 ET

Fortune River Receives Resource Estimate for Wind Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2008) - Fortune River Resource Corp. (TSX VENTURE:FRX)(FRANKFURT:RG7A) reported today that it has received a NI 43-101 compliant Technical Report for the Wind Mountain Au-Ag deposit in Nevada's Walker Lane gold trend which estimates the total Measured plus Indicated Resource for the project as 33.7 million tons above a cutoff grade of 0.0075 opt Au, with an average grade of 0.012 opt gold, containing 406,000 ounces of gold. The report also estimates an Inferred Resource of 9.8 million tons above a cutoff grade of 0.0075 opt Au, with an average grade of 0.009 opt gold, containing 92,000 ounces of gold. The report further states, "the inferred resource is enveloped by over 74 million tons of material averaging 0.006 opt Au (444,000 ounces gold) that is not regarded as potentially economic at this time, but may become so in the future."

The report recommends a next-phase budget of approximately US$500,000 to undertake several areas of study that could lead to significantly increasing the size and quality of the resource, including: deep exploration of "feeder" structures, expansion of known near surface oxide resources, both laterally and at shallow depth, and evaluation of potential for processing gold-bearing material on existing heap-leach piles and mine dumps. Part of this program will begin during January 2008 as the Company initiates drilling of three deep reverse-circulation holes (approximately 1,200m total) to test specific "feeder" structures.

Ore Reserves Engineering ("O.R.E.") and Donald E. Ranta, consulting geologist, prepared the resource model and compiled the technical report. Alan C. Noble, P.E. is the Principal Engineer of O.R.E. and is the Qualified Person for the technical report for the purpose of Canadian NI 43-101, Standards of Disclosure for Mineral Projects. The report is now available on SEDAR. It includes a summary of historical work on the property, a compilation of Fortune River's exploration and development activities on the project, and a block model resource estimate.

The resource estimate was prepared utilizing a 3-D block model with inverse-distance-power estimation of gold grades. Grade estimation was controlled using three-dimensional wire-frame interpretations of the gold-grade zoning. Grade estimation parameters were defined based on variogram trends and further optimized so the grade distribution in the mined-out portion of the resource matched closely with a block model that was created from blasthole data. Resource classes were defined based on the spacing of drill holes around the blocks as measured by the kriging variance from a linear variogram. A drill-hole grid spacing of 150 feet was required to qualify as Measured and a spacing of 225 feet was required to qualify as Indicated, with less dense drill spacing qualifying as Inferred. Silver resources are not reported in the resource estimate because of uncertainty regarding silver assays; however, approximately 5.9 ounces of silver were recovered historically for every one ounce of gold.

Amax Gold produced 299,259 ounces of gold and 1,769,426 ounces of silver from 1989 through 1999, when all heap leaching, rinsing, and final carbon cleanup were completed. Recovery of gold was 67.2% of a total of 445,542 ounces mined and placed on leach pads (approximately 22.6 million tons of ore averaging 0.020 opt Au based on unpublished data from Amax data files). The percent recovery of silver has not been determined, but based on resource reconciliations was probably less than 25%. It is believed that depressed gold prices and other corporate issues influenced Amax's decision to end mining in 1992.

Wind Mountain is being acquired via an earn-in agreement with Agnico-Eagle (USA) Limited, a subsidiary of Agnico-Eagle Mines Ltd and is one of Fortune River's five low-sulfidation gold/silver properties being explored in the highly prospective Walker Lane gold trend in northwestern Nevada.

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 Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, and Buz projects are located in Nevada and the Drayton project is located 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.

Contact Information