Fortune Valley Resources Inc.
TSX VENTURE : FVX

Fortune Valley Resources Inc.

August 07, 2009 23:30 ET

Fortune Valley Resources Inc. Files Revised Annual Information Form

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2009) - Fortune Valley Resources Inc. (TSX VENTURE:FVX) announces that it filed a revised annual information form on July 8, 2009.

FVX refiled its AIF to:

1. Correct the number of options and shares outstanding and the number of shares held in escrow. The number of shares outstanding was revised from 29,787,624 to 29,787,625. The number of options outstanding was revised from 1,920,000 to 1,500,000. The number of shares held in escrow as at December 31, 2008 was revised from 5,221,128 to 6,961,500.

2. Disclose that a purchase option agreement between the Company and Luis Fernando Pasten Ogalde for certain concessions was a material contract.

3. Disclose that the Company was not in compliance with the policies of the TSX Venture Exchange with respect to the composition of its audit committee. The audit committee is composed of two directors one of whom is independent. The policy requires an audit committee to be composed of three members, the majority of whom are independent. The Company has agreed to be in compliance with the policy by September 4, 2009.

4. Disclose that Michael Gingles has an option to acquire up to 275,000 Common Shares and Max Oemick has an option to acquire up to 250,000 Common shares of the Company.

When revising the AIF the Company took the opportunity to expand on its disclosure including disclosure that:

1. The Company agreed to grant stock options to Bitterroot LLC, a supplier of consulting services to the Company, allowing them to acquire 250,000 common shares in the Company. This grant is subject to the approval of the TSX Venture Exchange. Robert Perry, the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work since February 1, 2009, is a Partner and the Professional Geologist of Bitterroot LLC.

2. The Company agreed to grant stock options to a technical consultant allowing him to acquire 100,000 common shares in the Company. This grant is subject to the approval of the TSX Venture Exchange.

3. Since December 31, 2008 894,445 brokers' options expired as did 4,472,222 warrants. As at the date of the AIF no brokers' options or warrants were outstanding.

In the refiled AIF the Company provided additional disclosure concerning events occurring between the originally filed AIF and the refiled AIF, including disclosure that:

1. Since December 31, 2008 and as at July 6, 2009 certain option agreements were abandoned resulting in the Company maintaining 5,846 hectares of preferential concessions in the Incahuasi Este area as opposed to the 8,246 hectares of preferential concessions held as at December 31, 2008. The Company also announced that it renegotiated the payment schedule with the optionors of the Incahuasi Este property.

2. Since the date of the originally filed AIF the Company has abandoned the Tres Puntas, Aqua Buenas and Este de la Alumbrera properties. The Company is in the process of negotiating a deferred payment schedule with the optionor of the Este de la Alumbrera property but currently only holds exploration or exploitation concession rights in the Incahuasi and Anillo properties, both of which are in Chile, for an overall land position totalling 36,446 hectares.

3. Since the date of the originally filed AIF Max Oemick has been appointed Secretary of the Company.

The refiled AIF incorporates information disclosed in the financial statements of FVX filed after the originally filed AIF.

The Board of Directors

Fortune Valley Resources Inc.

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Neither 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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