Fortune Oil & Gas, Inc.

August 16, 2011 15:45 ET

Alta Mining (FOGC) Begins Exploration in BC, Canada

HENDERSON, NEVADA--(Marketwire - Aug. 16, 2011) - Fortune Oil and Gas, Inc. (PINK SHEETS:FOGC) ( subsidiary Alta Mining announces the commencement of the 2011 exploration program on the SGH property, located in Slocan, BC, Canada.

The project consists of over 1000 Hectares of mineral claims located in a well-known mining district of Slocan associated with high grade silver formations. Initial work on the property consisted of collating all historical exploration work and all geological information available into a mapping and geo-analytical database for a detailed study of the property. This initial step has been successfully completed.

Current phase of exploration covers mineralized zones that are a host to significant silver mineralization systems, which have been noted in previous exploration work. Historical findings are already well mapped and described, giving an excellent starting point for start of our field exploration program, however, Alta is not treating the historical findings, especially findings dating to the end of 19th and beginning of 20th century as current mineral resources as these will not be significantly relied upon. The exploration will exclude possibility to define a new discovery of vein systems within the major mineralization structures, or sub paralleling these structures as mineralized formations have intention to be naturally exposed over such a big span of time.

The company is ready to undertake a field program that may include but is not limited to prospecting, mapping, extensive soil sampling, and follow-up trenching and rock chip sampling. The initial focus of the geological and prospecting programs will be to reconfirm historically outlined findings on the property and make the findings compliant with the National Instrument 43-101. It is anticipated that additional targets will be developed through ground work. The following phase of exploration would include further work on these additional targets.

Company management stated, "We are very optimistic that this exploration phase will confirm our prediction that silver bearing mineralization will occur in values that are calling for new extensive exploration program structured to further reveal a full potential of company's property. Company is fully capitalized to complete the work and all of assay results and other relevant information will be released as it is received and verified."

More updates on both subsidiaries to follow shortly.

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SOURCE Fortune Oil & Gas, Inc.

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