Fortune Oil & Gas, Inc.

September 02, 2011 15:45 ET

Alta Mining (FOGC) Expands Its Silver Properties

HENDERSON, NEVADA--(Marketwire - Sept. 2, 2011) - Fortune Oil & Gas, Inc. (PINK SHEETS:FOGC) ( is pleased to announce that its subsidiary Alta mining Inc., upon positive outcome of due diligence process, has entered into an Binding Option Agreement under which company can acquire a 90% undivided interest in the Wilson Creek and Kane Creek Property comprised of 25 mining claims, totalling over 6000 hectares of already verified high grade silver showings, located in SLOCAN mining camp, BC Canada.

The Option Agreement was preceded by a Letter of Intent between the parties that was signed in July of 2011. The terms of the option agreement provide for payments a three-year period with predetermined minimum value of exploration work that has to be expedited on the property. If exploration work determines the project as a feasible mining operation, based upon criteria described in the option agreement, Alta will be in position to accelerate payments and become a lawful registered owner of the mining claims.

Company believes that with a fresh approach it could uncover substantial new value on this property and, due to documented historical showings of silver and favourable location of the property, it will take a significantly lower time and resources in advancing the whole BC project beyond the exploration phase.

The company is currently compiling all available geological and technical information on the property collected through the due diligence work. As soon as the company finalizes this process, additional information on property potential will be presented on company's web site

This Option Agreement shows a perfect example of implementing Alta's strategy of rapidly becoming a leader in silver exploration and development in the prolific Slocan region. Company will work diligently to further increase its property portfolio with prosperous mining properties in North America.

More details will follow shortly.

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