Fortress Minerals Corp.
TSX VENTURE : FST

Fortress Minerals Corp.

October 17, 2006 17:57 ET

Fortress Announces Cdn $1.8 Million Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 17, 2006) - Fortress Minerals Corp. ("Fortress" or "the Company") (TSX VENTURE:FST) announces that it has completed the private placement as announced on September 28, 2006. The Company sold on a non-brokered, private placement basis, 2 million common shares of the Company at a price of Cdn $0.90 per share for gross proceeds of Cdn $1.8 million. No finder's fee is payable in connection with the private placement. Net proceeds of the private placement will be used towards the Company's ongoing exploration program at the Svetloye Gold Project in the Russian Far East as well as for general working capital purposes. The private placement has received regulatory approval and the securities have been issued to the investors. The shares issued pursuant to the private placement are subject to a hold period expiring four months after the date of closing.

On Behalf of the Board

Ron F. Hochstein, President

This News Release contains forward-looking statements concerning the Company's plans for its principal property in Russia. These forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company's exploration and development of its principal property in Russia, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described in the Company's periodic filings with the British Columbia Securities Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.

Samples were prepared and analyses completed at the DalGeophysical Laboratory in Khabarovsk, Russia. The DalGeophysical Laboratory is accredited by the State Committee of the Russian Federation for Standardization and Metrology (Gosstandart of Russia).


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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