Fortress Minerals Corp.
TSX VENTURE : FST

Fortress Minerals Corp.

May 31, 2005 14:39 ET

Fortress Announces CDN $2.4 Million Financing Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 31, 2005) - Fortress Minerals Corp. (the "Company" or "Fortress")(TSX VENTURE:FST) is pleased to report that the private placement announced on May 6, 2005 has closed. The Company sold, on a non-brokered, private placement basis, 4 million common shares of the Company at a price of Cdn $0.60 per share for gross proceeds of Cdn $2.4 million.

Net proceeds of the private placement will be used towards the upcoming summer exploration programs in both Russia and Mongolia as well as for general corporate purposes. The private placement has received regulatory approval and the shares have now been issued to the investors. The shares are subject to a hold period expiring on September 27, 2005. A 5% finder's fee was paid in connection with the private placement.

Fortress holds a 51% interest in the Svetloye gold project, an advanced exploration project in Russia, as well as a large land package in Mongolia encompassing key copper/gold prospective regions in the country. In addition, the Company holds gold exploration concessions in Nicaragua.

ON BEHALF OF THE BOARD

Eira Thomas, Director


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

Contact Information

  • Fortress Minerals Corp.
    Eira Thomas
    Director
    (604) 681-5700
    (604) 681-5757 (FAX)