Fortress Minerals Corp.

Fortress Minerals Corp.

December 17, 2010 21:53 ET

Fortress Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 17, 2010) - Fortress Minerals Corp. (TSX VENTURE:FST) ("Fortress" or "the Company") reports that, further to its press release of November 23, 2010, Fortress concluded a transaction (the "Transaction") with Inter Geo Recources LLC (the "Purchaser"), whereby the Purchaser acquired the Corporation's remaining property interests and related assets within the Russian Federation, being an indirect 51% interest in four separate copper and copper-gold projects located in Khabarovsk Krai in the Far East of Russia, through the sale and purchase of all the issued shares of two of the Corporation's Cypriot subsidiaries and certain intercompany debt.

In relation to the Transaction the Corporation received in aggregate consideration in sum of US$500,000 in cash. The Corporation plans to use the net proceeds realized from the Transaction to pursue other opportunities and for general working capital.

There were no finder's fees payables in relation to the Transaction.

On behalf of the Board of Directors,

Ron Hochstein

Neither the 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.

Contact Information

  • Fortress Minerals Corp.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    Fortress Minerals Corp.
    Ryan Torvik
    Chief Financial Officer
    (604) 689-7842