Fortress Minerals Corp.

Fortress Minerals Corp.

November 12, 2008 18:31 ET

Fortress Corporate Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) - Fortress Minerals Corp. ("Fortress" or "the Company") (TSX VENTURE:FST) reports that it has elected to settle the Cdn $4 million loan made by Ellegrove Capital Ltd. ("Ellegrove"), an insider of the Company through its joint actor, Lorito Holdings S.a.r.l. ("Lorito") announced on August 15, 2008 by way of shares for debt. This loan was subject to an interest rate of prime plus 2%.

The number of common shares to be issued in payment of the debt plus accrued interest of Cdn $59,918.03 will be 27,066,120 at a deemed price of $0.15 per share (the "Shares").

Subject to conditional TSX Venture Exchange acceptance, the Shares will be issued to Lorito in escrow pending disinterested shareholder approval and final TSX Venture Exchange acceptance. Lorito will not be able to vote these shares until such approvals are received. The Shares will be subject to a four month plus one day hold period from the date of issuance.

The issuance of the Shares creates a new control person. Ellegrove, through its joint actors (including Lorito), currently holds 19,248,464 of the Company's 106,728,778 outstanding common shares. With the issuance of the Shares, Ellegrove, through its joint actors (including Lorito), will hold a total of 46,314,584 common shares. This will represent 34.62% of the issued and outstanding common shares of the Company.


Lukas Lundin, President & CEO

This news release contains forward-looking statements concerning the Company's plans for its properties. 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 properties, 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.

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

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