Fortress Minerals Corp.
TSX VENTURE : FST

Fortress Minerals Corp.

November 01, 2006 09:30 ET

Fortress Intercepts 10.1 Metres Grading 38.48 g/t Gold at Tamara Target Area on the Svetloye Project in Russia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 1, 2006) - Fortress Minerals Corp. ("Fortress" or "the Company") (TSX VENTURE:FST) is pleased to announce additional drill results from Elena and its first results from Tamara at the Svetloye gold project in Eastern Russia. Elena and Tamara are two of seven large epithermal gold target areas that have been defined by surface geochemical sampling and geological mapping within the project area. Please see attached map and sections.

PDSC-049, the first hole drilled by Fortress on the Tamara target, returned 46.4 metres grading 8.85 grams per tonne gold including 10.1 metres grading 38.48 grams per tonne gold. This hole was drilled across a structure that had been previously trenched, which returned 3.90 grams per tonne gold over 50.5 metres.

At the Elena target, highlights include drill hole PDSC-036, which returned 43.1 metres grading 9.06 grams per tonne gold, including 24.4 metres grading 14.38 grams per tonne gold (note that PDSC-036 was drilled from the same collar location (within 5 metres) and at the same angle as PDSC-005, which was drilled by the previous operator, and confirmed the grade of PDSC-005: 38.2 metres grading 8.92 grams per tonne gold). In addition, PDSC-044 returned 69.6 metres grading 2.17 grams per tonne gold, including 16.9 metres grading 3.91 grams per tonne gold and PDSC-045 intersected 65.0 metres grading 2.47 grams per tonne gold, including 20 metres grading 4.59 grams per tonne gold. Most of the holes reported in the tables below intersected near-surface mineralization.

Work carried out on the Svetloye project has identified a 7-square-kilometre zone of epithermal gold mineralization. Gold is associated with extensive zones of vuggy silica, alunite and late stage veins. This style of mineralization is common to Pierina, Veladero and other 'high sulphidation' epithermal deposits. The rocks are oxidized to a depth of approximately 80 -150 metres based on the drilling to date.

Ron Hochstein, President of Fortress, commented, "The drill results from the Tamara and Elena targets indicate potentially large and well mineralized systems. The seven target areas at the project have all shown very encouraging surface results from trenching and geochemical sampling. It is gratifying to see these excellent surface results confirmed by drilling on Elena and Tamara."

Mr. Thomas Bowens, M.Sc., P.Geo., Vice President of Exploration and a Qualified Person as defined by National Instrument 43-101, has reviewed and verified the technical information contained in this news release. Samples are prepared and analyzed by DalGeophysical Laboratory, Khabarovsk Russia (accredited by the State Committee of the Russian Federation for Standardization and Metrology "Gosstandart" of Russia). All samples are then sent for confirmatory analyses to American Assay Labs, Reno, Nevada or ALS Chemex, Vancouver BC. Note that some of the holes in this release have not yet been assayed by a North American lab, in which case the DalGeophysical assays are used and noted in the tables below. Samples from all drill holes completed to date include pulp standards and blanks inserted as part of Fortress' Quality Control Program at a frequency of one standard for approximately every ten samples submitted.

To view the Svetloye Drill Results table, please click the following link: http://www.ccnmatthews.com/docs/FSTtable.pdf

To view the map which accompanies this press release, please click the following link: http://www.ccnmatthews.com/docs/FSTmap.jpg

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.

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

Contact Information

  • Fortress Minerals Corp.
    Sophia Shane
    (604) 689-7842