Fortress Minerals Corp.

Fortress Minerals Corp.

January 31, 2008 10:18 ET

Fortress Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 31, 2008) - Fortress Minerals Corp. ("Fortress" or "the Company") (TSX VENTURE:FST) announces that it has agreed to sell on a non-brokered, private placement basis, an aggregate of up to 10 million common shares of the Company at a price of Cdn $1.30 per share for gross proceeds of up to Cdn $13 million. A 3% finder's fee may be payable on a portion of the private placement. Net proceeds of the private placement will be used to re-pay in full the loan announced on January 8, 2008, ongoing work at the Svetloye project in Russia, as well as for general working capital purposes. The private placement is subject to regulatory approval.

Vostok Nafta Investment Ltd. ("Vostok Nafta") will acquire 6 million shares of the above mentioned private placement and, in addition, a member of Vostok Nafta's senior management team, Mr. Alexander Kim, will join the Board of Directors of Fortress effective as of the closing date of the private placement. Vostok Nafta is an investment company listed on the OMX Nordic Exchange in Stockholm. Formed in 1996 with a mandate to identify and invest in value growth opportunities in Russia and other CIS states, Vostok Nafta soon grew to become a multi-billion dollar company holding interests in many of Russia's most successful resource companies and ultimately owning 1.5% of Gazprom, one of the world's largest oil and gas companies. The Gazprom portion of the portfolio was subsequently spun-off and has since July, 2007 been listed in Stockholm as a separate company - Vostok Gas Ltd. The combined market capitalisation of Vostok Nafta and Vostok Gas today stands at over USD $4 billion.

Mr. Alexander Kim is currently the Managing Director of Vostok Nafta's Moscow office. Previously, he held the position of Head of Project Development with IFC Metropol, a Russian financial and investment group. He was responsible, among other things, for establishing a joint venture with Lundin Mining Corporation to develop the Ozernoe deposit in East Siberia, one of the largest undeveloped zinc/lead deposits in the world. Mr. Kim also served as a member of the Board of Directors of MBC (East Siberian Metals), IFC Metropol's subsidiary management company for mining projects. Prior to this, Mr. Kim worked as Director of Equity Strategy at Renaissance Capital from 2004-2005 and Senior Equity Strategy analyst at Morgan Stanley from 1996-2001. From 2001-2003 Mr. Kim was an adviser to the Head of the Economic Department of the Presidential Administration of the Russian Federation. He is a graduate of Moscow State University and has an MBA from Oxford University in United Kingdom.


Ian Slater, President and 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.

Contact Information