Fortress Minerals Corp.

Fortress Minerals Corp.

May 20, 2009 18:35 ET

Fortress Private Placement With Kinross Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 20, 2009) - Fortress Minerals Corp. ("Fortress" or the "Company") (TSX VENTURE:FST) reports that the private placement announced on May 4, 2009 has closed. The Company sold on a non-brokered private placement basis an aggregate of 14 million common shares for gross proceeds of Cdn $3.5 million.

Kinross Gold Corporation ("Kinross") purchased 10 million shares of the private placement for gross proceeds of Cdn $2.5 million and other parties purchased 4 million shares for gross proceeds of Cdn $1 million. Kinross now holds approximately 6% of the outstanding shares in the Company. Kinross will have the right to participate in future financings of Fortress to maintain its equity interest. Shares issued pursuant to the private placement are subject to a four month hold period expiring on September 21, 2009. Net proceeds of the private placement will be used towards ongoing work on the Svetloye Gold Project in Russia as well as for general working capital purposes.


Lukas H. Lundin, President and CEO

Forward-Looking Statement: Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Fortress Minerals Corp. Actual results may differ materially from those currently anticipated in such statements.

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