Fortune Minerals Limited

Fortune Minerals Limited

July 10, 2007 16:13 ET

Fortune Minerals Announces Filing of Preliminary Short Form Prospectus for Proposed Public Offering

LONDON, ONTARIO--(Marketwire - July 10, 2007) -


Fortune Minerals Limited (TSX:FT) is pleased to announce that it has filed a preliminary short form prospectus in connection with an offering of units (the "Offering") to be marketed on a reasonable best efforts basis by a syndicate of agents led by CIBC World Markets Inc. and including Desjardins Securities Inc. and Canaccord Capital Corporation. Each unit will consist of one common share and one-half of one common share purchase warrant.

The net proceeds of the Offering will be used principally by Fortune to fund the further exploration, engineering and development of the NICO cobalt-gold-bismuth project in the Northwest Territories, and for environmental work, engineering and permitting activities at the Mount Klappan coal project in northwest British Columbia. The remaining net proceeds will be added to working capital and used for general corporate purposes.

The offering is subject to regulatory approval, including approval of the Toronto Stock Exchange, and is expected to close by the end of July, 2007.
The securities described herein have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Act or unless an exemption from registration is available.

Fortune also reports that, in connection with the filing of the preliminary short form prospectus, it has revised and refiled its annual information form, as at March 30, 2007, for the year ended December 31, 2006 (the "AIF"). The revisions to the AIF resulted from the identification of certain typographical and other minor errors. Such errors have been corrected and the revised AIF replaces and supersedes the original AIF filed on April 2, 2007, which original AIF should be disregarded from the date of this news release.

About Fortune Minerals

Fortune Minerals is a diversified natural resource company with seven mineral deposits and a number of exploration projects, all located in Canada. They include the Mount Klappan anthracite coal deposits in British Columbia, and the NICO cobalt-gold-bismuth deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. Fortune Minerals is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

Issued Capital: 38,996,407

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