Fortune Oil and Gas, Inc.

July 22, 2011 13:23 ET

Fortune Oil and Gas (FOGC) Mineral Claim LOI

HENDERSON, NEVADA--(Marketwire - July 22, 2011) - Fortune Oil and Gas, Inc. (FOGC) (PINK SHEETS:FOGC) ( Alta Mining through Its Canadian based Subsidiary Alta Mining Inc is pleased to report that it signed a Letter Of Intent ("LOI") to acquire mineral claim set are contiguous to the Company's existing SGH Property. This business decision will potentially increase the BC Property for additional 24 mining claims totaling over 6000 Hectares, located in the prolific mining region of Slocan BC Canada.

"We believe that adding this claim block will have an immediate and positive effect to the development of our BC Project. Based on our first glance at the property, we will be looking at the possibility to immediately multiply value of company's assets and make us competitive parity with a much bigger mining companies in region." Stated Mr. Johan Verba, Company spokesperson.

The property has excellent potential for advanced mining operations within the project area. The company intends to undertake a review of all historical data available conduct standard due diligence, and if positive, complete the mineral claim acquisitions process as soon as possible.

The due diligence process is well underway.

More updates on FOGC subsidiaries to follow.

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