Fortune River Resource Corp.
TSX VENTURE : FRX
FRANKFURT : RG7A

Fortune River Resource Corp.

July 14, 2009 11:31 ET

Fortune River and Christopher James Gold Corp. Sign LOI for Highland Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 14, 2009) - Fortune River Resource Corp. (TSX VENTURE:FRX)(FRANKFURT:RG7A) reported today that it has signed a Letter-of-Intent with Christopher James Gold Corp. (TSX VENTURE:CJG) for Fortune River's Highland project, one of its six low-sulfidation gold/silver properties in the Walker Lane gold trend of western Nevada.

Christopher James may earn a 51% interest in the property by spending US$4,000,000 over a six-year period, which will include paying underlying annual minimum royalties and claim-holding fees. Christopher James may earn a further 19% interest, for a total of 70%, by producing a bankable feasibility study by the end of year six. This option may be extended for up to two years by paying Fortune River US$100,000 and spending a minimum of US$1,000,000 per year. The project is subject to an underlying royalty of 3% NSR, of which 1% can be purchased for US$1,000,000. Fortune River will be project manager initially, continuing as long as mutually agreed.

The initial program will consist of re-logging all previous holes, in order to further refine the 3D geologic model, and then permitting a series of drill sites to test extensions of the known high-grade pod, explore blind veins discovered during 2006/7 drilling, and explore an undrilled area with recently identified mineralized float. Drilling is expected to begin late fall of this year or spring of 2010.

The Highland project consists of 120 lode mining claims covering approximately 970 hectares on land managed by the Bureau of Land Management. It lies immediately south of a large Tertiary-age caldera where late-stage or younger felsic volcanic domes formed with associated low-sulphidation, epithermal gold/silver mineralization.

Drilling by Fortune River at Highland has intersected veins with bonanza grades locally; hole H02013, for example, intersected 1.5m of 66.9g/t gold and 397.7g/t silver within a 12.2m intercept of 9.5g/t gold and 109.4g/t silver (true thicknesses estimated at 65% of interval). Other targets that have received little or no drilling have been identified on the property, which is extensively covered by relatively thin alluvium. During 2007 and 2008, Newcrest Resources Inc. drilled 14 relatively shallow, reverse-circulation holes (2,895 meters) to help define vein distribution in gravel-covered areas at the Main Target and Northwest Target areas. Newcrest also completed four core holes (a total of 1,652 meters) within the Main Target. Newcrest intersected several auriferous veins, with the highest gold grade being a 0.24 meter intercept grading 15.980g/t Au (17.005g/t repeat, unknown true thickness) along a blind splay of the A vein.

About Fortune River

Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, and Buz projects are located in Nevada and the Drayton project is located in Ontario. The Company's Wind Mountain project, a past-producing open-pit/heap-leach operation, contains an estimated 406,000 ounces of gold in the Measured plus Indicated Resource categories (33.7 million tons averaging 0.411g/t Au, using a cutoff grade of 0.257g/t Au), plus an additional 92,000 ounces of gold in the Inferred category (9.8 million tons averaging 0.308g/t Au, using the same cut-off). Ore Reserves Engineering ("O.R.E.") and Donald E. Ranta, consulting geologist, prepared the resource model and compiled the technical report, which is available on SEDAR. Alan C. Noble, P.E. is the Principal Engineer of O.R.E. and is the Qualified Person for the technical report for the purpose of Canadian NI 43-101, Standards of Disclosure for Mineral Projects.

About Christopher James

Christopher James Gold Corp. continues to actively pursue exploration opportunities in Canada, the USA and Mexico and presently has the following exploration-stage gold properties in British Columbia; Big Kidd, Brassie, Worldstock, Portage Lake, Copper Creek and Craigmont projects. This agreement with Fortune River Resource Corp. is part of CJGC's plan to become more active in both Nevada and Mexico.

Joe Kizis Jr., (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release for Nevada properties.

On behalf of the Board,

Joseph Anthony Kizis, Jr. President, Fortune River Resource Corp.

Neither 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 accuracy of this release. We seek safe harbor.

Contact Information