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

Fortune River Resource Corp.

October 17, 2008 19:37 ET

Fortune River Earns 100% Interest in Wind Mountain Project; Phase II Drill Program Completed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 17, 2008) - Fortune River Resource Corp. (TSX VENTURE:FRX)(FRANKFURT:RG7A) reported today that it has earned an undivided one hundred percent (100%) interest in the Wind Mountain project, a former producing heap-leach low-sulfidation gold/silver property in the Walker Lane gold trend of western Nevada.

Wind Mountain was acquired via an earn-in agreement with Agnico-Eagle (USA) Limited, a subsidiary of Agnico-Eagle Mines Limited. Agnico-Eagle has advised that it will not proceed with a back-in option and now holds a 2% NSR royalty on the property, of which 1% can be purchased for $1,000,000 any time prior to production.

The Phase II reverse-circulation drilling program has been completed, with final assays received (see figures and table below). Results of the drilling program confirm that a large mixed oxide/sulfide gold and silver system extends west of the two original open pits and is open deeper than and to the west and south of existing drill holes. Computer 3D modeling indicates that a major "feeder pipe" exists in the vicinity of holes WM08018 and WM08019, apparently formed at the intersection of two important fault zones. Other "feeder" zones may exist on the property along both of these major fault zones.

During previous mining, Amax produced an estimated 9.4 million tonnes of "waste" at Wind Mountain. The average grade of this material is estimated to be 0.216g/t Au; however, recent hand-trench sampling by Fortune River indicates that a substantial portion of this material was upgraded to approximately 0.3g/t Au when it was loaded onto the waste dumps. Larger, less mineralized boulders rolled to the base of the dumps during stacking, which left the finer residual material on the upper levels of the dump with an increased grade. Some Nevada mines load their sub-ore material in this way, and then re-mine the upper portions of those dumps.

Fortune River has collected two bulk samples from two of the "waste" dumps, with each sample being approximately 20 tonnes. The bulk samples are being tested for metallurgic characteristics at McClellan Metallurgical Laboratory. Assaying of these large samples has confirmed the upgrading observed in Fortune River's initial surface sampling. The minus 2.4cm (-6 inch) head grade of one bulk sample averages 0.456g/t Au with 13g/t Ag and the other averages 0.682g/t Au with 6g/t Ag. The test work includes two large column leach tests (approximately 11 tonnes each), which is underway and is expected to take several months. The test work will provide information necessary to evaluate the economics of re-mining upgraded portions of these "waste" dumps and could affect how sub-ore material can be handled during new mining.

President Joe Kizis commented, "Wind Mountain contains a much larger large gold system than was previously recognized, as our 2008 program has demonstrated. Past attempts to identify 'feeder' channel ways beneath the open pits have been unsuccessful; however, our drilling indicates a major feeder lies to the west, under cover, where it has been down-dropped to deeper levels by post-mineral faulting. Finding anomalous trace metals in the 'feeder pipe' that are usually associated with felsic intrusions is very encouraging because such systems may contain bonanza-grade precious metals deeper in the feeder zone. In the near term, we will be evaluating the economics of the near-surface oxidized resource that has already been well delineated."



Wind Mtn Project - 2008 Drilling Program - Phase II
--------------------------------------------------------------------------
Begin End
Drill Total interval interval Interval Au Ag
Hole Depth (m) Orientation (m) (m) (m) (g/t) (g/t)
--------------------------------------------------------------------------
WM08018 376 -80, 090 187.4 289.5 102.1 0.691 18.8
--------------------------------------------------------------------------
including 201.2 208.8 7.6 1.5 25.7
--------------------------------------------------------------------------
WM08019 335 -85, 090 184.4 306.3 121.9 0.677 21.8
--------------------------------------------------------------------------
including 189.0 214.9 25.9 0.886 25.3
--------------------------------------------------------------------------
WM08020 421 -90 153.9 187.4 33.5 0.535 14.2
--------------------------------------------------------------------------
204.2 230.1 25.9 0.360 11.6
--------------------------------------------------------------------------
WM08021 375 -90 207.3 371.8 164.6 0.448 15.8
--------------------------------------------------------------------------
including 263.6 315.5 51.8 0.629 22.4
--------------------------------------------------------------------------
WM08022 404 -70, 090 100.6 112.8 12.2 0.732 13.0
--------------------------------------------------------------------------
187.4 192.0 4.6 0.375 NSV
--------------------------------------------------------------------------
WM08023 314 -75, 090 19.8 41.1 21.3 0.489 19.8
--------------------------------------------------------------------------
WM08024 396 -70, 270 0.0 7.6 7.6 0.345 NSV
--------------------------------------------------------------------------
163.1 216.4 53.3 0.457 14.8
--------------------------------------------------------------------------
including 173.7 185.9 12.2 0.740 14.0
--------------------------------------------------------------------------
251.4 283.5 32.0 0.701 16.6
--------------------------------------------------------------------------
including 256.0 262.1 6.1 1.655 32.8
--------------------------------------------------------------------------
317.0 384.0 67.1 0.465 26.4
--------------------------------------------------------------------------
including 370.3 381.0 10.7 0.567 76.5
--------------------------------------------------------------------------
WM08025 226 -65, 290 3.0 7.6 4.6 0.337 NSV
--------------------------------------------------------------------------
179.8 187.4 7.6 0.386 17.1
--------------------------------------------------------------------------
211.8 214.9 3.0 0.346 14.6
--------------------------------------------------------------------------
WM08026 305 -70, 270 129.5 134.1 4.6 0.359 NSV
--------------------------------------------------------------------------
202.7 208.8 6.1 0.344 NSV
--------------------------------------------------------------------------
245.4 251.4 6.1 0.360 NSV
--------------------------------------------------------------------------
WM08027 399 -70, 270 1.5 9.1 7.6 0.304 NSV
--------------------------------------------------------------------------
150.9 187.4 36.5 0.620 18.6
--------------------------------------------------------------------------
including 166.1 172.2 6.1 1.464 42.9
--------------------------------------------------------------------------
208.8 233.2 24.4 0.444 17.1
--------------------------------------------------------------------------
253.0 257.5 4.5 0.337 14.0
--------------------------------------------------------------------------
336.8 370.3 33.5 0.587 21.3
--------------------------------------------------------------------------
3,551 Total Drilled (meters)
------------------------------

Inspectorate Original, Duplicate collected at rig every 50' w/ assay by ALS
Chemex.

Shallow intercepts in WM08024, 025, & 27 are in waste dump

Holes WM08018 through 022 were previously reported and are shown here for
completeness of Phase II program

Mineral horizons appear to be relatively flat lying, thus true thicknesses
are close to reported intercepts


To view the figures accompanying this release please click on the following link: http://media3.marketwire.com/docs/1017frx.pdf

About Wind Mountain

The project is located approximately 160km northeast of Reno and has good road access and a power line to the property. AMAX Gold/Kinross Gold recovered nearly 300,000 ounces of gold and over 1,700,000 ounces of silver between 1989 and 1999 from the Wind Mountain and Breeze open pit heap leach operations (based on Kinross Gold files).

In late 2007 the company received an independent NI43-101 compliant resource estimate of the remaining mineralization, which includes a total Measured plus Indicated Resource for the project of 33.7 million tons averaging 0.012opt gold (0.411g/t Au) using a cutoff grade of 0.0075opt Au (0.257g/t Au), containing 406,000 ounces of gold (See News Release dated January 8/08). Additionally, the estimate includes an Inferred Resource of 9.8 million tons averaging 0.009opt Au (0.308g/t Au) using a cutoff grade of 0.0075opt Au, containing 92,000 ounces of gold. None of the mineralization encountered in 2008 holes is included in the resource estimates.

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.

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.

We seek safe harbor.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

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