Fortune River Resource Corp.

Fortune River Resource Corp.

February 20, 2008 12:21 ET

Fortune River Receives Drill Permit for East Manhattan; Wind Mountain Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2008) - Fortune River Resource Corp. (TSX VENTURE:FRX)(FRANKFURT:RG7A) announced today that the U.S. Forest Service has approved a permit and bond for 14 drill sites at the East Manhattan Au-Ag project, which is located in Nevada's Nye County at the eastern edge of the Manhattan Mining district. Estimated historic production from the district is approximately one million ounces of gold. A reverse-circulation rig has been contracted for a 1,800 metre drill program which is scheduled to begin in late March or early April, subject to snow conditions.

The company purchased the 70 unpatented lode claim project from Newcrest Resources Inc. ("Newcrest") in October 2007 and recently staked an additional 14 claims to control projections of veins under gravel cover to the east. The project now consists of 84 claims (approximately 680 hectares).

Strongly anomalous gold occurs in a set of at least 10 veins within an east-west elongate zone with dimensions of approximately 1,825 meters by 460 meters. Individual veins can be traced on the surface for more than 1,350 meters. The company collected 198 samples of vein, dump, and wallrock material, 34 (17%) of which contain more than 3 g/t Au, with a high value of 30.1 g/t Au (repeat 31.1 g/t Au). Only twelve of the samples contain less than the detection limit of .005 g/t Au, and the other 152 samples contain as much as 2.94 g/t Au. Both massive brecciated quartz veins, as much as 1.5 meters in width, and silicified quartz stockwork zones, some more than 10 meters in width, host the strong gold values. The two best chip samples are 3 metres of 23.8 g/t Au with 11.9 g/t Ag from a silicified stockwork zone and 1.5 metres of 15.2 g/t Au with 16.5 g/t Ag from a massive quartz vein. Vein textures, vein and alteration mineralogy, and a lack of anomalous base metals suggest that the current erosion level is near the top of the gold zone.

Recently completed mapping has identified three important vein orientations: a prominent West-trending set of veins, possibly related to an East-West oriented, elongate graben formed at the southern edge of the Manhattan Caldera; a set of NW-trending cross veins connecting the East-West veins and possibly related to the regional gold trend; and a narrow NE-trending zone of veins that extends beyond the margin of the Manhattan Caldera, possibly a pre-existing fault zone. Intersections of these vein sets host many of the strongest gold values and will be attractive drill targets.

In other news, the company announced today that it has completed its deep reverse-circulation drilling program at the Wind Mountain Au-Ag project in Nevada's Walker Lane gold trend. Four holes were completed for a total of 1,390 meters; three holes penetrated their intended targets and one hole was lost short due to drilling problems. One hole tested deep stratigraphy and two holes intersected deeper-than-previously tested levels of the Wind Mountain Fault zone, which the company believes is the major feeder fault for the shallow gold/silver mineralization and could host bonanza-grade gold and silver where conditions are optimal. The company is encouraged that one of the deep holes intersected strong silicification, including hydrothermal breccia, over an estimated true width of +30 meters. Assays are pending.

Bulk samples for metallurgical testing is planned over the next few weeks in order to determine if a simple and relatively inexpensive procedure of sieving away boulders of silicified volcanic sediment and sinter can upgrade remaining mineralization. Preliminary testwork by Fortune River and an historic test suggest that grades are low and recovery is poor in those boulders.

The company recently received a NI 43-101 compliant resource estimate that includes a total Measured plus Indicated Resource for the project as 33.7 million tons above a cutoff grade of 0.0075 opt Au, with an average grade of 0.012 opt gold, containing 406,000 ounces of gold (See News Release dated January 8/08). The report also estimates an Inferred Resource of 9.8 million tons above a cutoff grade of 0.0075 opt Au, with an average grade of 0.009 opt gold, containing 92,000 ounces of gold. The report further states, "the inferred resource is enveloped by over 74 million tons of material averaging 0.006 opt Au (444,000 ounces gold) that is not regarded as potentially economic at this time, but may become so in the future." Ore Reserves Engineering ("O.R.E.") and Donald E. Ranta, consulting geologist, prepared the resource model and compiled the technical report. 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.

Wind Mountain is being acquired via an earn-in agreement with Agnico-Eagle (USA) Limited, a subsidiary of Agnico-Eagle Mines, Limited, and is one of the company's five low-sulfidation gold/silver properties being explored in the highly prospective Walker Lane gold trend in northwestern Nevada.

Newcrest Resources Inc. ("Newcrest") has notified the company that they are returning the Highland Au-Ag project, which is also located in Nevada's Walker Lane. Detailed geology and assays from Newcrest's program have been integrated into Fortune River's 3D model, and several untested targets for high-grade gold/silver mineralization have been identified. Several companies are currently reviewing the data as a possible joint-venture opportunity.

CFO Appointment

In further news, Fortune River has appointed Jeannine PM Webb, CGA, as Chief Financial Officer (CFO) of the company. Jeannine PM Webb has 20 years of experience in the mining resource sector. She was a principal of Badger & Co. Management Corp. ("Badger & Co."), a private company providing full range financial, corporate and geological management services to junior public mineral exploration companies operating nationally and internationally. During this time, Mrs. Webb served as Chief Financial Officer and Corporate Secretary for companies under management with Badger & Co. She currently serves as Chief Financial Officer for a number of companies, in addition to serving as Corporate Secretary to Pacific Ridge Exploration Ltd. Mrs. Webb previously worked in the high-tech industry, as well as the railway transportation (goods and passenger) sector.

The company also reported today that it has granted 410,000 incentive stock options to directors, officers, employees and consultants, each exercisable at $0.31 per share and for a period of five years.

The granting of the stock options is subject to regulatory approval.

About Fortune River Resource Corp.

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.

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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