Fortune Valley Resources Inc.
TSX VENTURE : FVX

Fortune Valley Resources Inc.

December 04, 2007 15:48 ET

Fortune Valley Commences Drilling Program at Incahuasi and Announces Grant of Stock Options to Employees

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2007) - Fortune Valley Resources Inc. (TSX VENTURE:FVX) ("Fortune Valley or the "Company") is pleased to announce the commencement of a 5,000 metre reverse circulation drill program at the Incahuasi Project located in the historic Incahuasi Gold District in northern Chile.

This initial 5,000 metre drill program will focus on the gold and copper veins and related porphyry targets within the Incahuasi Central area. In addition, the drilling designed in the Puma target will test the recently expanded epithermal gold vein system at various locations along the vein swarm's 7 kilometre strike length. The Company has worked closely with the drilling contractor to arrange for a second drilling rig to start at Incahuasi; the introduction of the second rig will enable Fortune Valley to maintain the planned schedule for completion of the drilling program.

Mining activities at Incahuasi date back to the late 1800's and independent small miners (pirquineros) continue to exploit gold and copper from small-scale mines in the area. The Company has recently consolidated the 10,941 hectare land position using a combination of option agreements with the small miners and staking of new concessions. The ground is significantly under explored and no modern exploration has been carried out on the consolidated land position. Initial exploration work on the property by Fortune Valley Resources confirmed an extensive gold-copper mineralized system with high-grade epithermal veins intermittently exposed over the entire district.

The Company also announces the grant of stock options to employees of the Company to acquire up to 75,000 common shares at a price of $ 0.45 per share with 5 year expiry term and an 18 month vesting period according to the terms of the Company's Stock Option Plan.

Fortune Valley Resources Inc. is a Canadian mining exploration company focused on creating shareholder wealth through the acquisition, exploration and development of high quality gold and silver projects in Chile and Argentina. The Company has assembled a highly experienced Board of Directors and management team with proven technical and commercial successes at some of the major gold mines and projects in North and South America, including Yanacocha, Cortez, Voisey's Bay, Zaldivar, Turquoise Ridge, Fort Knox, La Coipa, Pueblo Viejo and Cerro Casale. Management has good understanding of how to do business in Latin America gained from living and working in the region, and extensive skills in exploration, feasibility work, business and corporate development, gold trading, finance and executive management of public companies. Fortune Valley's principal asset is the Incahuasi project, located in Region III in northern Chile.

Michael J. Gingles, CEO & President

On behalf of the Board of Directors

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information