Fortune Valley Resources Inc.
TSX VENTURE : FVX

Fortune Valley Resources Inc.

February 28, 2008 12:42 ET

Fortune Valley Details Its Exploration Plan for the Anillo Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2008) - Fortune Valley Resources Inc. ("Fortune Valley" or the "Company") (TSX VENTURE:FVX) provides an update on its exploration plan and budget for the Anillo project located immediately adjacent to Yamana Gold's El Penon gold/silver mine complex in northern Chile.

The Anillo project is located within the Paleocene gold belt and is contiguous with the El Penon mine property. The project is approximately 140 kilometres southeast of Antofagasta, and 40 kilometres west from the massive Escondida copper mine. Over the past several decades, companies including CODELCO, Utah International, Billiton, and Normandy explored for porphyry copper mineralization but did not contemplate the gold potential of the property. Although Normandy was the first to identify banded epithermal quartz veins within the property in 2001, they did not pursue the gold potential. Based on Fortune Valley's initial geologic evaluation, the project contains the same geology and is the strike extension of the vein controlling structures from the El Penon property, thus making Anillo highly prospective for a new gold discovery.

Recent reconnaissance mapping and sampling has identified new areas of vein material and potential gold and silver mineralization along the south and western portions of the Anillo property. Yamana Gold is pursuing a mineralized structural trend, and has trenched and drilled up to the southern boundary on the western side of the Anillo property. Fortune Valley's geologic team has reviewed the geology immediately north of the Yamana's trenches and has identified a structural zone with silica and banded veins. Samples have been collected and results are pending at this time; past sampling in the area by previous operators returned silver values yielding up to 60 g/t silver.

Fortune Valley plans to complete IP-resistivity geophysical survey, detailed geologic mapping and rock-chip sampling on the project to identify the best targets for drilling. Based on several visits to the El Penon mine, the Anillo geologic model is the same as that used on the El Penon property with a focus on finding siliceous flow-banded rhyolite volcanic domes within the tuffaceous volcanic stratigraphy. These volcanic domes are the localizing features for the vein deposits of El Penon district and should show as resistive bodies within the volcanic pile.

Several regional structural zones that control the enechelon vein system at El Penon are believed to extend on to the Anillo property. Our exploration team will map and sample these structures within the Anillo property and use the planned geophysics to locate where the structures pass through the rhyolite domes. These areas will be high-priority drill targets.

The Company has approved a US$250,000 budget to identify and refine drill targets on the Anillo property. The project will be ready for drilling within 6 to 9 months. At that time, the Company will approve additional funding for the drill program.

To acquire the Anillo project, Fortune Valley Resources Inc. signed an option agreement with Chilean copper giant Corporacion Nacional del Cobre de Chile ("Codelco") to acquire a 65% interest in the Anillo property. The Company's overall property interest totals 31,200 hectares and flanks Yamana Gold's El Penon Mine to the north and east.

Mr. William C. (Bill) Howald, AIPG, Certified Professional Geologist # 11041, Fortune Valley Resources' VP Exploration & Corporate Development, is the Qualified Person as defined under National Instrument 43-101 responsible for the scientific and technical work on the exploration program and is responsible for reviewing the technical disclosure in this press release.

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's Board of Directors and management team has 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 holds ownership interests in approximately 54,000 hectares exploration concessions in Chile.

On behalf of the Board of Directors

Michael J. Gingles, President and CEO

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

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