Fortune Valley Resources Inc.
TSX VENTURE : FVX

Fortune Valley Resources Inc.

June 19, 2008 11:09 ET

Fortune Valley Provides Corporate Update on Exploration Activities

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 19, 2008) - Fortune Valley Resources Inc. ("Fortune Valley" or the "Company") (TSX VENTURE:FVX) is pleased to announce an update of the Company's exploration activities in Chile and Argentina.

Fortune Valley has a significant project portfolio within Chile and Argentina that shows promise for potential stand-alone deposit discovery. The Company's experienced and knowledgeable Chilean geologic team is advancing the Anillo and Este de la Alumbrera projects while preparing several of the other projects as potential joint venture opportunities.

Anillo Property

The Anillo property (31,200 ha, 312 km2) is located within the Palaeocene gold belt immediately adjacent to the north and east of Yamana Gold's El Penon gold-silver mine complex in Region II in Chile.

Fortune Valley continues to advance the project which now hosts multiple targets for potential gold discovery. Geologic mapping, sampling and data compilation show several regional structural zones that control the enechelon vein system at El Penon extend onto the Anillo property. At the Angosta discovery, which is located approximately 3 km south of the Anillo boundary, Yamana Gold has trenched and drilled along the Angosta vein trend up to the southern boundary of the Anillo property.

The Company has recently signed an agreement to conduct IP-resistivity geophysics at Anillo, and is continuing detailed mapping and rock chip sampling on the project to identify the best targets for drilling. The Company will report on drill targets as the surface exploration work plan refines the targets areas.

Fortune Valley entered into an option agreement with Chilean mining giant Corporacion Nacional del Cobre de Chile ("Codelco") to acquire a 65% interest in the Anillo property in January 2008.

Este de la Alumbrera Property

The Este de la Alumbrera property (3,500 ha, 35 km2) is favourably located in the Farallon Negro Volcanic Complex about 15 km east from the Xtrata-Goldcorp-Yamana owned Bajo de la Alumbrera mine and is within the regional trend that also hosts Yamana's Agua Rica gold-copper development project located about 34 km to the north. Immediately adjacent to the south is the Cerro Atajo gold-copper porphyry and gold-silver epithermal vein project and the historic, poly-metallic Farallon Negro mine is located in the western portion of the same district.

Fortune Valley is conducting preliminary investigation of the property in order to understand the potential for exploration and resources discovery.

Fortune Valley entered into an option agreement with a private owner to acquire a 100% interest in the Este de la Alumbrera property in the Province of Catamarca in Argentina (see press release dated May 22, 2008).

Tres Puntas, Aguas Buenas and Pejerreyes Properties

In 4Q 2007, Fortune Valley acquired 100% interest in three properties by staking new exploration concessions: Tres Puntas (4,000 ha, 40 km2) in Region III in Chile, and Agua Buenas (3,600 ha, 36 km2) and Pejerreyes (4,500 ha, 45 km2) in Region VII in Chile.

Fortune Valley is currently compiling an information package on the properties and will be inviting major and mid-tier gold mining companies to review the data for potential joint ventures on the properties.

Incahausi Property

Fortune Valley has recently completed a Phase II drilling program at the Incahuasi property (overall 10,921 ha, 109km2) in Region III and IV in Chile.

Drilling results at the Incahausi Este target area (10,543 ha, 105 km2) support the geologic interpretation for medium to large iron-oxide-copper-gold system (IOCG) potential. The upper level copper-gold-hematite veins intersected in drilling are similar in character to other known IOCG deposits such as Candelaria in Chile and Osbourne in Australia. Fortune Valley is compiling and reviewing the data on the Incahuasi Este area to define IOCG targets for future drilling.

Drilling results from the historical Incahausi Central target area (378 ha, 4 km2) suggest the scope of the porphyry target could be of interest to junior operators in the region and the Company has embarked on identifying a partner for potential joint venture of the Incahuasi Central area.

New Exploration Projects

Since completing an initial public offering and commencing trading on the TSX Venture Exchange on July 31, 2007, Fortune Valley has successfully developed an exploration property portfolio of approximately 58,000 hectares (six properties), including the highly prospective Anillo project located immediately adjacent to the north and east of the El Penon gold-silver mine complex.

The Company will continue to pursue and acquire high quality exploration projects, either to advance on a stand-alone basis or to seek major or mid-tier gold mining companies for potential joint ventures.

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 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. Fortune Valley holds ownership interests in approximately 58,000 hectares of exploration concessions in Chile and Argentina.

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.

Contact Information

  • CHF Investor Relations
    Robin Cook
    Senior Account Manager
    (416) 868-1079, Ext. 228
    (416) 868-6198 (FAX)
    Email: robin@chfir.com