Fortune Valley Resources Inc.

Fortune Valley Resources Inc.

June 12, 2008 15:06 ET

Fortune Valley Undertakes $2 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2008) - Fortune Valley Resources Inc. (TSX VENTURE:FVX) ("Fortune Valley" or the "Company") today announced that it intends to carry out a non-brokered private placement of up to 10 million units at a price of $0.20 per unit for gross proceeds of up to $2 million. Each unit will be comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole warrant entitling the holder thereof to purchase one common share at a price of $0.30 for a period of one year.

The proceeds from the private placement will be used for exploration and development of the Company's mineral projects and for working capital.

The Company will also pay finder's fees to eligible parties of up to 6% of the gross proceeds realized from the private placement, which may be payable in cash or shares of the Company.

The private placement is subject to the acceptance of the TSX Venture Exchange.

About Fortune Valley

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 an in-depth 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

Contact Information

  • CHF Investor Relations
    Mr. Robin Cook
    Senior Account Manager
    (416) 868-1079, Ext. 228
    (416)868-6198 (FAX)