Fortune Minerals announces non-brokered flow-through financing

LONDON, ON, Jul 18, 2008 (Canada NewsWire via COMTEX News Network) --

Issued Capital: 51,200,107

Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") announces that it has closed a non-brokered private placement financing of 1,100,000 common shares, issued on a "flow-through" basis, at a price of $2.80 per share for aggregate gross proceeds of $3,080,000. The Company has paid a cash finder's fee of 4% of the aggregate gross proceeds raised pursuant to the financing.

The gross proceeds of this financing will be used to fund ongoing exploration activities at the Company's two main projects, namely the NICO cobalt-gold-bismuth deposit in the Northwest Territories and Mount Klappan anthracite coal project in northwest British Columbia. Both projects are owned 100% by Fortune, have been assessed in positive definitive feasibility studies, subjected to test mining and pilot plant processing, and both projects are in permitting to develop the mines (see Fortune news releases, dated March 25, 2008 August 31, 2006 and October 17, 2005).

Fortune recently retained CIBC World Markets Inc. to act as its financial advisor in pursuing strategic alternatives and identifying potential partners for the advancement of its Mount Klappan coal project (see Fortune news release, dated July 2, 2008). The Company has also commenced preliminary discussions with various banks regarding debt facilities to finance construction of the NICO project.

About Fortune Minerals

Fortune Minerals is a diversified natural resource company with several mineral deposits and a number of exploration projects, all located in Canada. They include the Mount Klappan anthracite coal deposits in British Columbia, and the NICO cobalt-gold-bismuth deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. Fortune Minerals is focussed on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

This press release contains forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the size and quality of the Company's mineral resources, progress in development of mineral properties, demand and market outlook for metals and future metal prices. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

SOURCE: Fortune Minerals Limited

Fortune Minerals Limited, Robin Goad, President, Tel.: (519) 858-8188, Fax: (519) 858-8155, info@fortuneminerals.com, www.fortuneminerals.com

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