Fortune Minerals happy with Northwest Power line

Fortune Minerals Ltd (C:FT)
Shares Issued 68,240,857
Last Close 9/21/2009 $0.60
Tuesday September 22 2009 - News Release

Mr. Robin Goad reports

FORTUNE MINERALS APPLAUDS GOVERNMENT INVESTMENT IN NORTHWEST BC POWER TRANSMISSION LINE

Fortune Minerals Ltd. has commented on the important announcements made last week by the governments of British Columbia and Canada to finance and construct the Northwest Power transmission line near the company's Mount Klappan anthracite coal project in northwest B.C. A connection to the B.C. electrical grid would reduce Mount Klappan's dependence on expensive diesel generated power and materially lower operating costs for the Company's proposed coal development.

The Minister for Energy, Mines and Petroleum Resources for B.C. announced that it would proceed with the $400 million, 287 - kilovolt power transmission line along Highway 37 after the Government of Canada agreed to contribute $130 million through its Green Infrastructure Fund. This upgrade and extension to the B.C. electrical grid will bring power to within 100 km of the Mount Klappan project and at sufficient voltage to supply the Company's proposed development as well as other new projects in the area. Construction of the power line could take place as early as next year for service in 2012.

Mount Klappan is one of the world's largest undeveloped deposits of high rank anthracite coal with Proven and Probable 10% ash Product Reserves of 60.8 million tonnes within a larger global Mineral Resource including, Measured Resources of 107.9 million tonnes, Indicated resources of 123 million tonnes, plus 2.572 billion tonnes in the Inferred and Speculative classes (see News Releases, dated June 22, 2004, and August 7, 2008). The deposits straddle the B.C. Railway Dease Lake Line right-of-way, 150 km northeast of the port of Stewart and 330 km northeast of the port of Prince Rupert. The rail bed provides road access to the site from Highway 37 and the Canadian National Railway Company operates on the portion of the railway between Prince George and Minaret, 150 km south of the proposed mine.

Mount Klappan has already been assessed in a positive definitive feasibility study for a mine and wash plant producing 3 million tonnes of metallurgical coal products per year from an initial open pit in the Lost Fox deposit, one of the four deposit areas currently identified on the property. The 2008 feasibility study was conducted by Marston Canada Ltd. (Marston), a subsidiary of St. Louis-based Marston & Marston Inc., and updates their earlier 2005 feasibility study (see Fortune Minerals news release, dated August 7, 2008). This updated study shows an attractive rate of return for the development producing a premium ultra-low volatile pulverized coal injection ("PCI") product that would be trucked to the port of Stewart for export to overseas steel customers. The plant would also be able to produce other premium anthracite coal products.

                   Mount Klappan Base Case Economic Results
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                              Pre-Tax IRR   Pre-Tax (8%) NPV   Capital Costs
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       C$1 equals US$0.97        28.9%        $702 million     $617 Million
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       C$1 equals US$0.83        40.9%       $1.28 billion     $656 Million
    -------------------------------------------------------------------------

The Mount Klappan feasibility studies, and reserve and resource estimates were prepared by Marston Canada Ltd. Richard Marston, P.E. is the Qualified Person for these studies and estimates in accordance with NI-43-101. For further information on the details of these studies and estimates, please refer to the Company's August 7, 2008 news release and disclosures on the Sedar website at www.sedar.com.

The Marston feasibility study addresses the following impacts on the Mount Klappan project in the event of the extension of the B.C electrical grid and the Company establishing a connection at Highway 37 with a spur running along the Company's proposed short-cut haul road to the proposed mine:

- The Company would be able to purchase significantly lower cost grid power and eliminate the need for expensive on-site diesel power generation resulting in a material savings in power costs;

- The capital cost of the power line to Highway 37 would be partially offset by elimination of the diesel power plant;

- Transportation costs for the haulage of diesel to the mine and its storage at the site would be reduced;

In addition to the impacts addressed in the feasibility study, a connection to the B.C. grid would also provide the following benefits to the Mount Klappan project:

- The Company could use more efficient electric-cable shovels and trolly-assisted pit trucks instead of the diesel hydraulic equipment currently specified;

- Uncertainties associated with the fluctuation and escalation in the price of diesel would be reduced;

- The feasibility of using a high speed conveyor to transport coal from the mine to a trans-load facility at Highway 37 is enhanced due to the availability of the 25 MW required to power it;

- Carbon and greenhouse gas emissions from the mine would be reduced.

Fortune Minerals is pleased that B.C. and Canadian Governments will proactively invest in infrastructure to sustain and grow the mineral resource industry in British Columbia and help preserve Canada's preeminent position as a leader in this sector. Fortune Minerals is actively seeking a partner to help develop the Mount Klappan anthracite coal project while the Company develops its NICO gold-cobalt-bismuth-copper project in the Northwest Territories independently. The process for securing a development partner for Mount Klappan was suspended earlier this year because of the financial crisis. However, with resurgence in the global demand for metallurgical coal and the recovering commodities sector, the Company has renewed discussions with companies interested in the project.

� 2009 Canjex Publishing Ltd.