Nico Mineral Reserves:

The mineral reserves for the Nico deposit are compiled in the following tables:


Underground Mineral Reserves
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Class Tonnes Au (g/t) Co (%) Bi (%) Cu (%)
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Proven 1,403,000 2.23 0.16 0.22 0.04
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Probable 767,000 2.92 0.17 0.19 0.03
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Total 2,170,000 2.47 0.16 0.21 0.03
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Open Pit Mineral Reserves
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Class Tonnes Au (g/t) Co (%) Bi (%) Cu (%)
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Proven 15,019,000 0.85 0.12 0.16 0.04
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Probable 13,797,000 0.71 0.12 0.15 0.03
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Total 28,816,000 0.79 0.12 0.15 0.04
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Combined Mineral Reserves
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Class Tonnes Au (g/t) Co (%) Bi (%) Cu (%)
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Proven 16,422,000 0.97 0.12 0.16 0.04
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Probable 14,564,000 0.83 0.12 0.15 0.03
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Total 30,986,000 0.91 0.12 0.16 0.04
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Total 907,000 82 million 109 million 27 million
Contained ounces pounds pounds pounds
Metal
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The mineral reserves for the Nico deposit were estimated in compliance with National Instrument ("NI") 43-101 and CIM guidelines by P&E Mining Consultants Inc. using metal price assumptions of US$900/oz gold, US$20/lb cobalt, US$10/lb bismuth and US$2.75/lb copper. Mr. Eugene Puritch, P.Eng. and Fred H. Brown, CPG PrSciNat, both of P&E, are the Qualified Persons responsible for the updated mineral reserves as defined by NI 43-101.

Saskatchewan Metals Processing Plant Field Programs:

Fortune Minerals has an agreement to purchase lands adjacent to the CN Main Railway Line near Langham, 26 km northwest of Saskatoon, where it plans to construct its SMPP. The company contracted MDH Engineered Solutions Corp. ("MDH") to conduct a hydrogeology assessment of the plant site groundwater for process water supply and to assess any potential impacts the company might have on the Dalmeny Aquifer. Drilling for this assessment is now complete and MDH will conduct a pump test in May before completing its report in support of permitting. Geotechnical drilling is also being conducted for the design of the plant foundations, and also to determine soil conditions and permeability for construction of the water storage ponds and process residue storage facility. MDH is also conducting environmental base line studies to support continuing permitting activities.

About the Projects:

The Nico project consists of a mine and concentrator in the NWT and the SMPP consists of a hydrometallurgical process plant in Saskatchewan to make Fortune Minerals a near-term reliable Canadian based producer of gold, cobalt, bismuth and copper metals.

The Nico deposit contains mineral reserves that will sustain operations for a minimum 18 years at a planned production rate of 4,650 tonnes of ore per day. The deposit will utilize a combination of both open pit and underground mining in the first two years of the mine life, and then only open pit mining in years 3-18. As a result of underground bulk sampling already conducted in 2006 and 2007, a significant amount of pre-production development and the decline access ramp to the underground part of the mine has already been completed. A mill and concentrator will be constructed at the Nico site with a conventional crushing and grinding circuit and flotation cells to produce a bulk concentrate. Nico ores have a very high concentration ratio producing only 180 tonnes of bulk concentrate per day containing the recoverable economic metals. Fortune Minerals owns buildings and equipment from the Golden Giant Mine at Hemlo Ontario, which have been dismantled for relocation to Nico for construction of the mill and concentrator.

Bulk concentrate produced at the Nico site will be trucked to the rail head at Hay River, NWT for loading onto rail cars and delivery to the company's proposed SMPP located on the CN Main Line near Saskatoon. The concentrate will undergo further grinding and flotation to produce gold-bearing cobalt and bismuth concentrates for refining by acid leach and then electro-winning to high value metal products, including gold doré, 99.8% cobalt cathode, 99.5% bismuth cathode and 99.99% copper cathode.

The Nico Project has already been assessed in a positive definitive feasibility study by Micon International Limited that was updated in 2008 and indicates an attractive rate of return for the development. Front-end engineering and design for Nico and the SMPP are nearing completion by Aker Metals Canada, a division of Aker Solutions, P&E Mining Consultants Inc., SGS Lakefield Research Limited, Dan Mackie & Associates, Hydroproc, EHA Engineering Ltd. and Golder Associates Limited, and updated economics for the combined projects are expected to be available in the third quarter of 2010.

Fortune Minerals is very pleased to continue reporting operational improvements for the Nico project that will extend the employment and economic opportunities for the project for the benefit of all stakeholders.

The contents of this press release have been reviewed and approved by Eugene Puritch, P.Eng., President of P&E Mining Consultants Inc. and Robin Goad, P.Geo., President of Fortune Minerals Limited.

� 2010 Canjex Publishing Ltd.