ADDITIONAL HIGH-GRADE INTERSECTIONS FROM THE NICO SUMMER DRILL PROGRAM

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Issued Capital: 105,816,686




LONDON, ON, Dec. 3 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") is pleased to announce the results for the
remaining 27 holes from the 37-hole summer drill program at its 100%
owned NICO gold-cobalt-bismuth-copper deposit in the Northwest
Territories. NICO already contains Mineral Reserves of 31 million
tonnes, averaging 0.91 g/t gold, 0.12% cobalt, 0.16% bismuth and 0.04%
copper, containing 907,000 ounces of gold, 82 million pounds of cobalt,
109 million pounds of bismuth, and 27 million pounds of copper (see
Fortune news release, dated January 14, 20101). Additional drilling was completed this summer to test for extensions
to the known deposit where it was locally open for expansion near the
surface, at the deposit ends, and also at depth. In particular, the
gold-rich central core of the deposit was open for possible extension
to depth and also between some broad spaced drill hole intersections. The Company is very pleased to report that this drilling was successful
in extending the deposit, and the latest results include high-grade
intersections up to 35.90 g/t gold, 1.23% cobalt and 1.24% bismuth
within larger lower grade intervals. The results of all 37 drill holes are now being reviewed by P&E Mining
Consultants Inc. ("P&E") to assess their impact on the known Mineral
Reserves and determine if an update to the Mineral Resources and
Reserves is warranted.


Significant Results from the last 27 holes include:



8.00 metres, averaging 4.74 g/t gold & 0.16% bismuth, including 1.00
metre, grading 35.90 g/t gold; & 14.62 metres, averaging 0.33 g/t gold
& 0.22% cobalt, including 2.00 metres, averaging 1.49 g/t gold & 0.97%
cobalt in drill hole NICO 10-325;






3.38 metres, averaging 11.59 g/t gold, 0.37% cobalt, 0.16% bismuth &
0.14% copper, including 1.67 metres, averaging 20.04 g/t gold, 0.36%
cobalt, 0.24% bismuth & 0.13% copper in drill hole NICO 10-324;






5.00 metres, averaging 4.84 g/t gold, including 0.94 metres grading
22.10 g/t gold; & 2.50 metres, averaging 9.21 g/t gold, including 0.77
metres grading 22.30 g/t gold in drill hole NICO-10-327;






5.93 metres, averaging 1.01 g/t gold & 0.19% cobalt in NICO 10-309; -
and -






8.98 metres, averaging 1.93 g/t gold & 0.21% bismuth, including 2.02
metres averaging 4.31 g/t gold in drill hole NICO 10-317.



Several of the new drill hole intersections indicate extensions to the
gold-rich central core of the NICO deposit to depth, including some
drill holes that indicate the deposit remains locally open for future
expansion. Several drill holes also indicate extensions to the ore
zones toward surface and will therefore likely reduce waste rock
stripping in these areas during mine operations.


1For additional information on the NICO mineral reserves, please see
Fortune Minerals' News Release, dated January 14, 2010 and the
information posted for the Company on the SEDAR website at http://www.sedar.com/">www.sedar.com. Eugene Puritch, P.Eng. and Fred H. Brown, CPG PrSciNat, both of P&E
Mining Consultants Inc., are the Qualified Persons responsible for the
NICO mineral reserves under NI 43-101.


The NICO summer drill program also included holes that did not intersect
economically significant mineralization. Most of these holes were
drilled to test for potential extensions to the deposit ends, and
although unsuccessful in identifying new ore, are very important in
delineating the limits of the known reserves to assist with detailed
mine planning.


In addition to drilling, the NICO summer program included further
environmental and geotechnical studies at the site to support the
environmental assessment ("EA") for the project that is in progress for
mine permitting. Additional groundwater monitoring wells were
established in the deposit and surrounding area for baseline
hydrogeological characterization to measure rock permeability and
assess groundwater quality. Geotechnical drill holes were also drilled
in the vicinity of the proposed concentrator to assess bedrock quality
for the design of building and equipment foundations. Additional
assessment of the aggregate resources on the NICO property was also
carried out to identify materials for the construction of the mine and
surface facilities.


Fortune continued its ongoing programs of consultation and engagement
with the Tlicho Government to secure their continued support for the
NICO project. Three separate tours for elders from nearby communities
were completed this summer to aid these local residents in
understanding the nature of the project and to obtain their suggestions
on project design and operation. The Company was pleased to participate
in a workshop held in the nearby community of Whati on August 12th,
together with the Tlicho and Northwest Territories Governments, to
discuss important infrastructure initiatives in the area, including the
Tlicho road. The planned Tlicho road will improve the quality of life
and reduce the cost of living in nearby isolated Tlicho communities as
well as service the NICO development.


The NICO project consists of a proposed mine and concentrator in the
Northwest Territories, located 160 km northwest of the City of
Yellowknife. A hydrometallurgical process plant will also be
constructed near Saskatoon, Saskatchewan where NICO concentrates will
be processed to gold dore, 99.8% cobalt cathode, 99.99% copper cathode
and 99.99% bismuth ingot or 99.5% cathode. Both sites are currently in
the EA process for permitting. NICO has already been assessed in a
positive definitive feasibility study by Micon International Limited
that was updated in 2008 and shows an attractive rate of return for the
development (see Fortune news release, dated May 8, 2008).


Robin Goad, M.Sc., P.Geo. is the Qualified Person responsible for the
NICO drill program for the purposes of NI-43-101. Split core samples up
to 1 metre in length were assayed at ALS Canada Ltd. together with a
quality assurance program of standards and blanks to verify analytical
accuracy. A table of results for the significant results for the
remaining 27 drill holes from the 2010 NICO summer program is appended
to this release. No results are reported for holes that failed to
intersect significant mineralization.