Fortune Minerals Ltd (C:FT)
Shares Issued 190,244,847
Last Close 7/7/2014 $0.35
Tuesday July 08 2014 - News Release

Mr. Robin Goad reports

FORTUNE MINERALS ANNOUNCES CLOSING OF THE SECOND TRANCHE OF THE PROCON PRIVATE PLACEMENT

Fortune Minerals Ltd. has closed the second tranche of a private placement with Procon Resources Inc. Procon purchased an additional 2,086,127 shares of Fortune at a price of CAD$ 0.40 per share for proceeds of CAD$ 834,450.80 following the approval of disinterested shareholders at the Annual and Special Meeting of Shareholders held on June 24, 2014. Proceeds from this private placement will be used for working capital purposes.

Procon purchased the additional shares of Fortune pursuant to its pre-emptive right to maintain a 19.43% interest in the Company. Procon had already completed a private placement purchase of 5,631,744 shares at a price of CAD$ 0.40 per share for net proceeds of CAD$ 2,252,697.60 in May, 2014. These shares were acquired as part of a larger financing by Fortune to purchase its initial interest in the Revenue Silver Mine in southwest Colorado, U.S.A. Fortune is now the Operator of the Revenue Silver Mine and can complete the purchase of a 100% interest in the mine by paying the vendors US$ 14 million by July 31, 2014. Fortune will also have an obligation to pay the vendors US$ 34.5 to US$ 36.8 million in deferred quarterly installments over 3.5 to 5.75 years as determined by revenue targets commencing in August, 2015 (See Fortune News Release May 9, 2014).

Fortune is also advancing development of its NICO Gold-Cobalt-Bismuth-Copper Project, which consists of a proposed mine and mill in Canada'sNorthwest Territories ("NT") and a hydrometallurgical refinery in Saskatchewan where concentrates from the mine will be processed to higher value metal and chemical products. Fortune plans to be a reliable, vertically integrated North American supplier of cobalt sulphate to the rapidly expanding rechargeable battery industry and support growth in the use of lithium ion and nickel metal hydride batteries in portable electronic devices and electric vehicles. With 12% of the global reserves of bismuth, NICO will also be an important new supplier of bismuth metals and oxide used in the automotive, chemical and pharmaceutical industries. Bismuth is also experiencing significant demand growth as a non-toxic, environmentally safe replacement for lead in solders, brasses, steels and aluminum alloys where lead has been banned by legislation or reduced because of greater environmental awareness. NICO also contains a significant gold co-product and minor by-product copper. Fortune recently received its environmental assessment ("EA") and major permit approvals for the NICO mine and concentrator in the NT as well as its EA approval for the refinery in Saskatchewan. The Company plans to commence construction activities upon receipt of project financing for which negotiations are advancing with a strategic partner and its banks.

The disclosure of scientific and technical information contained in this press release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune Minerals Limited, who is a "Qualified Person" under National Instrument 43-101.

About Procon

Procon is a full service mining contractor providing services in underground and open pit mining, mill construction and rehabilitation, heavy equipment rental and maintenance, and industrial services for infrastructure for the mining, forestry, and construction industries. The corporation has one of the largest owned fleets of mining equipment and has ranked as one of the leading mining contractors in North America and one of the top thirty general contractors in Canada. Procon is majority owned by China CAMC Engineering Co. Ltd. ("CAMCE"). CAMCE's core business is international engineering-procurement-construction ("EPC") services, contracting, trading, and domestic and overseas project investment. With extensive experience in international project management, CAMCE has completed large turnkey projects in Asia, Africa, Europe, Latin America and the Caribbean in the fields of transportation, municipal engineering, irrigation and water works, power development, construction materials, food processing, textiles, petrochemicals, agricultural and construction equipment, and telecommunications.

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