Fortune Minerals announces $2 million flow-through financing

Issued Capital: 97,314,407

LONDON, ON, July 2 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune" or the "Company") is pleased to announce that it has issued 2,535,000 flow-through shares at $0.78 per share under a non-brokered private placement to primarily institutional investors to raise gross proceeds of $1,977,300. The gross proceeds of this offering will be used to incur Canadian exploration expenses on Fortune's properties, including drilling, metallurgical testwork, environmental testing, and engineering studies for its NICO gold-cobalt-bismuth-copper project in the Northwest Territories.

About Fortune Minerals:

Fortune Minerals is a diversified resource company with several mineral deposits and a number of exploration projects, all located in Canada. The Company is focused on the development of its NICO gold-cobalt-bismuth-copper deposit in the Northwest Territories and its metals processing plant in Saskatchewan. Fortune Minerals owns the buildings and equipment from the Golden Giant Mine at Hemlo, Ontario, which have been dismantled for relocation to NICO. Fortune Minerals also owns the Mount Klappan anthracite coal deposits in British Columbia, and the, the Sue-Dianne copper-silver deposit and other exploration projects in the Northwest Territories. Fortune Minerals is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

For further information: Fortune Minerals Limited, Robin Goad, President, or Lindsay Simmons, IR Coordinator, [email protected], Tel.: [phone], Fax: [phone], www.fortuneminerals.com; Renmark Financial Communications, Barbara Komorowski: [email protected], or Christine Stewart: [email protected]; Media Contact: Guy Hurd: [email protected], Montreal Tel: [phone], Toronto Tel. [phone], Montreal Fax: [phone], Toronto Fax. [phone], www.renmarkfinancial.com