FORTUNE MINERALS REDUCES EXERCISE PRICE AND EXTENDS EXPIRY DATE OF WARRANTS
ISSUED UNDER PRIVATE PLACEMENTS

Issued Capital: 97,314,407

LONDON, ON, Aug. 26 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune Minerals" or the "Company") announced today that it will reduce the exercise price and extend the expiry date of 6,420,999 outstanding common share purchase warrants (the "Warrants") originally issued under private placements completed by the Company in March, May and June, 2009. The expiry date of the Warrants will be extended from September 2, 2010 to September 30, 2010 and the exercise price of the Warrants will be reduced from $0.80 to $0.60, provided that the reduced exercise price will not become effective until September 14, 2010. All other material terms of the Warrants will remain unchanged. The Company will send a notice to Warrantholders advising them of the foregoing changes to the Warrants.

The Company has received the conditional approval of the Toronto Stock Exchange (the "TSX") for the proposed amendment to the Warrants. No Warrants are owned by insiders of the Company or their associates or affiliates.

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 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.

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