Fortune Announces New Resource Estimate for Its Sue-Dianne Copper-Silver Deposit



    Material Could Be Processed at Planned NICO Plant

    Issued Capital: 50,100,107

    TORONTO, Feb. 22 /CNW/ - Fortune Minerals Limited (TSX-FT) is pleased to
announce that a new(*) NI 43-101-compliant mineral resource estimate has been
completed for the Company's 100% owned Sue-Dianne copper-silver deposit by
Micon International Limited (Micon) and P&E Mining Consultants Inc. (P&E).
Sue-Dianne is located 160 km northwest of the City of Yellowknife, Northwest
Territories and only 24 km north of Fortune's NICO gold-cobalt-bismuth deposit
that is being proposed for development. The proximity to NICO presents an
important opportunity to process material from Sue-Dianne at the proposed NICO
plant site to enhance the economics for both deposits.

    
             Resources for the Sue-Dianne Copper-Silver Deposit
                         @0.40% Cu Cut-Off Grade

    -------------------------------------------------------------------------
    Classification    Tonnes   Cu      Au      Ag      Cu       Au      Ag
                               (%)    (g/t)   (g/t) (millions  (oz)    (oz)
                                                       lbs)
    -------------------------------------------------------------------------
    Indicated      8,444,000  0.80    0.07     3.2    149.1  19,000   855,000
    -------------------------------------------------------------------------
    Inferred       1,620,000  0.79    0.07     2.4     28.3   3,600   122,000
    -------------------------------------------------------------------------
    Mineral resources that are not mineral reserves do not have demonstrated
    economic viability. The estimate of mineral resources may be materially
    affected by environmental, permitting, legal, title, taxation,
    sociopolitical, marketing, or other relevant issues. The quantity and
    grade of reported inferred resources in this estimation are uncertain in
    nature and there has been insufficient exploration to define these
    inferred resources as an indicated or measured mineral resource and it is
    uncertain if further exploration will result in upgrading them to an
    indicated or measured mineral resource category.
    

    The processing of mineralization from Sue-Dianne could take place at the
proposed 4,000 tonne-per-day NICO processing facility once mining operations
have ceased at NICO or, at an expanded NICO process plant in the future.
However, such an expansion is not presently contemplated and is not part of
the NICO mine permit applications that have already been submitted to the Wek'
eezhii Land and Water Board. Notably, Fortune has purchased the buildings,
mill, equipment and inventory from the Golden Giant mine at Hemlo, Ontario for
relocation to NICO. Preliminary metallurgical testwork has already been
conducted on composite samples of core from the Sue-Dianne deposit at
SGS Lakefield Research Limited in 1998. This testwork determined that
recoveries of more than 90% of the copper could be achieved from flotation to
produce concentrate grades of between 30% and 45% copper, depending on the
source location of ores from different parts of the deposit. Recoveries of 81%
and 76% of the gold and silver were also indicated, respectively. Pressure
oxidation of the copper concentrate in a plant similar to the one proposed for
NICO achieved recoveries of 98 to 99% of the copper and 88 to 90% of the gold.
Consequently, the validity of processing Sue-Dianne ores at NICO has been
confirmed.

    (*) Historic resources from Sue-Dianne were estimated in 1998, prior to
    the implementation of National Instrument 43-101.

    The new Sue-Dianne mineral resource estimate was prepared by "Qualified
Persons" B. Terrence Hennessey, P.Geo. of Micon and Eugene J. Puritch, P.Eng.
of P&E. Mr. Hennessey has reviewed and approved the contents of this news
release.
    The 0.40% Cu cut-off grade used for reporting the Sue-Dianne resource
estimate was based on the following: processing C$14.00/tonne, G&A
C$3.20/tonne, trucking to NICO C$2.40/tonne, concentrate recovery 90%, on site
autoclave recovery 98.5%, Cu price US$2.85, CDN/US exchange rate $0.90,
Cu refining US$0.15/lb, metal shipping US$0.10/lb. These values are largely
determined from the NICO feasibility study that was led by Micon and completed
in January, 2007 (See News Release January 16, 2007). The resource estimate
was reported within a Whittle-optimized pit shell that utilized a mining cost
of C$2.59/tonne and pit slopes of 55 degrees.
    The new resource estimate was based on data from 62 diamond drill holes
completed on an approximately 50-metre spacing over a strike length of
450 metres. The ordinary kriging grade estimation technique was used on
3.25 metre composites within a Gemcom block model with 10 m by 10 m by 10 m
blocks. Grade capping on composites were as follows: Cu 2.6%, Au 0.83 g/t and
Ag 30 g/t. The Sue-Dianne deposit remains open for possible expansion at the
eastern end at depth.
    The mineral resources in this news release were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on
Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM Council
December 11, 2005.

    About Fortune Minerals

    Fortune Minerals is a diversified natural resource company with seven
mineral deposits and a number of exploration projects, all located in Canada.
They include the Mount Klappan anthracite coal deposits in British Columbia,
and the NICO cobalt-gold-bismuth deposit, the Sue-Dianne copper-silver deposit
and other base and precious metals exploration projects in the
Northwest Territories. Fortune Minerals is focussed on outstanding performance
and growth of shareholder value through assembly and development of high
quality mineral resource projects.

    This press release contains forward-looking information. This
forward-looking information includes, or may be based upon, estimates,
forecasts, and statements as to management's expectations with respect to,
among other things, the size and quality of the Company's mineral resources,
progress in development of mineral properties, demand and market outlook for
metals and future metal prices. Forward-looking information is based on the
opinions and estimates of management at the date the information is given, and
is subject to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from those projected
in the forward-looking information. These factors include the inherent risks
involved in the exploration and development of mineral properties,
uncertainties with respect to the receipt or timing of required permits and
regulatory approvals, the uncertainties involved in interpreting drilling
results and other geological data, fluctuating metal prices, the possibility
of project cost overruns or unanticipated costs and expenses, uncertainties
relating to the availability and costs of financing needed in the future and
other factors. Mineral resources that are not mineral reserves do not have
demonstrated economic viability. Inferred mineral resources are considered too
speculative geologically to have economic considerations applied to them that
would enable them to be categorized as mineral reserves. There is no certainty
that mineral resources will be converted into mineral reserves. The
forward-looking information contained herein is given as of the date hereof
and the Company assumes no responsibility to update or revise such information
to reflect new events or circumstances, except as required by law.





For further information:

For further information: Fortune Minerals Limited, Robin Goad,
President, Tel.: (519) 858-8188, Fax: (519) 858-8155,
info@fortuneminerals.com, www.fortuneminerals.com; G/T Investor Relations,
Greg Taylor, Investor & Public Relations, Tel: (416) 605-5120, Fax: (905)
844-6532, gtaylor@g-tinvestorrelations.com


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890