Fortune Minerals & Tahltan Nation enter into Environmental Assessment cooperation agreement for the Mount Klappan anthracite coal project, British Columbia



    Issued Capital: 55,550,107

    LONDON, ON, Feb. 9 /CNW Telbec/ - Fortune Minerals Limited (TSX-FT)
("Fortune Minerals" or the "Company") and the Tahltan Central Council ("TCC")
on behalf of the Tahltan Nation announce that they have entered into an
agreement that commits the parties to the principles of cooperation and mutual
respect. Fortune Minerals is currently engaged in the Environmental Assessment
(EA) process for the Mount Klappan anthracite coal project in northwest
British Columbia, Canada. An EA is a regulatory process to determine the
economic, environmental and social impacts of major projects like Mount
Klappan. In British Columbia, this is typically completed through the BC
Environmental Assessment Office. Mount Klappan is already in the EA
pre-screening process and Fortune Minerals has received its Section 10 and 11
Orders from the BC Government. This Agreement between Fortune Minerals and the
TCC does not commit the TCC to support the Mount Klappan project.
    The Agreement recognizes that the Tahltan Nation holds aboriginal title
and rights in their traditional territory, which includes the location for the
proposed Mount Klappan project. In addition, the Agreement does not displace
the Crown's obligations to consult and accommodate the Tahltan with respect to
the Mount Klappan project and does not imply Tahltan consent for the EA
process.
    Fortune Minerals and the TCC entered into this agreement to facilitate an
orderly and timely review of the proposed Mount Klappan development.
Highlights of the agreement are as follows:

    
    - Mutual recognition of each others interests in the area;
    - Effective and timely participation in the EA process;
    - Open and regular dialogue and communication about each others interests
      and concerns.
    

    The Mount Klappan project is located within Tahltan traditional territory
and consists of 15,000 hectares of contiguous coal licenses located 150 km
northeast of the port of Stewart, 330 km northeast of the port of Prince
Rupert and 100 km south of the Tahltan community of Iskut. The property
straddles the BC Railway right-of-way, which provides road access to the site
from Highway 37. The Canadian National Railway Company operates on the portion
of the right-of-way between Prince George and Minaret, 150 km south of the
proposed mine.
    Mount Klappan contains very large resources of high quality anthracite
coal situated in four distinct deposit areas that are referred to as the Lost
Fox, Hobbit-Broatch, Summit and Nass deposits. ((*)Note) Collectively, these
contain Measured Resources of 107.9 million tonnes, Indicated Resources of 123
million tonnes, plus 2.572 billion tonnes in the Inferred and Speculative
classes. Proven and Probable In-Situ Reserves in the initial pit in the Lost
Fox deposit are 101.7 million tonnes.

    ((*)Note) The Mount Klappan Mineral Reserve and Mineral Resource estimates
were prepared by Marston & Marston Inc. and Richard Marston, P.E. is the
Qualified Person for the purposes of National Instrument 43-101. Further
details on the Mount Klappan Mineral Resources and Mineral Reserves can be
found in the Company's disclosures filed on the Sedar website at
www.sedar.com.

    The economics of Mount Klappan has been assessed in a positive definitive
feasibility study by Marston & Marston Inc. in 2005 that was updated in 2008
(see Fortune Minerals news releases dated January 8, 2009 and August 7, 2008).
The studies show an attractive rate of return for the development at current
coal prices and currency exchange rates. The feasibility studies assessed
annual production of 3 million tonnes of ultra-low volatile pulverized coal
injection (PCI) products used in the manufacture of steel, and options to
produce other coal products. Mining would be carried out using conventional
open pit methods, with the coal processed in a wash plant constructed at the
site, and clean coal products trucked to the port of Stewart for export to
overseas steel customers.
    Anthracite is a hard coal with the highest rank, carbon and energy
content and lowest moisture and volatile content of all coals. Unique
properties make anthracite ideal for use in a broad range of metallurgical and
thermal applications, including metallurgical processing, blend coals for
blast furnace coke replacement, and charge carbon, sinter and PCI coals used
in the manufacture of steel. Only about 1% of World Coal Reserves are
anthracite grade, making the Mount Klappan coal a relatively uncommon premium
product. Notably, the two largest producers of anthracite products in the
world, China and Vietnam, have curtailed exports in order to satisfy their
domestic requirements, creating an attractive development opportunity for
Mount Klappan.
    Fortune Minerals and the TCC are pleased to enter into this agreement to
assess the impacts of developing Mount Klappan.

    About Fortune Minerals

    Fortune Minerals is a diversified natural resource company with several
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-copper 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 coal and future metal and coal 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 and
coal 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
- or - Lindsay Simmons, IR Coordinator, Tel.: (519) 858-8188, Fax: (519)
858-8155, info@fortuneminerals.com, www.fortuneminerals.com; Renmark Financial
Communications, Dan Symons, Account Manager - or - Rea Unson, Junior Account
Manager, Tel. (514) 939-3989, Fax. (514) 939-3717,
dsymons@renmarkfinancial.com or runson@renmarkfinancial.com,
www.renmarkfinancial.com


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