Issued Capital: 94,779,407
LONDON, ON, April 15 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune Minerals" or the "Company") announces the appointment of Mr. Shou Wu (Grant) Chen to the Company's board of directors. Mr. Chen is Deputy Chairman and CEO of China Mining Resources Group Limited ("China Mining"), a Hong Kong-based company that mines and processes molybdenum, copper, zinc and other metal products in the Peoples Republic of China ("PRC"), and also has a portfolio of investments in Canadian mining companies. China Mining is currently the company's largest shareholder, holding approximately 16.05% of the outstanding shares plus warrants to purchase an additional 3.85% of the outstanding shares, assuming the full exercise of the warrants held by China Mining and the other outstanding warrants to purchase shares in the company are not exercised. "We are very pleased to welcome Grant to our board", said George Doumet, Chairman of Fortune Minerals. "In addition to having expertise in both mining and merchant banking generally, Grant will provide our Company with representation in the fastest growing region in the world for our products as well as specific expertise in Asian capital markets."
Grant Chen graduated from Jilin University, PRC in 1985 with a bachelor's degree in Mineral Resources Exploration and earned a master's degree in Geological Science in 1988. He obtained his master's degree in Business Administration from the Richard Ivey Business School at the University of Western Ontario in Canada in 2003. Prior to joining China Mining, Mr. Chen worked for Standard Bank in the PRC as the senior vice president in the mining and metals division. For the period from 2003 to 2007, Mr. Chen worked for Kingsway Group, an investment banking firm based in Hong Kong, as a senior mining analyst, Golden China Management Inc., a venture capital firm, and as a business development manager for Golden China Resources Corporation, a Toronto Stock Exchange listed company with gold mining operations in the PRC. Mr. Chen has more than 10 years of additional experience working in the precious metals sector and was a council member for the China Gold Society and a research professor in the Shenyang Institute of Geology and Mineral Resources of the Ministry of Land and Resources, PRC.
Fortune Minerals is pleased to add additional strength and diversity to our board as we move steadily closer to our goal of becoming a successful metals and coal producer with operations in Canada, and a global perspective on the markets we will service.
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.
SOURCE Fortune Minerals Limited
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