Correction to news release on updated Mount Klappan coal project feasibility study with lower Canadian dollar

    Issued Capital: 55,550,107

    LONDON, ON, Jan. 8 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune
Minerals" or the "Company") refers to the press release issued earlier today
with respect to an updated assessment of the economics for the Lost Fox
deposit at its 100% owned Mount Klappan anthracite coal project in northwest
British Columbia. The Company has noted that the pre- and post-tax net present
value (NPV) figures included in the table reflecting the updated economics at
various coal price sensitivities inadvertently contained incorrect units of
measurement as a result of misplacement of the decimal point. The corrected
table is set forth below.

    PRICE       IRR    (8%) DISCOUNT     IRR     (8%) DISCOUNT       TONNE
    US$ 110     7.8%        (C$8.2 M)     4.2%       ($118.6 M)   US$  84.77
    US$ 120    14.8%       C$280.3 M     10.5%         $83.4 M    US$  85.17
    US$ 130    20.6%       C$536.0 M     15.3%        $256.1 M    US$  87.14
    US$ 140    26.0%       C$789.9 M     19.9%        $427.9 M    US$  88.72
    US$ 150    31.3%     C$1,052.1 M     24.2%        $599.3 M    US$  90.00
    US$ 175    43.6%     C$1,690.0 M     33.9%      $1,012.9 M    US$  93.55
    US$ 200    55.9%     C$2,345.8 M     43.2%      $1,436.0 M    US$  96.63
    US$ 225    67.8%     C$2,990.7 M     52.1%      $1,851.9 M    US$  99.94
    US$ 250    79.3%     C$3,636.1 M     60.8%      $2,268.2 M    US$ 103.22
    US$ 275    90.7%     C$4,281.1 M     69.1%      $2,683.9 M    US$ 106.50
    US$ 300   101.9%     C$4,920.7 M     76.9%      $3,095.5 M    US$ 109.90

    Note: The cash cost per tonne of coal includes government production
    royalties, which escalate with higher revenues resulting from increased
    coal price sensitivity.

    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 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,,; Renmark Financial
Communications, Dan Symons, Account Manager or Rea Unson, Junior Account
Manager, Tel. (514) 939-3989, Fax. (514) 939-3717, or,

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