Fortune Minerals announces management appointments

    Expanding Team in Preparation for Project Development

    Issued Capital: 50,100,107

    LONDON, ON, March 3 /CNW/ - Fortune Minerals Limited (TSX-FT) is pleased
to announce the appointment of three new members of its management team as the
Company continues to advance its two key projects towards production.
    Adam Jean, B.Com., C.A., has been appointed as Fortune's Controller. Adam
will work closely with and report to Julian Kemp, the Company's Chief
Financial Officer in overseeing Fortune's financial controls and reporting
operations and procedures. Adam is a graduate of the University of Western
Ontario's Richard Ivey School of Business and is a Chartered Accountant.
Before joining Fortune, Adam had been with Ernst & Young LLP since 1999, where
most recently he was Senior Manager, Assurance & Advisory Business Services.
Adam has extensive financial auditing and analysis experience, including in
the evaluation of financial statements as well as business and technological
risks. He has also developed expertise in meeting a variety of corporate
information technology requirements, as well as in the financial regulatory
and reporting environment of publicly listed companies.
    Andre Tricoteux, B. Professional Arts, has joined the Company as
Procurement and Logistics Manager, primarily to support the ongoing
development of Fortune's 100%-owned NICO gold-cobalt-bismuth project in the
Northwest Territories. Andre will be responsible for coordinating supply, and
procurement of materials and equipment, including the management of a variety
of supplier, contractor, brokerage and transportation issues in support of the
Company's goal of bringing NICO into production by late in 2010. Andre has a
Bachelor of Communications Studies degree from Athabasca University and was a
longtime resident of Yellowknife. Prior to joining Fortune, he spent nine
years in a range of logistics, project management and construction supervision
roles for the Diavik Diamond Mine at Lac De Gras, Northwest Territories while
in the employ of Rio Tinto, Tli Cho Logistics and Peter Kiewit & Sons Ltd.
where he dealt with a wide range of construction and logistics issues similar
to the requirements for NICO.
    Andre's broad base of experience also makes him a welcome addition to the
team charged with the relocation to NICO of much of the Golden Giant mill,
surface facilities, equipment and spare parts inventory from Hemlo, Ontario,
which was purchased in 2006 from Newmont Canada Ltd. (see News Release, dated
August 31, 2006). In addition to handling many of the general logistical
challenges for the Hemlo move, he will also help manage the marketing, sale
and recycling of surplus materials from the Hemlo site, including equipme
    nt and saleable metals such as gold, steel, copper, aluminum and other
recyclable materials retrieved from the Hemlo process plant. Further, Andre
will also assist in the logistical planning and management at the Company's
wholly-owned "World Class" Mount Klappan anthracite coal project in northwest
British Columbia.
    Patrick J. Moloney, B.Sc., B.Ed. has been appointed Manager of Human
Resources for Fortune. As the Company continues to develop its key assets in
British Columbia and the Northwest Territories, Pat will be instrumental in
developing Fortune's Human Capital through the recruitment and development of
qualified personnel to assist the Company in its growth. A key part of this
recruitment strategy will involve Fortune's commitment to the local
communities and First Nation groups by providing training and development
opportunities. With 11 years of human resources (HR) experience, including the
past 8 in senior management roles, Pat is highly qualified in all aspects of
workforce development. Since 2004, he was HR manager with Keiper Limited, a
German-based automotive parts manufacturer following a total of five years in
similar roles with Coca-Cola Bottling Company and Philips Lighting. He is also
experienced in dealing in labour negotiations with both union and non-union
facilities and dealing with government health and safety regulatory boards.
    Robin Goad, President and CEO of Fortune, said, "As the Company makes the
exciting transition over the next couple of years to becoming a producer, we
are looking to bring on the best people we can find and I believe that the
addition of these three managers provides a clear demonstration of our
commitment to meeting the highest standards." Adam, Andre and Pat are all
working out of the Company's corporate offices in London, Ontario.

    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,,; Greg Taylor, Investor &
Public Relations, Tel: (905) 337-7673, Cell: (416) 605-5120, Fax: (905)

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