Fortune Minerals Appoints Process Development Manager for NICO

    Mike Samuels Joins Fortune Team

    Issued Capital: 38,936,407

    LONDON, ON, June 4 /CNW/ - Fortune Minerals Limited (TSX-FT) is pleased
to announce the appointment of Michael T. Samuels as the Company's Process
Development Manager for the NICO cobalt-gold-bismuth project in the Northwest
Territories (NWT), effective July 1, 2007. Mike Samuels has a degree in
Chemical Engineering from McGill University. He is currently Process
Development Superintendent with BHP Billiton Diamonds working at the EKATI
Diamond Mine at Lac de Gras, NWT and prior to that was Operations
Superintendent responsible for the supervision of one of the World's premier
diamond process plants. Previously, he had been Chief Metallurgist at Miramar
Mining Corporation's Con Gold Mine in Yellowknife where he was responsible for
mineral processing, notably, including operation of the pressure oxidation
circuit (autoclave) for the mine as some of the engineering related to the
Hope Bay development in Nunavut. Mike has also worked as Senior Metallurgist
at Viceroy Australia PLC's Bounty Gold Mine in Western Australia and Chief
Metallurgist at Viceroy Minerals Corporation's Brewery Creek Gold Mine at
Dawson City, Yukon. Mike will be based initially at Fortune's offices in
London, Ontario.
    "I am extremely pleased to have someone of Mike's extensive processing
and metallurgical experience at this critical stage in NICO's development,"
said Fortune's President and CEO, Robin Goad. "We are actively advancing this
project as well as executing plans for building the mine. Having someone who
has been a key manager at four different operations over the past decade
provides us with the particular know-how that will help us deliver this high
quality project in a cost effective and timely manner."
    Fortune is conducting a large-scale pilot plant test of NICO ores later
this year at SGS Lakefield Research Limited (Lakefield). Mike will be
responsible for managing this pilot plant to further prove the proposed mine's
process flow sheet for the production of cobalt cathode, gold doré and bismuth
cement or bullion. Fortune recently completed additional metallurgical
testwork at Lakefield that was very successful in producing the upgraded
bismuth bullion product from concentrate (see News Release of May 1, 2007).
Production of bismuth metal at the site would significantly reduce
transportation and treatment charges from a third-party smelter for the
processing of concentrate and would be expected to materially improve the
economics for the NICO development. Fortune has a letter of intent to sell all
of its bismuth production to MCP Group, the largest consumer of bismuth
products in the world. Notably, the bismuth market is very supply constrained
as a result of 15% annual growth in consumption over the past 5 years and
prices have increased from US$4.50 per pound to the current price of
approximately US$18.00 per pound.
    As well as supervising the Lakefield pilot plant, Mike's initial
responsibilities will include managing detailed engineering plans for the NICO
plant site, as well as overseeing the engineering and dismantling of the
Golden Giant mill, buildings and equipment at Hemlo, Ontario and their
relocation together with approximately $2 million of spare parts inventory to
NICO. Fortune's target is to bring the NICO project into production in 2010.
    NICO is a significant deposit of cobalt, gold and one of the largest
deposits of bismuth in the world. Pursuant to Micon International Limited's
positive full feasibility study assessing NICO (see News Release, dated
January 17, 2007), NICO would produce approximately 1500 tonnes each of cobalt
and bismuth per year and 69,000 ounces of gold in the first two years of
production and 24,000 ounces of gold per year in years 3 to 15 of the mine
life. Fortune has already conducted a $10-million underground test mining
program at NICO in 2006 from which 250 tonnes of ore was collected for the
pilot plant program. A second $10-million phase of underground test mining is
underway to verify mining conditions in the lower part of the mine (see News
Release, dated March 27, 2007).
    The NICO project is located 160 km northwest of the City of Yellowknife,
22 km west of the Snare hydro complex and 85 km north of Behchoko and the
highway to Edmonton, Alberta. The governments of Canada and the Northwest
Territories and the Tlicho government, together with Fortune Minerals, have
announced funding for engineering and environmental studies to upgrade the
existing winter road to Tlicho communities and the NICO site to an all-weather
road. Applications required to commence an environmental assessment are
expected to be filed shortly to permit the proposed NICO mine.

    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: (416) 605-5120, Fax: (905) 844-6532,;

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