Fortune Minerals completes phase 2 of underground test mining at NICO

    Updates NICO Development Progress

    Issued Capital: 49,546,407

    TORONTO, Sept. 11 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune")
is pleased to announce the completion of Phase 2 of underground test mining at
its now wholly-owned (see Fortune news release of August 9, 2007) NICO
cobalt-gold-bismuth deposit in the Northwest Territories. This second $10
million program of underground test mining in two years (see Fortune news
release of March 29, 2007) was conducted to assess the mining conditions and
continuity of grade in the gold-rich, higher-grade, lower parts of the
deposit, approximately 200 metres beneath the surface and 45 metres beneath
the 2006 Phase 1 underground workings. Approximately 75 tonnes of the ore that
was mined during Phase 2 will be flown from the property this week to
supplement 200 tonnes of ore already collected during Phase 1. These ores will
then be shipped to SGS Lakefield Research Limited (SGS) in Lakefield, Ontario
where they will be blended to represent the average grades of underground and
open pit ores from the planned mine. The blended ore will be used in a
six-month long, large-scale, pilot plant test beginning in October. Test
results will be available as different parts of the program (crushing,
grinding and flotation/bismuth processing/cobalt processing/gold processing)
are completed.
    The 2007 program began in March with dewatering of the 2006 underground
workings followed by deepening and extending the ramp an additional 325 metres
to a depth of 200 metres below surface where 300 metres of lateral development
work was conducted to intersect the lower ore zone. Also, an "Alimak" raise
was driven to surface to provide ventilation for the underground part of the
mine and an emergency access. Approximately 3,600 tonnes of ore was mined from
the lower ore zone during the 2007 program as well as approximately 33,000
tonnes of waste rock, which will be used for construction and road aggregate.
Additional environmental surveys are also underway at the proposed mine site
as well as the access and powerline corridors. Both the 2006 and 2007
underground test mining programs were carried out by KeTe Whii - Procon, a
joint-venture between Procon Mining and Tunnelling of Burnaby, British
Columbia and the Tlicho, Yellowknife and Lutsel K'e Dene First Nations.

    Hemlo Mill Progress

    The Company is also moving ahead with preparations for the relocation to
NICO of the Golden Giant mill, surface facilities, equipment and spare parts
inventory at Hemlo, Ontario, which was purchased in 2006. Fortune has two more
years to remove the assets from Hemlo, and notably is not required to
rehabilitate the Golden Giant mine site. The Company has hired Mr. Ghislain
Gervais as its Hemlo Site Manager and has begun selling surplus equipment.
Fortune is also hiring additional employees to move important equipment for
reconditioning and to facilitate dismantling of the buildings next year.

    MCP Group Merger

    Fortune is also pleased to report that MCP Group, with whom it has a
Letter of Intent to sell all of the NICO mine's bismuth production (see
Fortune news release of June 4, 2007), recently announced a planned merger
with Sidech SA. The combined company will be the world leader in bismuth
products as well as other specialty metals such as selenium and indium as well
as having major involvement in molybdenum, lead and tin. With annual sales of
more than $400 million and processing plants in England, Belgium, Germany,
France, USA and China, MCP has advised Fortune that the larger marketing group
sees NICO's production as being a significant part of their own growth plans.
    Noted Fortune's President and CEO, Robin Goad, "This new, world-class
specialty metals processing and marketing company will be even better
positioned to assist us in marketing NICO's planned bismuth production on a
global scale."
    The NICO cobalt-gold-bismuth deposit is located 160km northwest of
Yellowknife, 22km west of the Snare hydro complex and 85km north of the
community of Behchoko and the highway to Edmonton, Alberta. The project has
already been assessed in a positive full feasibility study led by Micon
International Limited. Fortune is entering the permitting process to develop a
combined underground and open pit mine to produce cobalt cathode, gold doré
and bismuth bullion in a process plant to be constructed at the site with
production targeted in 2010. Mr. Robin Goad, P.Geo., Fortune's President and
CEO, is the Qualified Person responsible for this release in accordance with
National Instrument 43-101.

    About Fortune Minerals

    Fortune Minerals is a diversified natural resource company with six
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, 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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