Fortune Minerals Limited - News Release

Issued Capital: 68,240,857

LONDON , ON, Nov. 19 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune Minerals" or the "Company") is issuing this news release to correct certain scientific and technical information disclosed on its website that were not in compliance with National Instrument 43-101-Standards of Disclosure for Mineral Projects ("NI 43-101"). Specifically, the website disclosed a "57 million tonne resource" for the Company's NICO gold-cobalt-bismuth-copper project and an "approximately 10 million tonnes of near surface resources (open at depth), amenable to low cost open pit mining; averaging 0.8% copper" at the Company's Sue-Dianne project. Although these data are derived from technical reports prepared on behalf of the Company, the resource or resource sensitivity analysis figures combine different mineral resource confidence categories which is not permitted by NI 43-101 and the disclosure also did not include certain other information required by NI 43-101. The correct description of the foregoing resource figures is as follows:

    
    NICO

    Open Pit Mineral Resource Sensitivity Analysis (1)

    -------------------------------------------------------------------------
                                           Measured
    -------------------------------------------------------------------------
      NSR
     Cutoff                        Au         Bi           Co         NSR(2)
    ($CDN/t)       Tonnes        (g/t)        (%)          (%)       ($CDN/t)
    -------------------------------------------------------------------------
      10          5,641,505      0.269       0.125        0.089       23.46
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                          Indicated
    -------------------------------------------------------------------------
      NSR
     Cutoff                        Au         Bi           Co         NSR(2)
    ($CDN/t)       Tonnes        (g/t)        (%)          (%)       ($CDN/t)
    -------------------------------------------------------------------------
      10         12,759,455      0.291       0.086        0.095       23.42
    -------------------------------------------------------------------------


    Underground Mineral Resource Sensitivity Analysis(1)

    -------------------------------------------------------------------------
                                           Measured
    -------------------------------------------------------------------------
      NSR
     Cutoff                        Au         Bi           Co         NSR(2)
    ($CDN/t)       Tonnes        (g/t)        (%)          (%)       ($CDN/t)
    -------------------------------------------------------------------------
      10         12,854,651      0.950       0.104        0.069       28.15
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                          Indicated
    -------------------------------------------------------------------------
      NSR
     Cutoff                        Au         Bi           Co         NSR(2)
    ($CDN/t)       Tonnes        (g/t)        (%)          (%)       ($CDN/t)
    -------------------------------------------------------------------------
      10         25,970,337      0.754       0.104        0.094       30.64
    -------------------------------------------------------------------------


    Total Mineral Resource Sensitivity Analysis(1)

    -------------------------------------------------------------------------
                                           Measured
    -------------------------------------------------------------------------
      NSR
     Cutoff                        Au         Bi           Co         NSR(2)
    ($CDN/t)      Tonnes         (g/t)        (%)          (%)       ($CDN/t)
    -------------------------------------------------------------------------
      10        18,496,156       0.742       0.110        0.075       26.72
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                          Indicated
    -------------------------------------------------------------------------
      NSR
     Cutoff                        Au         Bi           Co         NSR(2)
    ($CDN/t)      Tonnes         (g/t)        (%)          (%)       ($CDN/t)
    -------------------------------------------------------------------------
      10        38,729,792       0.601       0.098        0.094       28.26
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                    Measured and Indicated
    -------------------------------------------------------------------------
      NSR
     Cutoff                        Au         Bi           Co         NSR(2)
    ($CDN/t)      Tonnes         (g/t)        (%)          (%)       ($CDN/t)
    -------------------------------------------------------------------------
      10        57,225,948       0.647       0.102        0.088       27.76
    -------------------------------------------------------------------------

    (1) The mineral resource estimates for the NICO deposit were estimated by
        Micon International Limited ("Micon") and P&E Mining Consultants Inc.
        ("P&E") and are contained in a report entitled "Technical Report on
        the Bankable Feasibility Study for the NICO Cobalt-Gold-Bismuth
        Deposit, Magood Lake Area, Northwest Territories, Canada" dated
        February, 2007 which is available under the Company's SEDAR profile
        at www.sedar.com. B. Terrence Hennessey, P. Geo. of Micon and Eugene
        J. Puritch, P. Eng of P&E were the Qualified Persons under NI 43-101
        responsible for the resource estimates.
    (2) For the purposes of the sensitivity analysis, the average NSR was
        calculated using metal prices of $US10 per pound of cobalt, $US3.25
        per pound of bismuth and $US375 per ounce of gold.


    Sue-Dianne

    Mineral Resource Estimates (0.40% CuCut-Off Grade)(3)

    -------------------------------------------------------------------------
                                                        Cu
                                 Cu      Au    Ag   (millions   Au      Ag
    Classification    Tonnes     (%)   (g/t)  (g/t)    lbs)    (oz)    (oz)
    -------------------------------------------------------------------------
    Indicated       8,444,000    0.80   0.07   3.2    149.1   19,000  855,000
    -------------------------------------------------------------------------
    Inferred        1,620,000    0.79   0.07   2.4     28.3    3,600  122,000
    -------------------------------------------------------------------------

    (3) The mineral resources for the Sue-Dianne deposit were estimated by B.
        Terrence Hennessey, P. Geo. of Micon and Eugene J. Puritch, P. Eng of
        P&E.
    

The information in this press release has been reviewed by Mr. Hennessey and Mr. Puritch , Qualified Persons for the mineral resource estimates as defined in NI 43-101.

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 gold-cobalt-bismuth-copper deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. 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 is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

For further information: Fortune Minerals Limited, Robin Goad, President - or - Lindsay Simmons, IR Coordinator, [email protected], Tel.: [phone], Fax: [phone], www.fortuneminerals.com; Renmark Financial Communications, Dan Symons: [email protected] - or - Barbara Komorowski: [email protected]; Media Contact, Valerie Lacasse: [email protected], Tel: [phone], Fax: [phone], www.renmarkfinancial.com