Fortune Minerals Limited completes $5 million financing


    Issued Capital: 55,550,107

    LONDON, ON, Oct. 16 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune"
or the "Company") is pleased to announce that it has completed the private
placement of flow-through shares previously announced in the Company's news
releases of October 1 and 2, 2008.
    The Company raised gross proceeds of $5,002,500 through the issuance of
4,350,000 flow-through shares at a price of $1.15 per share through a
syndicate of dealers led by CIBC World Markets Inc. and including Jones, Gable
& Company Limited (the "Agents").
    The proceeds raised from the financing will be used primarily for
exploration and development of the Company's NICO gold-cobalt-bismuth-copper
project in the Northwest Territories and its Mount Klappan anthracite coal
project in northwest British Columbia.
    The Agents received an aggregate cash commission of 6% of the gross
proceeds of the financing.
    The securities being offered have not, nor will they be registered under
the United States Securities Act of 1933, as amended, and may not be offered
or sold within the United States or to, or for the account or benefit of, U.S.
persons. This release does not constitute an offer for sale of securities in
the United States.

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,,,

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