Fortune Minerals Limited raises $470,000 from second tranche of private placement for total of $4.7 million


    Issued Capital: 64,890,857

    LONDON, ON, June 3 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune"
or the "Company") is pleased to announce that it has issued an additional
667,000 units at $0.50 per unit and 195,000 flow-through shares at $0.70 per
share under two previously announced non-brokered private placements to raise
gross proceeds of $470,000. Each unit consists of one common share and
one-half of one common share purchase warrant. Each whole warrant entitles the
holder to purchase one common share for $0.80 on or before September 2, 2010.
Fortune has raised aggregate gross proceeds of $4,720,125 from the two
tranches of the private placements.
    The net proceeds of the offerings will be used: (i) to fund environmental
testing, permitting activities, engineering and other development work for the
NICO gold-cobalt-bismuth-copper project in the Northwest Territories; (ii) for
completion of the dismantling and demolition of the Golden Giant Mine
buildings and process facilities at Hemlo, Ontario, and storage of salvaged
assets for subsequent relocation to NICO upon receipt of mine permits; and
(iii) for working capital and general corporate purposes.
    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 absent registration or an applicable exemption from the registration
requirements. This release does not constitute an offer for sale of securities
in the United States.

    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 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 focused on outstanding performance and growth
of shareholder value through assembly and development of high quality mineral
resource projects.

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 - Barbara Komorowski, Account
Manager, Tel. (514) 939-3989, Fax. (514) 939-3717,,,

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