Fortune Minerals provides NICO Road initiative update

    Issued Capital: 64,890,857

    LONDON, ON, Aug. 5 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune
Minerals" or the "Company") is pleased to provide an update about the road
initiative in the Tlicho (aboriginal) region northwest of Yellowknife,
Northwest Territories where the Company's NICO mine development is located.
The existing winter road extending north from the town of Behchoko on Highway
3 between Yellowknife and Edmonton, Alberta to the communities of Whati and
Gameti is the subject of a government plan for realignment to an overland
route in order to reduce the cost of living in the Tlicho region, mitigate the
impacts of climate change on community resupply, and promote economic
activity. This road is also currently used to access the NICO
Gold-Cobalt-Bismuth-Copper deposit, which Fortune Minerals is permitting to
develop a mine, mill and process plant, which requires all-season road access
for mine supply and to transport metal concentrates south for processing to
high value metal products.
    The initiative to upgrade the Tlicho winter road is being managed by the
government of the Northwest Territories (GNWT) - Department of Transportation
(DOT), working together with the Tlicho Government, and with financial support
from the federal government. Preliminary engineering, route analysis,
environmental scoping studies and consultation with local communities have
already been undertaken to establish the feasibility of this road upgrade and
its desirability from the perspective of the Tlicho people. Fortune Minerals
has also contributed its own detailed engineering and environmental studies
for a 50 km portion of the road as its initial contribution toward the project
and is part of a working group for future planning. An approximate 136 km
portion of the Tlicho road will be used for the NICO mine. Approximately 25 km
of all-season road has already been built by the community of Whati and is
being extended this road this summer by the community. Fortune Minerals is in
discussions with the GNWT, federal and Tlicho Governments with respect to
joint financing the upgrade of other segments of the route to an all-weather
standard so that it can be used for mine operations.
    The GNWT and the federal government have committed $18 million of
additional resources toward completing the next phase of the Tlicho road
initiative, which includes additional engineering and environmental work,
community consultation, re-alignment of the road to an all-land route,
construction of permanent bridged water crossings and the laying of road bed
on portions of the route. The next phase of this road initiative received
significant support from Tlicho citizens during the consultation process and
the Tlicho Government has approved the engineering and environmental studies
now being tendered by the DOT. The final route and other details of the road
construction and operation will still require the approval of the Tlicho
    Fortune Minerals is very pleased to be working cooperatively with the
Tlicho Government and GNWT towards completion of this important infrastructure
initiative to improve the transportation and reduce the cost of living in
Tlicho communities as well as provide the foundation for additional economic
opportunities on Tlicho lands, including the NICO mine development for the
benefit of all stakeholders.

    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 also 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.

    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 coal and future metal and coal 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 and
coal 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
- or -  Lindsay Simmons, IR Coordinator,, Tel.: (519)
858-8188, Fax: (519) 858-8155,; Renmark Financial
Communications, Dan Symons:, Barbara Komorowski:; Media Contacts, François Trépanier:, Vanessa Napoli:,
Tel: (514) 939-3989, Fax: (514) 939-3717,

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