Fortune Minerals raises $2.345 million from flow-through financing


    Issued Capital: 68,240,857 (including shares issued pursuant to this

    LONDON, ON, Aug. 14 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune"
or the "Company") is pleased to announce that it has issued 3,350,000
flow-through shares at $0.70 per share under a non-brokered private placement
to institutional investors to raise gross proceeds of $2,345,000. The gross
proceeds of the offering will be used: (i) to fund environmental testing,
engineering studies and site activities at its NICO gold-cobalt-bismuth-copper
project in the Northwest Territories, (ii) to fund site studies for the
proposed southern hydrometallurgical facility in western Canada and (iii) to
fund engineering studies at its Mount Klappan anthracite coal project in
northwest British Columbia.
    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.

    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:

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: - or - Barbara
Komorowski:; Media Contacts: François
Trépanier: - or - Vanessa Napoli:, Tel: (514) 939-3989, Fax: (514) 939-3717,

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