Fortune Minerals Announces Permitting Update for Nico Mine & Concentrator in Northwest Territories, Canada

LONDON, ON, Aug. 23, 2011 /CNW/ --
Developers Assessment Report passes conformity check with no deficiencies

LONDON, ON, Aug. 23, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ('Fortune' or the 'Company') is pleased to provide an update of the
Environmental Assessment ('EA') process currently underway in the
Northwest Territories ('NT') to permit the mine and mill for the
Company's NICO gold-cobalt-bismuth-copper deposit, 160 km northwest of
the City of Yellowknife, and 50 km northeast of Whati.  The Mackenzie
Valley Review Board ('MVRB') is conducting this EA after NICO was
referred by Aboriginal Affairs and Northern Development Canada in
February 2009.  The Terms of Reference ('TOR') for the EA were received
later that year and the Company submitted its Developers Assessment
Report ('DAR') in May, 2011 to address the issues that had been
identified.  Fortune is pleased to report that the MVRB has completed
its conformity check - no deficiencies were identified and the EA has
advanced to the next phase.

Dr. Rick Schryer, Fortune's Director of Regulatory and Environmental
Affairs, stated that, 'our DAR is a very comprehensive report that
culminates more than two years of work to document the technical,
environmental and socio-economic aspects of the NICO development.  We
were very confident in the quality of work that was done to prepare
detailed information and analysis on a wide variety of subject areas
and respond to 40 pages of issues that had been identified in the TOR. 
Fortune was able to successfully address all of the issues and the NICO
EA has progressed to the analytical phase.'

Fortune is also pleased to announce that former Chief Charlie Jim
Nitsiza has joined the Company as the NICO Project Community Relations
Co-ordinator.  Mr. Nitsiza, a long-time resident of Whati, was Chief of
this closest community to the NICO development for twelve years
starting in 1998 until 2009.  He was also a member of the Regional
Economic Board from 1980 to 2007 that established Nishi' Khon Forest
Service, one of the earliest Tlicho-owned businesses that became the
Tlicho Investment Corporation group of companies.  Charlie Jim Nitsiza
will continue to be based in Whati and his primary role will be to
consult and communicate with the Tlicho people in all four communities
about the impacts and benefits of the NICO Project to local residents.

Robin Goad, President and CEO of Fortune, commented that, 'we are very
excited to add Charlie Jim to our NICO team.  His wealth of experience
with his land and his people will be an asset to Fortune as we move
ahead with the permitting and development of the NICO project.'

The 31 million tonne NICO deposit will be developed using a combination
of open pit and underground mining methods with ores processed at the
rate of 4,650 tonnes per day in a concentrator at the site over an
18-year mine life.  Other facilities that are planned at the site
include a camp to accommodate employees working on a rotation basis,
ancillary buildings and a 27 km all-season access road that will join
the site to the proposed Tlicho Road connecting nearby communities with
the highway to Yellowknife.  The mill will produce approximately 180
tonnes of bulk concentrate per day for shipment south to the Company's
proposed hydrometallurgical refinery near Saskatoon and further
processing to high value metal products.  An EA is also underway in
Saskatchewan to permit the refinery.  Fortune Minerals plans to be a
significant, reliable North American-based supplier of 99.8% cobalt
cathode, 99.5% bismuth cathode and 99.99% bismuth ingot, gold doré, and
by-product production of copper cathode and nickel precipitate.

About Fortune Minerals Limited:

Fortune is a diversified resource company with several mineral deposits
and a number of exploration projects, all located in Canada.  The
Company is focused on the development of the Mount Klappan anthracite
metallurgical coal deposits in British Columbia and the NICO
gold-cobalt-bismuth-copper deposit in the Northwest Territories
('NT').  As part of the development of the NICO deposit, Fortune is
developing a metals processing plant in Saskatchewan and has acquired
the buildings and equipment from the Golden Giant Mine at Hemlo,
Ontario, which have been dismantled, moved, and stored for relocation
to NICO.  In addition, the Company owns the Sue-Dianne
copper-silver-gold deposit and other exploration projects in the NT. 
Fortune 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 statements with respect to, among
other things, the proposed development of the NICO project and the
proposed purchase and development of the site for the Saskatchewan
Metals Processing Plant ('SMPP'). 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, the inherent volatility of metal
prices, the risk that the Company may not be able to arrange the
necessary financing to construct and operate the NICO mine and the
SMPP, uncertainties with respect to the receipt or timing of required
permits for the development of the NICO project and the SMPP, the
possibility of delays in the commencement of production from the NICO
project and construction of the SMPP and other factors. Readers are
cautioned to not place undue reliance on forward-looking information
because it is possible that predictions, forecasts, projections and
other forms of forward-looking information will not be achieved by the
Company.  The forward-looking information contained herein is made as
of the date hereof and the Company assumes no responsibility to update
or revise it to reflect new events or circumstances, except as required
by law.

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