Fortune Minerals Announces Additions to Management Team

LONDON, ON, Aug. 29, 2011 /CNW/ --
Additional Support for Project Development and Engineering

LONDON, ON, Aug. 29, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ('Fortune' or 'the Company') is pleased to announce the addition of two
new members to its project development and engineering teams at its
head office in London, Ontario. Michael De Carlo has joined the company
as Project Manager and Keith Lee as Senior Process Engineer.  'We are
proud that our advanced stage projects have helped us attract
exceptional people in a highly competitive market for mining talent.
The expansion to our team is further progress towards our goal of
becoming a reliable North American producer of metallurgical coal, gold
and specialty metals', said Tom Rinaldi, Vice-President Operations of
Fortune.

Michael De Carlo, B.Sc., B.B.A., has recently joined the Company as
Project Manager.  Michael has more than 40 years of project management
and engineering experience, including 22 years in Senior Manager
positions. In these prior roles he contributed to operating
efficiencies at existing mines, rehabilitated former producing mines
and gained valuable experience bringing grass roots projects into
commercial production. His extensive involvement with all aspects of
mine start ups in remote locations has successfully demonstrated his
creativity in dealing with logistical concerns, local and national
politics, health and safety issues, and workforce training. Michael's
previous experience includes work on projects for North American
Construction, Agrium, Synenco Energy and Agnico-Eagle Mines.

Keith Lee, B.Sc., has also joined Fortune as Senior Process Engineer. 
Keith has 25 years experience in the mineral processing industry
including the design, construction and operation of mineral treatment
facilities for gold and base metal projects. Primarily operating in
Alaska, he has a proven record of success working in the north and with
challenging logistical and scheduling issues associated with remote
projects. Keith's initial focus will be to manage the ongoing detailed
engineering in preparation for construction of the Company's NICO
project, review of the capital estimates, and review of the process
engineering for both the concentrator at the mine and the metals
processing facility to be constructed in Saskatchewan. Keith's Alaska
experience includes process engineering positions at Teck's Red Dog
Mine, NovaGold's Nome Operations, Tricon Mining's Grant Mine and
Enserch's Independence Mine. 

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 hydrometallurgical plant in Saskatchewan to process NICO
concentrates to high value metal products. The company has also
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, proposed production of metallurgical coal, gold and
specialty metals, 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 Mount Klappan coal
project, the NICO mine or the SMPP, uncertainties with respect to the
receipt or timing of required permits for the development of the Mount
Klappan coal project, the NICO project or the SMPP, the possibility of
delays in the commencement of production from the Mount Klappan coal
project, the NICO project or 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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