FORTUNE MINERALS COMPLETES PUBLIC INFORMATION MEETINGS IN SASKATCHEWAN FOR METALS PROCESSING PLANT

LONDON, ON, Feb. 17 /CNW/ --
LONDON, ON, Feb. 17 /CNW/ - Fortune Minerals Limited (TSX-FT) ('Fortune Minerals' or the 'Company') is pleased to announce that it
has completed two public information sessions for the environmental
assessment and permitting for the Company's proposed Saskatchewan
Metals Processing Plant ('SMPP') near Saskatoon, Saskatchewan
('SK'). The SMPP is a proposed hydrometallurgical process plant that
will treat concentrates produced at Fortune's 100% owned NICO project
in the Northwest Territories ('NWT') and produce high value metal
products, including gold doré, cobalt and copper cathodes, and bismuth
cathodes or ingots. Fortune Minerals is very pleased with the
considerable interest shown in the project from the local communities
and municipal and provincial governments and with the generally
positive response to the Company's plans for its SMPP.

The information sessions were held in the communities of Dalmeny and
Langham on February 7(th) and 8(th), respectively, and followed the issuance of draft Project Specific
Guidelines ('PSG's') by the Environmental Assessment Branch of
Saskatchewan's Ministry of Environment ('SE') on January 21(st), 2011. These draft PSG's are open for public comment and can be viewed
at: http://www.environment.gov.sk.ca/Default.aspx?DN=da9c2bea-d887-4c52-b111-d6236ab6f0d4 until February 23(rd), 2011. Once finalized, the PSG's will outline the requirements of the
provincial environmental assessment process and identify key issues
that will need to be addressed in the Environmental Impact Statement
('EIS'). Fortune plans to submit the EIS to SE next month. The purpose
of these information sessions is to update the general public on the
Company's plans for the SMPP and to address any concerns or questions
prior to the submission of the EIS. 

Approximately 75 people attended the meeting in Dalmeny, and there was
an even larger turn-out of approximately 115 people in Langham.  Both
sessions were also attended by representatives of the Regional
Municipality of Corman Park, the mayors and members of town council of
both communities, local businesses and media, as well as members of the
Saskatoon Regional Economic Development Authority and Enterprise
Saskatchewan.  Four senior staff of Fortune Minerals and
representatives of MDH Engineered Solutions Inc., the Company's
environmental consultant for this project, were present to provide
information on the project and answer questions.  The corporate
presentations covered subjects including the design and operation
parameters of the plant, plans for residue storage, baseline
environmental programs, and potential impacts and mitigation plans to
minimize or eliminate impacts at the site and surrounding region. 
Fortune Minerals staff were able to address questions concerning the
proposed water source, process residue storage, air quality issues,
noise, employment opportunities and overall financial benefits to the
local economy. 

Fortune Minerals' SMPP is proposed to be constructed on lands in the
Regional Municipality of Corman Park, approximately 26 km northwest of
Saskatoon and straddling the main northern line of the Canadian
National Railway.  The plant will receive approximately 180 tonnes of
bulk concentrate per day from the NICO project in the NWT. These
concentrates will be re-ground and separated by flotation into
cobalt-copper and bismuth concentrates that both contain gold.  Cobalt
and copper are recovered by pressure acid leach, followed by
neutralization and electro-winning to precipitate the metals as high
quality cathodes.  The bismuth is recovered by atmospheric acid leach
followed by electro-winning and smelting to produce cathodes and/or
ingots.  Residues produced from both streams will be leached with
cyanide to recover the gold.  Capital costs for the SMPP are estimated
to be in excess of $200 million. There will be 85 permanent employees
working at the plant, in the fields of metallurgical and chemical
engineering, process technologies, tradespersons, and support staff. 
An even larger work force will be employed for construction and
indirect jobs should be 2-3 times the number of direct jobs in order to
support the operation. Fortune Minerals is pleased to report that an
engineered fly-by of the SMPP and a copy of the presentation given in
the communities are now available for viewing on the Home Page of the
Company's internet website at www.fortuneminerals.com.

Fortune Minerals plans to maintain open communication with residents and
elected officials from the communities and surrounding region
throughout the environmental assessment process and also during
operations.  Once submitted, the EIS will be reviewed by the
Saskatchewan Environmental Assessment Review Panel which may develop a
deficiency statement if required.  Fortune Minerals would then address
any deficiencies which would allow SE to issue its Technical Review
Comments ('TRC's').  The EIS and TRC's would then be open for public
review, following which, SE would submit their recommendations on the
project along with any comments from the public, the EIS and the TRC's
to the Minister for a decision on the project.

About Fortune Minerals:


Fortune Minerals 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 its NICO
gold-cobalt-bismuth-copper deposit in the Northwest Territories and its
metals processing plant in Saskatchewan.  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
also owns the Mount Klappan anthracite coal deposits in British
Columbia, the Sue-Dianne copper-silver deposit and other 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.

This press release contains forward-looking information. This
forward-looking information includes statements with respect to, among
other things, proposed development of the NICO project, and the
proposed development of the 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, the risk that the
capital costs of the SMPP may be more than anticipated 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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