Fortune Minerals completes $5 million financing

On October 16, 2008, Fortune Minerals Limited (TSX-FT) announced that it had completed a private placement of flowthrough shares raising gross proceeds of $5,002,500 through the issuance of 4,350,000 flowthrough shares at a price of $1.15 per share through a syndicate of dealers led by CIBC World Markets Inc. and including Jones, Gable & Company Limited (the "Agents").

The proceeds raised from the financing will be used primarily for exploration and development of the Company's NICO gold-cobalt-bismuth-copper project in the Northwest Territories and its Mount Klappan anthracite coal project in northwest British Columbia.

The Agents were advised by Rob Mason and William Bies (tax) of Fasken Martineau.