Fortune Minerals Announces Management Appointments

by NationTalk on March 3, 20081012 Views

March 03, 2008

Expanding Team in Preparation for Project Development

Fortune Minerals Limited (TSX-FT) is pleased to announce the appointment of three new members of its management team as the Company continues to advance its two key projects towards production.

Adam Jean, B.Com., C.A., has been appointed as Fortune’s Controller. Adam will work closely with and report to Julian Kemp, the Company’s Chief Financial Officer in overseeing Fortune’s financial controls and reporting operations and procedures. Adam is a graduate of the University of Western Ontario’s Richard Ivey School of Business and is a Chartered Accountant. Before joining Fortune, Adam had been with Ernst & Young LLP since 1999, where most recently he was Senior Manager, Assurance & Advisory Business Services. Adam has extensive financial auditing and analysis experience, including in the evaluation of financial statements as well as business and technological risks. He has also developed expertise in meeting a variety of corporate information technology requirements, as well as in the financial regulatory and reporting environment of publicly listed companies.Andre Tricoteux, B. Professional Arts, has joined the Company as Procurement and Logistics Manager, primarily to support the ongoing development of Fortune’s 100%-owned NICO gold-cobaltbismuth project in the Northwest Territories. Andre will be responsible for coordinating supply, and procurement of materials and equipment, including the management of a variety of supplier, contractor, brokerage and transportation issues in support of the Company’s goal of bringing NICO into production by late in 2010. Andre has a Bachelor of Communications Studies degree from Athabasca University and was a longtime resident of Yellowknife. Prior to joining Fortune, he spent nine years in a range of logistics, project management and construction supervision roles for the Diavik Diamond Mine at Lac De Gras, Northwest Territories while in the employ of Rio Tinto, Tli Cho Logistics and Peter Kiewit & Sons Ltd. where he dealt with a wide range of construction and logistics issues similar to the requirements for NICO.

Andre’s broad base of experience also makes him a welcome addition to the team charged with the relocation to NICO of much of the Golden Giant mill, surface facilities, equipment and spare parts inventory from Hemlo, Ontario, which was purchased in 2006 from Newmont Canada Ltd. (see News Release, dated August 31, 2006). In addition to handling many of the general logistical challenges for the Hemlo move, he will also help manage the marketing, sale and recycling of surplus materials from the Hemlo site, including equipment and saleable metals such as gold, steel, copper, aluminum and other recyclable materials retrieved from the Hemlo process plant. Further, Andre will also assist in the logistical planning and management at the Company’s wholly-owned “World Class” Mount Klappan anthracite coal project in northwest British Columbia.

Patrick J. Moloney, B.Sc., B.Ed. has been appointed Manager of Human Resources for Fortune. As the Company continues to develop its key assets in British Columbia and the Northwest Territories, Pat will be instrumental in developing Fortune’s Human Capital through the recruitment and development of qualified personnel to assist the Company in its growth. A key part of this recruitment strategy will involve Fortune’s commitment to the local communities and First Nation groups by providing training and development opportunities. With 11 years of human resources (HR) experience, including the past 8 in senior management roles, Pat is highly qualified in all aspects of workforce development. Since 2004, he was HR manager with Keiper Limited, a German-based automotive parts manufacturer following a total of five years in similar roles with Coca-Cola Bottling Company and Philips Lighting. He is also experienced in dealing in labour negotiations with both union and non-union facilities and dealing with government health and safety regulatory boards.

Robin Goad, President and CEO of Fortune, said, “As the Company makes the exciting transition over the next couple of years to becoming a producer, we are looking to bring on the best people we can find and I believe that the addition of these three managers provides a clear demonstration of our commitment to meeting the highest standards.” Adam, Andre and Pat are all working out of the Company’s corporate offices in London, Ontario.

About Fortune Minerals

Fortune Minerals is a diversified natural resource company with seven 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 cobalt-gold-bismuth deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. Fortune Minerals is focussed on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

For further information please contact:

Fortune Minerals Limited
Robin Goad, President
Tel.: (519) 858-8188
Fax: (519) 858-8155
info@fortuneminerals.com
www.fortuneminerals.com

Greg Taylor, Investor & Public Relations
Tel: (905) 337-7673 Cell: (416) 605-5120
Fax: (905) 844-6532
gtaylor@fortuneminerals.com

this press release contains forward-looking information. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the size and quality of the company’s mineral resources, progress in development of mineral properties, demand and market outlook for metals and future metal prices. Forwardlooking 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 forwardlooking information. These factors include the inherent risks involved in the exploration and development of mineral properties, uncertainties with respect to the receipt or timing of required permits and regulatory approvals, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. The forward-looking information contained herein is given as of the date hereof and the company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.

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