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Gold/Mining/Energy : Fortune Minerals Limited (TSE - FT) -- Ignore unavailable to you. Want to Upgrade?

To: Dave R. Webb who wrote (480)	10/27/2000 10:31:09 PM
From: Richnorth	Read Replies (1) \| Respond to of 612

Hi Dave, Your commentary on the results of this news release will be greatly appreciated. Richnorth ****************************** October 30, 2000 Listing: TSE, symbol "FT" Issued Capital: 17,586,669 NEWS RELEASE FORTUNE MINERALS REPORTS SUCCESFUL NICO DRILL PROGRAM Fortune Minerals announces results of the remaining holes from its recently completed summer drill program on the NICO cobalt-gold-bismuth deposit, located 160km northwest of Yellowknife, Northwest Territories. Significant intersections for holes NICO-00-247 to –252 are compiled in the appended table and were drilled as part of a 35-hole program targeted by Strathcona Mineral Services Limited ( Strathcona). Fortune is pleased to report that all of the objectives of the program were successfully accomplished, including: 1) near-surface expansion of the deposit in order to reduce waste rock stripping, 2) lateral expansion of the gold-rich, central core of the deposit along the projection of dip, and 3) verification of the continuity and evenness of grade in order to minimize internal dilution. Results are currently being entered into the Company's drill hole database after which Strathcona will re-estimate the resources and revise their economic evaluation of the deposit. Fortune will advise at a later date when it expects these studies to be completed. The most recent drill hole results include high-grade intersections of .43% cobalt and 1g/t gold over a 10.6m true width in hole –249, .24% cobalt and .29% bismuth over a 23.4m true width in hole –250, and .23% cobalt and 3.6g/t gold over a 15.9m true width in hole –252. Narrower sections within the latter large interval returned high-grade cobalt concentrations up to 1.43% over 2m and gold up to 32.6g/t over 1m. Most of the holes also intersected multiple stacked lenses, including hole –251, which encountered cobalt values approximating the deposit average over true widths of 11.2, 40.4 and 35.7m within the "Upper", "Middle" and "Lower" lenses, respectively. Chip sampling was also carried out concurrent with the drilling in order to extrapolate shallow intersections to surface where applicable. An exploration hole drilled on a geophysical target on the opposite side of Lou Lake did not intersect significant mineralization. Fortune Minerals is an exploration company with diverse interests in projects in the Northwest Territories and Ontario. It is the operating partner in the NICO and Sue-Dianne deposits and has interests in other base and precious metals and diamond exploration projects. Fortune is the operating partner in Formosa Environmental Aggregates Ltd., an industrial Mineral development company. In compliance with proposed National Instrument 43-101, Strathcona is an independent consulting company acting as "Qualified Person" and advising Fortune on the exploration of NICO. Assays are being conducted at ALS Chemex Labs Ltd. and Lakefield Research Limited. SIGNIFICANT BOWL ZONE DRILL HOLE INTERSECTIONS FROM Metres TO Metres LENGTH metres COBALT % GOLD g/t BISMUTH % NICO 00-248 Line 21W, 2+30N azimuth 200°, dip –46.5° 55.8 77.0 21.2 0.20 0.1 0.11 * 63.3 68.3 5.0 0.35 - 0.13 NICO 00-249 Line 22W, 2+23N azimuth 200°, dip –44.5° 48.0 58.6 10.6 0.43 1.0 0.09 89.0 95.4 6.4 0.27 - 0.38 102.2 106.2 4.0 0.13 - 0.21 NICO 00-250 Line 22+50W, 3+04N azimuth 200°, dip –43° 78.8 90.8 12.0 0.03 1.7 0.08 106.9 130.3 23.4 0.24 - 0.29 124.3 128.3 4.0 0.70 - 0.80 138.1 144.1 6.0 0.10 0.2 0.15 158.5 166.8 8.3 0.18 0.6 - 164.1 166.8 2.7 0.45 1.1 - NICO 00-251 Line 23W, 3+83N azimuth 200°, dip –43° 22.0 33.2 11.2 0.14 0.2 0.10 88.0 128.4 40.4 0.08 0.1 0.20 107.1 112.7 5.6 0.19 0.1 0.32 148.0 183.7 35.7 0.12 0.4 0.12 151.0 155.3 4.3 0.44 - 0.55 NICO 00-252 Line 23W, 4+57N azimuth 200°, dip –45° 10.5 40.0 29.5 0.08 0.4 0.01 * 33.0 39.0 6.0 0.19 0.6 0.02 143.4 158.8 15.4 0.06 2.2 0.01 149.6 151.6 2.0 0.07 6.8 0.03 155.6 156.6 1.0 0.10 5.8 0.04 196.6 212.5 15.9 0.23 3.6 0.13 197.6 201.6 4.0 0.74 2.1 0.41 205.6 210.5 4.9 0.08 9.4 0.07 * Included within the larger interval - No significant values Fortune Minerals Limited [signed] Robin E. Goad, President. Further information can be obtained from Fortune Minerals at: Tel:519-858-888, Fax:519-858-8155, Email: info@fortuneminerals.com, & Website: www.fortuneminerals.com