Fortune Minerals releases first quarter 2011 results

Jun. 1, 2011 (Canada NewsWire Group) --

Issued Capital: 107,519,427

LONDON, ON, June 1, 2011 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune Minerals" or the "Company") is pleased to announce that its consolidated financial statements prepared under the newly adopted International Financial Reporting Standards ("IFRS") and management's discussion and analysis of financial condition and results of operations for the period ended March 31, 2011 have been filed and will shortly be available on SEDAR (www.sedar.com) or through the Company's web site (www.fortuneminerals.com). The Company's transition date to IFRS was January 1, 2010, and its first financial statements prepared under IFRS are the interim financial statements for the three months ended March 31, 2011. The March 31, 2011 financial statements include full disclosure of the Company's accounting policies, including new accounting policies under IFRS, and complete reconciliations of previously disclosed comparative period financial statements prepared in accordance with Canadian generally accepted accounting principles to IFRS, with adjustments explained, in Note 15.

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, moved, and stored for relocation to NICO. Fortune Minerals also owns the Mount Klappan anthracite metallurgical coal deposits in British Columbia and has engaged Deloitte & Touche Corporate Finance Canada to assist in attracting a strategic partner to develop this project. In addition, the Company owns 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.