Alta Mining Inc. (FOGC) Shares Report on Property in British Columbia

HENDERSON, Nev., May 31, 2011 /PRNewswire/ -- Fortune Oil and Gas, Inc. (PINK SHEETS:FOGC) (http://www.fortuneoilandgascorp.com) is pleased to announce that its mining subsidiary Alta Mining Inc. has received a compilation report that gives more define overview and reveals great exploration potential on mining property located in the mining district of Kaslo, British Columbia (BC).

The region targeted by Alta's management is known for its potential for high grade silver deposits which, with appropriate exploration work, could be potentially developed as producing mines in near future.

Compilation reports underline that BC government assessment files indicate that there has not been significant recent work in the area and all reported work has been on small portions of the overall property. Past work completed on and adjacent to the Alta's Property have identified several areas for follow-up. The company is already in the process of assembling a systematic modern exploration program which should begin shortly and will take advantage of the summer weather conditions. The compilation report and interpretation of previously collected data for the property was carried out by a Qualified Person with respect to National Instrument 43-101.

Management is very encouraged by this report as it reconfirms our initial belief that the property is located in a very favorable area for hosting silver, and base metal deposits with prospective areas for discovering economic silver mineralization.

The compilation report will be posted on www.otcverify.com web site for readers' viewing.

More news and updates to follow.

Safe Harbor Statement

Information in this news release may contain statements about future expectations, plans, prospects or performance of Fortune Oil & Gas, Inc., that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project" and similar words and phrases are intended to identify such forward-looking statements. Fortune Oil & Gas, Inc. cautions you that any forward-looking information provided by or on behalf of Fortune Oil & Gas, Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Fortune Oil & Gas, Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Fortune Oil & Gas, Inc.'s control. In addition to those discussed in Fortune Oil & Gas, Inc.'s press releases, public filings, and statements by Fortune Oil & Gas, Inc.'s management, including, but not limited to, Fortune Oil & Gas, Inc.'s estimate of the sufficiency of its existing capital resources, Fortune Oil & Gas, Inc.'s ability to raise additional capital to fund future operations, Fortune Oil & Gas, Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Fortune Oil & Gas, Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Fortune Oil & Gas, Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.

Fortune Oil & Gas, Inc.

Investor Relations
1-647-426-1640
www.minamargroup.net/helpdesk

Investor Relations Department Inquiries
www.minamargroup.net

For M&A and Corporate Matters
www.minamargroup.com

SOURCE Fortune Oil & Gas, Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED