Fortune Minerals Reports Correction to Tahltan Heritage Resources Environmental Assessment Team Reference

Issued Capital: 121,276,976

LONDON, ON, July 16, 2013 /CNW/ - Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) announces that it inaccurately referred to two Tahltan Nation employees as "members of the Tahltan Heritage Resources Environmental Assessment Team" in the earlier Fortune News Release dated July 16, 2013.

The relevant excerpt from the original news release was as follows:

"Members of the Tahltan and Gitxsan First Nations have been hired for various archaeological, drilling and hydrology roles and contribute to the knowledge of the EA process and consultation. The archaeological team includes two members of the Tahltan Heritage Resources Environmental Assessment Team - a technical working group comprised of community and technical experts that reports to the Tahltan Nation through the Tahltan Central Council."

The corrected statement is as follows:

"Members of the Tahltan and Gitxsan First Nations have been hired for various archaeological, drilling and hydrology roles that will contribute to the collection of baseline environmental data for the EA process."

About Fortune Minerals:
Fortune 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 the Arctos Anthracite Project in British Columbia and the vertically integrated NICO gold-cobalt-bismuth-copper project that is comprised of a mine and mill in the Northwest Territories ("NT") that will produce a bulk concentrate for shipment to a refinery for processing to high value metal products.  In addition, the Company owns the Sue-Dianne copper-silver-gold deposit and other exploration projects in the NT. Fortune is focused on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.

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 proposed development of the Arctos project and the NICO project and production from the NICO project. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding the Company's business and ability to generate sufficient funds and obtain approvals and/or permits as required). However, such forward-looking information 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 forward-looking information.  These factors include the risk that the Company may not be able to arrange necessary financing, the inherent risks involved in the exploration and development of mineral properties and uncertainties with respect to the receipt or timing of required permits and regulatory approvals and other factors. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. 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.

SOURCE: Fortune Minerals Limited