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Re: News Release - Thursday, May 22, 2008
Fortune Valley Acquires New Exploration Concessions Adjacent to
Alumbrera Gold-Copper Mine in
Argentina======================================================================
News Release No. 08 - 08
Vancouver, British Columbia - May 22, 2008 - Fortune Valley Resources
Inc. ("Fortune Valley Resources" or the "Company") (TSX-V: FVX)
announces it has entered into an option agreement to acquire 3,500
hectares of exploration concessions at the Este de la Alumbrera
property in the Province of Catamarca in
Argentina. The property area
is located about 15 kilometers east from the Xtrata-Goldcorp-Yamana
owned Bajo de la Alumbrera mine and is within the regional trend that
also hosts Yamana's Agua Rica gold-copper development project located
about 34 kilometers to the north.
Fortune Valley Resources President and CEO, Michael Gingles commented:
"This represents our first acquisition in
Argentina and provides an
important addition to our portfolio of exploration projects. We hold
the Anillo property adjacent to the largest gold mine in Chile and now
we hold property close to the largest mine in
Argentina".
The Este de la Alumbrera property lies within the Farallon Negro
district, which contains the large Bajo La Alumbrera Mine, with proven
and probable reserves; the Agua Rica Cu-Mo-Au Porphyry project with
measured and indicated resources; and the Cerro Atajo Au-Cu porphyry &
epithermal Au-Ag veins project. In addition, the historic,
poly-metallic Farallon Negro mine is located in the western portion of
the district.
All these deposits occur within a potassium rich calc-alkaline Farall�n
Negro Volcanic Complex located along the northwest trending Calama-El
Toro mineral belt. The district is defined as a pull-apart basin, where
several Miocene volcanico-sedimentary complexes have been emplaced in
the Paleozoic basement. Alteration and mineralization processes are
related to dacitic porphyry intrusions.
The Este de la Alumbrera property consists of two separate concession
blocks comprising of 2,500 hectares and 1,000 hectares, respectively,
located immediately adjacent to the northern boundary of the Cerro
Atajo project. Given its location, the property is located in an area
that is highly prospective for porphyry style copper-gold
mineralization.
Fortune Valley Resources may acquire a 100% interest in the Este de la
Alumbrera property by issuing to the owner of the concessions 25,000
common shares of the Company on or before May 2, 2009 and a further
25,000 common shares on or before May 2, 2010. There are no required
work commitments under the option agreement. The agreement is subject
to final registration in the Argentine courts. The issuance of the
common shares pursuant to the option agreement is subject to the
approval of the TSX Venture Exchange.
Mr. William C. (Bill) Howald, AIPG, Certified Professional Geologist #
11041, Fortune Valley Resources' VP Exploration & Corporate
Development, is the Qualified Person as defined under National
Instrument 43-101 responsible for the scientific and technical work on
the Company's exploration programs and is responsible for reviewing and
verifying the technical disclosure in this press release.
Fortune Valley Resources Inc. is a Canadian mining exploration company
focused on creating shareholder wealth through the acquisition,
exploration and development of high quality gold and silver projects in
Chile and
Argentina. The Company has assembled a highly experienced
Board of Directors and management team with proven technical and
commercial successes at some of the major gold mines and projects in
North and South America. Fortune Valley holds ownership interests in
approximately 58,000 hectares of exploration concessions in Chile and
Argentina.
On behalf of the Board of Directors
Michael J. Gingles, President and CEO
For additional information contact:
CHF Investor Relations
Robin Cook, Account Manager
robin@chfir.com
Phone: (416) 868-1079, Ext. 228
Fax: (416)868-6198
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2008 FORTUNE VALLEY RESOURCES INC. (FVX) All rights
reserved. For more information visit our website at
http://www.fortunevalleyresources.com/ or send
mailto:info@fortunevalleyresources.com
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