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Fortune Valley Commences Drilling Program At Incahuasi And
Announces Grant Of Stock Options To Employees
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Vancouver, British Columbia - December 04, 2007 - Fortune Valley
Resources Inc. (TSX-V: FVX) ("Fortune Valley or the "Company") is
pleased to announce the commencement of a 5,000 metre reverse
circulation drill program at the Incahuasi Project located in the
historic Incahuasi Gold District in northern Chile.
This initial 5,000 metre drill program will focus on the gold and
copper veins and related porphyry targets within the Incahuasi Central
area. In addition, the drilling designed in the Puma target will test
the recently expanded epithermal gold vein system at various locations
along the vein swarm's 7 kilometre strike length. The Company has
worked closely with the drilling contractor to arrange for a second
drilling rig to start at Incahuasi; the introduction of the second rig
will enable Fortune Valley to maintain the planned schedule for
completion of the drilling program.
Mining activities at Incahuasi date back to the late 1800's and
independent small miners (pirquineros) continue to exploit gold and
copper from small-scale mines in the area. The Company has recently
consolidated the 10,941 hectare land position using a combination of
option agreements with the small miners and staking of new concessions.
The ground is significantly under explored and no modern exploration
has been carried out on the consolidated land position. Initial
exploration work on the property by Fortune Valley Resources confirmed
an extensive gold-copper mineralized system with high-grade epithermal
veins intermittently exposed over the entire district.
The Company also announces the grant of stock options to employees of
the Company to acquire up to 75,000 common shares at a price of $ 0.45
per share with 5 year expiry term and an 18 month vesting period
according to the terms of the Company's Stock Option Plan.
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, including Yanacocha, Cortez, Voisey's Bay,
Zaldivar, Turquoise Ridge, Fort Knox, La Coipa, Pueblo Viejo and Cerro
Casale. Management has good understanding of how to do business in
Latin America gained from living and working in the region, and
extensive skills in exploration, feasibility work, business and
corporate development, gold trading, finance and executive management
of public companies. Fortune Valley's principal asset is the Incahuasi
project, located in Region III in northern Chile.
Michael J. Gingles, CEO & President
On behalf of the Board of Directors
Please visit our web site at www.fortunevalleyresources.com
For additional information contact:
Fortune Valley Resources Inc.
Karen Robb, Manager Investor Relations
info@fortunevalleyresources.com
Phone: (604) 637-1268
Fax: (604) 637-1269
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) 2007 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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