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Fortune Valley Reports Results From Phase 2 Drilling Program At
Incahuasi
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Vancouver, British Columbia -- June 5, 2008 -- Fortune Valley Resources
Inc. ("Fortune Valley Resources" or the "Company") (TSX-V: FVX) reports
results from its Phase 2 drilling program completed at the Incahuasi
project in April 2008.
The Incahuasi drilling program comprised a total of 4,010 metres of
reverse circulation drilling. In the Incahuasi Central area, 13
drillholes were drilled totaling 1,846 metres. In the Incahuasi Este
area, 27 drillholes were drilled totalling 2,164 metres. A listing of
the significant results is presented in Table 1 for the Central target
and in Table 2 for the Incahuasi Este area. Two of the drillholes in
the Incahuasi Central area and twelve of the drillholes from the the
Incahuasi Este area returned insignificant results and are not reported
below. For a complete listing of the 2007 and 2008 Incahuasi drilling
results and drillhole location maps, please refer to the Company's web
site at www.fortunevalleyresources.com.
Results from the 378 hectare (4km2) historical Incahuasi Central target
area included drill hole RC-IC-036 which cut 31 metres grading 0.522%
copper and 1.37 g/t gold. The results suggest the scope of the porphyry
target could be of interest to junior operators in the region and the
Company has embarked on identifying a partner for potential joint
venture of the Incahuasi Central area.
Within the Company's extensive 10,543 hectare (105km2) Incahuasi Este
(Puma) target area, a detailed review of copper and gold results
supports the geologic interpretation for medium to large
iron-oxide-copper-gold system (IOCG) potential. The upper level
copper-gold-hematite veins intersected in drilling are similar in
character to other known IOCG deposits such as Candelaria in Chile and
Osbourne in Australia. The Incahuasi Este area data will be compiled
and reviewed to define IOCG targets for future drilling.
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TABLE 1: CENTRAL TARGET: 2008 REVERSE CIRCULATION DRILLING PROGRAM
(RC-IC-025 to RC-IC-037)
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From To Interval Cu Au TD
Drillhole Target metres metres metres % g/tonne metres
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RC-IC-025 Maria Luisa 47 51 4 0.330 0.165 90.0
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RC-IC-026 Maria Luisa 66 81 14 0.533 0.235 132.0
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Including 72 74 2 1.455 0.362
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84 91 7 0.551 0.289
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Including 86 87 1 1.010 0.479
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126 129 3 0.585 0.023
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Including 126 127 1 1.540 0.058
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115 121 6 0.430 0.638
RC-IC-027 Camino --------------------------------------------- 150.0
Including 115 117 2 1.093 1.558
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83 89 6 0.579 0.726
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Including 83 85 2 0.944 1.625
RC-IC-030 Paulina --------------------------------------------- 115.0
96 106 10 1.096 0.549
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Including 97 103 6 1.774 0.922
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RC-IC-031 Camino 14 21 7 0.293 0.372 120.0
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29 32 3 0.213 0.712
RC-IC-032 Camino --------------------------------------------- 140.0
102 105 3 0.342 0.689
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157 160 3 0.263 0.143
RC-IC-033 Camino --------------------------------------------- 305.0
265 268 3 0.226 0.082
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5 14 9 0.350 0.072
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24 45 21 0.333 0.035
RC-IC-034 Amigos --------------------------------------------- 150.0
64 73 9 2.155 0.097
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Including 64 68 4 4.208 0.126
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RC-IC-035 San Francisco 52 58 6 0.263 0.604 150.0
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100 131 31 0.522 1.370
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Including 100 103 3 1.075 2.047
RC-IC-036 Maria Luisa --------------------------------------------- 140.0
Including 109 114 5 1.336 3.364
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141 149 8 0.215 0.338
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RC-IC-037 Paulina 60 63 3 0.268 0.245 100.0
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TABLE 2: INCAHUASI ESTE AREA: 2008 REVERSE CIRCULATION DRILLING PROGRAM
(RC-IE-013 to RC-IE-039)
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From To Interval Cu Au TD
Drillhole Target metres metres metres % g/tonne metres
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35 50 15 0.333 0.111
RC-IE-13 Puma Sur --------------------------------------------- 58.0
Including 48 49 1 1.13 0.36
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46 58 12 0.433 0.053
RC-IE-14 Puma Sur --------------------------------------------- 70.0
Including 55 56 1 4.02 0.034
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RC-IE-15 Puma Sur 30 36 6 0.407 0.016 80.0
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38 46 8 0.498 0.420
RC-IE-16 Puma Sur --------------------------------------------- 54.0
Including 43 45 2 1,462 1,258
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39 43 4 1,241 0.189
RC-IE-17 Puma Sur --------------------------------------------- 48.0
Including 41 42 1 4.24 0.357
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RC-IE-18 Puma Sur 46 49 3 0.268 0.096 66.0
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RC-IE-21 Puma Sur 5 24 19 0.272 0.048 36.0
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14 18 4 0.408 1,013
RC-IE-22 Puma Central--------------------------------------------- 54.0
28 31 3 0.206 0.110
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10 17 7 0.234 0.311
RC-IE-23 Puma Central--------------------------------------------- 60.0
19 25 6 0.200 0.845
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17 21 4 0.263 0.015
RC-IE-24 Puma Norte --------------------------------------------- 60.0
43 48 5 0.252 0.061
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RC-IE-26 Isabela Norte 49 51 2 1,141 0.028 65.0
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RC-IE-27 Plata 60 63 3 0.727 0.010 90.0
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36 45 9 0.575 0.006
RC-IE-33 Castillo --------------------------------------------- 110.0
Including 38 40 2 1,453 0.012
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RC-IE-34 Chanar Sur 75 78 3 0.352 0.008 90.0
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41 44 3 0.587 0.068
RC-IE-36 Pirquineros --------------------------------------------- 90.0
Including 42 43 1 1.19 0.093
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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 exploration program and is responsible for reviewing and has
approved the technical disclosure in this press release.
ALS Chemex performed all analytical testing using industry-standard
analytical techniques. Gold was analyzed using fire assay on a 50-gram
sample with an atomic absorption finish, and a gravimetric finish on
all results greater than 10ppm gold. Silver and Copper determinations
were completed using ICP-mass spectrometry for Silver and copper
determination below 50 ppm silver and 1% copper, and four-acid
digestion for values greater than 50 ppm silver and 1% copper.
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 holds ownership interests in
approximately 54,000 hectares exploration concessions in Chile.
On behalf of the Board of Directors
Michael J. Gingles, President and CEO
For additional information contact:
CHF Investor Relations
Mr. Robin Cook, Account Manager
Phone: (416) 868-1079, Ext. 228
Fax: (416)868-6198
robin@chfir.com
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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