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Fortune Valley Resources Secures Drill Rig For Incahuasi Project
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Vancouver, British Columbia - October 25, 2007 - Fortune Valley
Resources Inc. ("Fortune Valley Resources" or the "Company") (TSX-V:
FVX) is pleased to announce it has signed a contract with
GEO-OPERACIONES LTDA., a Chilean drilling company, for a Phase 1
drilling program on the Company's Incahuasi project in northern Chile.
This initial drill program will consist of 5,000 metres of reverse
circulation drilling and is scheduled to begin in early November.
Fortune Valley Resources President and CEO, Michael Gingles commented,
"This contract is another excellent example of the depth and diversity
of our exploration network in Latin America. Despite well-publicized
difficulties within the mining sector to find qualified drill
contractors, our strong personal relationships within the industry
allow us to stay on schedule with our programs."
"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 swarms 7 kilometre strike length."
The Company has recently completed a detailed aeromagnetic and
radiometric geophysical survey over the entire 11,000 hectare Incahuasi
project. This information along with detailed mapping, sampling and
trenching are being used to facilitate the final drill targeting
process. A second round drilling program is also envisioned for April
2008. The aim of this program is to follow up on positive results from
Phase 1 with an additional 10,000 metres of drilling and to test other
targets on the extensive property area.
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, President and CEO
On behalf of the Board of Directors
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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