Fortune Minerals Limited

Fortune Minerals Ltd.

Fortune Minerals Announces
Non-Brokered Flow-Through Financing

       LONDON, ON, July 18, 2008 - Fortune Minerals Limited (TSX: FT) ("Fortune" or the "Company") announces that it has closed a non-brokered private placement financing of 1,100,000 common shares, issued on a "flow-through" basis, at a price of $2.80 per share for aggregate gross proceeds of $3,080,000. The Company has paid a cash finder's fee of 4% of the aggregate gross proceeds raised pursuant to the financing.
       The gross proceeds of this financing will be used to fund ongoing exploration activities at the Company's two main projects, namely the NICO cobalt-gold-bismuth deposit in the Northwest Territories and Mount Klappan anthracite coal project in northwest British Columbia. Both projects are owned 100% by Fortune, have been assessed in positive definitive feasibility studies, subjected to test mining and pilot plant processing, and both projects are in permitting to develop the mines (see Fortune news releases, dated March 25, 2008 August 31, 2006 and October 17, 2005).
       Fortune recently retained CIBC World Markets Inc. to act as its financial advisor in pursuing strategic alternatives and identifying potential partners for the advancement of its Mount Klappan coal project (see Fortune news release, dated July 2, 2008). The Company has also commenced preliminary discussions with various banks regarding debt facilities to finance construction of the NICO project.

About Fortune Minerals

Fortune Minerals is a diversified natural resource company with several mineral deposits and a number of exploration projects, all located in Canada. They include the Mount Klappan anthracite coal deposits in British Columbia, and the NICO cobalt-gold-bismuth deposit, the Sue-Dianne copper-silver deposit and other base and precious metals exploration projects in the Northwest Territories. Fortune Minerals is focussed on outstanding performance and growth of shareholder value through assembly and development of high quality mineral resource projects.
For more information on Fortune Minerals Ltd. contact Robin Goad, President and CEO, (519) 858-8188, Fax: (519) 858-8155 or Greg Taylor, Investor & Public Relations, (905) 337-7673, Fax: (905) 844-6532, E-mail: gtaylor@fortuneminerals.com or visit the web site at www.fortuneminerals.com.

Special Note Regarding Forward-Looking Statements-Certain statements in Gold Stock News Mining Stocks Updates constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: risks inherent in restrictions of foreign ownership; uncertainties relating to carrying on business in foreign countries; the Company's history of operating losses and uncertainty of future profitability, uncertainty of access to additional capital environmental liability claims and insurance; and dependence on joint venture partners. Certain forward-looking statements will be identified by a cross-reference to the Special Note. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate and similar expressions, or which by their nature refer to future events. The Company cautions investors that any forward-looking statements made by the company are not guarantees of future performance, and that the actual results may differ materially from those in the forward-looking statements as a result of various factors, including but not limited to, the Company's ability to be able to continue its substantial projected growth, or be able to fully implement its business strategies, or that management will be able to successfully integrate the operations of its various acquisitions.