Issued Capital: 55,550,107

    LONDON, ON, March 30 /CNW/ - Fortune Minerals Limited (TSX-FT) ("Fortune
Minerals" or "the Company") is pleased to provide an update of the
Environmental Assessment ("EA") process currently underway for its 100% owned
NICO gold-cobalt-bismuth-copper project in the Northwest Territories. Building
on successful completion of test mining and pilot plant operations, and the
positive definitive feasibility study by Micon International Limited ("Micon")
(see Fortune Minerals news releases, dated February 24 and May 8, 2008, and
January 16, 2007), NICO was referred to EA by Indian and Northern Affairs
Canada after review of its water license and land use permit applications (see
http://www.mveirb.nt.ca/registry). An EA is a regulatory process to determine
the economic, environmental, and social impacts of major development projects
like NICO and is the major component of the mine permitting process. In the
Northwest Territories, this is administered by the Mackenzie Valley
Environmental Impact Review Board ("MVEIRB").
    Fortune Minerals proposes to construct a combined open pit / underground
mine at NICO and related surface and processing facilities to produce gold
doré, cobalt and bismuth cathodes, and minor amounts of by-product copper and
nickel. Fortune Minerals has already purchased the Golden Giant Mine
buildings, equipment, and an inventory of spare parts from Newmont Canada
Limited for relocation of parts of this plant to NICO. Meetings to inform four
nearby communities about the project have already been held and additional
meetings will follow as part of the EA process. The Company is now awaiting
comments from local stakeholders and various regulatory bodies for the
development of the Terms of Reference ("TOR"), which governs the EA process
and lists the specific issues MVEIRB expects to see addressed.
    The first phase in the EA process was the collection of baseline
environmental data. Fortune Minerals has been undertaking this work at the
NICO site, along access routes, and in the surrounding area since 1998. These
extensive studies have been conducted primarily by Golder Associates Limited
and are essentially complete. Ongoing environmental monitoring is being
carried out and minor work to support refinements to design criteria as part
of the Front End Engineering and Design work being conducted by Aker Metals, a
division of Aker Solutions Canada Inc. The environmental data will be
collectively used in the formal EA process to outline baseline conditions,
assess impacts, and develop mitigation strategies as listed in the TOR and EA
work plan being prepared by the MVEIRB. The NICO EA process is being managed
by Richard Schryer, Ph.D., Fortune Minerals' Director of Regulatory and
Environmental Affairs, who as extensive experience with permitting major mine
projects in the Northwest Territories, and Jim Mucklow, MESc., P.Eng, Manager
of Environment and Community Affairs.
    NICO is located in the southern part of the Northwest Territories, 160 km
northwest of the City of Yellowknife, 50 km northeast of the community of
Whati and 80 km north of Behchoko and the highway to Edmonton, Alberta. The
2007 Micon feasibility study and 2008 update determined that NICO contains
total Proven and Probable Mineral Reserves of 21.8 million tonnes, containing
760,000 ounces of gold, 61 million pounds of cobalt and 77 million pounds of
bismuth. The underground portion of the Proven and Probable Mineral Reserves
are 1,204,000 tonnes, grading 5.07 g/t gold, 0.14% cobalt and 0.19% bismuth
and the open pit portion of the Proven and Probable Mineral Reserves are
20,613,000 tonnes, grading 0.85 g/t gold, 0.13% cobalt and 0.16% bismuth.
Copper and nickel are also produced as by-products of the cobalt processing,
but were not included in the Mineral Reserve estimate. The NICO Mineral
Reserves are contained within a larger Mineral Resource. Mr. B. Terrence
Hennessey, P.Geo. of Micon and Mr. Eugene Puritch, P.Eng. of P&E Mining
Consultants Inc. are the Qualified Persons responsible for the Mineral
Resource and Mineral Reserve estimates in accordance with National Instrument
43-101. Further information regarding the NICO mineral reserves and economic
studies can be found in the Company's annual information form and other
documents filed on the SEDAR website (www.sedar.com).

    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 gold-cobalt-bismuth-copper 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.

    This press release contains forward-looking information. This
forward-looking information includes, or may be based upon, estimates,
forecasts, and statements as to management's expectations with respect to,
among other things, the size and quality of the Company's mineral resources,
progress in development of mineral properties, demand and market outlook for
metals and coal and future metal and coal prices. Forward-looking information
is based on the opinions and estimates of management at the date the
information is given, and is subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ
materially from those projected in the forward-looking information. These
factors include the inherent risks involved in the exploration and development
of mineral properties, uncertainties with respect to the receipt or timing of
required permits and regulatory approvals, the uncertainties involved in
interpreting drilling results and other geological data, fluctuating metal and
coal prices, the possibility of project cost overruns or unanticipated costs
and expenses, uncertainties relating to the availability and costs of
financing needed in the future and other factors. Mineral resources that are
not mineral reserves do not have demonstrated economic viability. Inferred
mineral resources are considered too speculative geologically to have economic
considerations applied to them that would enable them to be categorized as
mineral reserves. There is no certainty that mineral resources will be
converted into mineral reserves. The forward-looking information contained
herein is given as of the date hereof and the Company assumes no
responsibility to update or revise such information to reflect new events or
circumstances, except as required by law.