VANCOUVER,
BRITISH COLUMBIA--(Marketwire - Nov. 25, 2009) - Fortress Minerals
Corp.
("Fortress") (TSX VENTURE:FST) is pleased to announce that drilling has
commenced at the Limonite Project in the Russian Far East. The Limonite Project
is one of four copper-gold and copper-molybdenum projects in which Fortress
acquired a 51% interest in a Joint Venture with Freeport-McMoRan Exploration
Corporation ("FMEC") concluded in late September (see Press Release dated
September 29th, 2009).
The
Limonite Prospect is characterized by a classic porphyry copper-molybdenum
geochemical and geophysical signature (see Figure 1). Once the planned 1,000
metre phase 1 drill program is completed at Limonite, the drill, supplies, and
crew will be mobilized to the Malmyzh Project where an additional 5,000 metres
of drilling will be undertaken.
The
Limonite Copper-Molybdenum Project is located 450 kilometres northeast of the
City of Khabarovsk near well developed infrastructure including high voltage
power lines, the Amur River (a major shipping artery in the Russian Far East)
and all season roads that connect the project to the regional Capital of
Khabarovsk City and the seaport City of Nikolaevsk at the northern end of the
Sea of Japan (see Figure 2). The Limonite prospect is held under a 5-year
exploration license. Extensive soil sampling, rock sampling and geophysical
surveys throughout the license area have identified a classic geophysical and
geochemical target consistent with a porphyry copper-molybdenum system (see
Figure 1).
The
Malmyzh Copper-Gold Project is located 215 kilometres northeast of the City of
Khabarovsk also near well developed infrastructure, including high voltage
power lines, the Amur River and all season roads that connect the project to
Khabarovsk City and the seaport City of Nikolaevsk. The Malmyzh prospect is
held under a 20-year exploration and mining license. Extensive soil sampling,
rock sampling and geophysical surveys throughout the license area have
identified ten combined geophysical and geochemical targets within a 40-square
kilometre area. Fortress believes that previous limited drilling by FMEC (1,066
metres in six widely spaced drill holes into four of the identified targets) is
very encouraging. The widely-spaced holes all contain copper and copper-gold
mineralization and the targets are large enough such that each of them could
contain a significant porphyry deposit (see Figure 2). Results of FMEC's
reconnaissance drilling include drill hole PDMC-002, which intercepted 215
metres grading 0.34% copper, hole PDMC-004, which intercepted 195.6 metres
grading 0.39% copper and 0.29 grams per tonne gold and hole PDMC-005, which
intercepted 181.7 metres grading 0.30% copper (see Press Release dated
September 29th, 2009). Mineralization at Malmyzh is of the copper-gold porphyry
style similar to Oyu Tolgoi in Mongolia and Cadia-Ridgeway in New South Wales,
Australia.
Mr.
Lukas Lundin, President and CEO of Fortress Minerals, stated, "The fact
that Fortress has been able to organize, mobilize, and initiate this drill
program in such rapid fashion confirms our increasing operational capabilities
within the Russian Federation. We are very excited by the excellent potential
of these new projects which together add significant upside potential to the
company and when combined with our 100% owned Svetloye Gold Project, result in
an excellent portfolio of gold and copper projects in the Russian Far
East."
To
view Figures 1 and 2 please click on the following link: http://media3.marketwire.com/docs/FiguresFST.pdf
James C. Ashleman, Chief Geologist and Qualified Person
as defined by National Instrument 43-101, has reviewed the core, data and
results and finds them reliable and relevant. No independent sampling has been
done, but FMEC is a well known international mining company and has followed
standard industry procedures including an adequate QC/QA program and used Alex
Stewart a reputable international laboratory.
ON BEHALF OF THE BOARD
Lukas H. Lundin, President and CEO
This news release contains forward-looking statements
concerning the Company's plans for its properties. These forward-looking
statements are subject to a variety of risks and uncertainties which could
cause actual events or results to differ materially from those reflected in the
forward-looking statements, including, without limitation, risks and
uncertainties relating to political risks involving the Company's exploration
and development of its properties, the inherent uncertainty of cost estimates
and the potential for unexpected costs and expenses, commodity price
fluctuations, the inability or failure to obtain adequate financing on a timely
basis and other risks and uncertainties, including those described in the
Company's periodic filings with the British Columbia Securities Commission.
Such information contained herein represents management's best judgment as of
the date hereof based on information currently available. The Company does not
intend to update this information and disclaims any legal liability to the
contrary.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.