VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2012) - Fortunate Sun Mining Company Ltd. ("Fortunate Sun" or the "Company") (TSX VENTURE:FSM) announces that it has received and accepted the resignation of Reg Advocaat as President and CEO. The Company wishes to thank Reg for his dedication and efforts throughout the IPO process and the initial drilling program, and wishes him the best in his future endeavors. In the interim, Scott Young will act as the Managing Director until a new President and CEO is retained.
The Company also announces that it has terminated its option agreement with Minera Coplau, S.A. de C.V. on the Golconda property in Sonora State, Mexico. The Company has also decided, due to the high costs of taxes and carrying charges, to consolidate approximately 1500 hectares of its Pirelli property with its Camacho property and return the balance of the Pirelli and Michelin properties to the State Of Zacatecas and the Ministry of Mines.
The Company will focus its efforts on its 100% owned Camacho property in Zacatecas State, Mexico. Approximately $1,900,000 has been spent on this property in a previous joint venture with Kinross Gold. Fortunate Sun is continuing to review numerous other property and joint venture opportunities.
On behalf of the Board,
Scott Young, Managing Director
This news release may contain forward looking statements including but not limited to, information regarding geological interpretations, resources, potential timing and content of exploration programs, production schedules and projections, receipt of permits, company financings etc. Forward looking statements refer to events and conditions which have not yet taken place and therefore involve inherent risks and uncertainties. Actual results may differ materially from those anticipated in these statements. Fortunate Sun relies on litigation protection for forward looking statements.
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