Fortune Minerals Appoints Chief Operating Officer as it Prepares for Construction NICO Project

21 June 2017

London, ON /CNW/ Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) ("Fortune" or the "Company") (www.fortuneminerals.com) is pleased to announce that Mr. Glen Koropchuk has been appointed to the position of Technical Director and Chief Operating Officer ("COO") to lead development of the NICO Cobalt-Gold-Bismuth-Copper Project. Mr. Koropchuk, who is also a director of the Company, has decades of global mineral industry experience, including more than 27 years within the Anglo American Plc ("Anglo") group of companies, most recently as COO of De Beers Canada Inc. His experience in Canada's North is particularly important to Fortune as it prepares to construct its vertically integrated NICO development, comprised of a mine, mill and concentrator in the Northwest Territories ("NT") and a related refinery near Saskatoon, Saskatchewan. NICO is one of the world's few near-term primary cobalt assets positioned to meet the growing demand for cobalt in lithium-ion batteries needed for transformative automotive electrification and stationary storage of power from the electrical grid. The NICO Mineral Reserves also contain 1.11 million ounces of gold and 12% of global bismuth reserves.

Mahendra Naik, Chairman of Fortune Minerals Limited commented, "Mr. Koropchuk's extensive mine development and operations knowledge from around the world, including his experience in Canada's North, will be pivotal to the Company as it prepares for construction and operations at the NICO Cobalt-Gold-Bismuth-Copper Project."

Glen Koropchuk has a B.Sc. in Mining Engineering and a M.Sc. in Mineral Engineering from the University of Alberta. He joined Anglo in 1989 where he amassed considerable experience in Mine Operations, Project Development and Corporate Social Investment at coal mines and gold mines in South Africa, the Ampari gold project in Brazil, the Sadiola Hill and Morila gold mines in Mali, Trans-Siberian Gold in Russia, as Head of Operational Performance at Anglo's coal mines in British Columbia, Venezuela and Colombia, and as CEO of Peace River Coal in Canada. As COO of De Beers Canada Inc., Glen was responsible for delivering safe, operational excellence from the Snap Lake and Victor diamond mines and led the permitting, Aboriginal engagement, and project management for construction of the Gahcho Kué diamond mine in Canada's north. His diverse background and experience with projects in the NT, including delivery of the Gahcho Kué mine on time and budget, makes him ideally suited to lead the development of NICO.

Fortune is also pleased to announce that Sherry Tunks has re-joined the Company in the position of Supply Chain Manager. Sherry has 15 years of supply chain experience within the mining, automotive supply and manufacturing industries and is responsible for purchasing, and supply chain management for the Company.

Richard Schryer, Ph.D., has been promoted to the position of Vice President of Regulatory and Environmental Affairs. Dr. Schryer is an aquatic scientist with more than 30 years of experience in environmental studies, monitoring, Aboriginal engagement, environmental assessments ("EA's) and permitting, including successful completion of the NICO mine and refinery EA's and receipt of the major mine permits. Rick continues to supervise environmental, Aboriginal and regulatory permitting issues for the Company.

Patricia Penney, B.Com. (Hon. Accounting), C.P.A., C.A. has been promoted to the position of Controller from her previous position as Financial and Accounting Manager since 2013. Patricia is responsible for the Company's accounting, financial reporting and other functions, reporting to Dave Massola, Fortune's Vice President Finance and CFO.

Fortune's Annual and Special Meeting of shareholders will be held at the offices of Norton Rose Fulbright Canada LLP, Royal Bank Plaza, South Tower, 200 Bay Street, Suite 3800, Toronto, Ontario, M5J 2Z4 on Wednesday June 21, 2017, at 4:30pm (Toronto Time). All shareholder are invited to attend. Following the formal proceedings, there will an update on NICO's progress and the cobalt market. Additional details can be found in the Investor Briefcase on the Company's website.