VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 17, 2010) - Fortress Minerals Corp. (TSX VENTURE:FST) ("Fortress") is pleased to announce initial assay results from the phase 1 drilling program at its 74-square kilometre Malmyzh Project in eastern Russia. The phase 1 drill program, which is planned to include 5,200 metres of drilling in 26 holes, will test ten large geophysical and geochemical targets.
The first four diamond drill holes totalling 1,311 metres, reported herein, were drilled to test the Flats target, where an earlier drill hole by Freeport-McMoRan Exploration Corporation ("FMEC") intersected 195.6 metres grading 0.39% copper and 0.29 gram/tonne (g/t) gold (see Press Release dated September 29, 2009). All four drill holes encountered significant mineralization from the collar to the bottom of the hole. Hole AMM-002 intersected 474.7 metres grading 0.26% copper and 0.29 g/t gold. The first five holes into the Flats target are wide spaced and have tested an area about 400 metres by 200 metres (please see Figure 3). Mineralization is open in all directions and at depth. Results are shown in the table below.
| ** Intercepts are calculated using a copper equivalent cut-off grade and have been calculated using assumed metal prices (US$2.34/pound
of copper and US$972.35/ounce for gold);
Copper equivalent = %Cu + 0.55 x g/t Au.
Fortress considers the initial assay results at the Flats target to be very encouraging in that the widely spaced drill holes are continuously mineralized and the mineralization is open in all directions. In addition, the Flats target is gold rich, which could enhance the economics of the project.
Drilling will continue on the other nine targets at Malmyzh, which were defined by extensive soil sampling, rock sampling and geophysical surveys throughout the 74-square kilometre license area by FMEC in 2008. Each of these targets is large enough to contain a significant porphyry deposit (see Figure 2). Mineralization at Malmyzh is of the copper-gold porphyry style similar to Oyu Tolgoi in Mongolia and Cadia-Ridgeway in New South Wales, Australia.
Lukas Lundin, President and CEO of Fortress, commented, "These initial drill results at the Flats target are very encouraging. It is clear that Malmyzh is a very large gold-rich porphyry system with multiple targets and tremendous tonnage potential."
The Malmyzh Copper-Gold Project is located 215 kilometres northeast of the City of Khabarovsk near well developed infrastructure, including high voltage power lines, the Amur River (a major shipping route 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 1). The Malmyzh prospect is held under a 20-year Exploration and Mining License.
The terms of Fortress' agreement with FMEC are that Fortress receives a 51% ownership position in Amur Minerals LLC ("Amur") by taking operational control of the Amur Company and completing, at the company's sole expense, an aggregate of 12,000 metres drilling. FMEC does not retain any clawback provisions under the terms of the Agreement.
Malmyzh is one of three Amur projects located in the Khabarovsk Krai, Far East Russia, the same administrative subdivision in which Fortress's 100% controlled Svetloye Gold Project is located.
Fortress is principally engaged in the acquisition, exploration and development of precious and base metal properties located in Russia. The common shares of Fortress are listed for trading on the TSX Venture Exchange under the trading symbol "FST".
The technical information contained in this news release was reviewed by Thomas E. Bowens, Chief of Operations, P. Geo., and a Qualified Person as defined by National Instrument 43-101.
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.
On behalf of the Board of Directors,
Lukas H. Lundin, President and CEO
To view the maps accompanying this press release please click on the following link: http://media3.marketwire.com/docs/FortressMaps317.pdf
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