HENDERSON, NEVADA--(Marketwire - 05/19/11) - Fortune Oil and Gas, Inc. (PINK SHEETS:FOGC - News) (http://www.fortuneoilandgascorp.com) is pleased to announce that its mining subsidiary Alta Mining Inc. has entered into a purchase option agreement to acquire a 100% interest in mining claims at a property located in the mining district of Kaslo, B.C.
The property is located in the Slocan area of B.C. within easy commuting distance of both Kaslo and New Denver. A gravel road extends north to allow access to area over the whole field season.
Previous exploration in the area on and around the claims resulted in numerous discoveries, one of the largest being the Whitewater Mine. The subject mine, located just to the north of the property, produced 260,542 tons of ore containing 1435 oz gold, 3,152,130 oz silver, 28,017,903 lbs lead and 6,260,370 lbs zinc during the period from 1892 to 1945 for an average of 12 oz/ton silver, 5.4% lead and 1.2% zinc. The ore bodies were found adjacent to a thrust fault zone within slate and limestone of the Slocan Group (Hedley 1945).
The whole region is well known for its exceptional high grade mineralization that follows the general structural trend of 310 degrees, dipping generally southwesterly encountering similar grades over the mineralized area. Reports done in the past, underline the possibility that the economically viable area of mineralization could be extended further from the deposits that were exploited in the past.
FOGC management affirms its dedication to its current mining and oil exploration subsidiaries, (Cressent Energy and Alta Mining), and the majority shareholders financial backing of these various announced projects will achieve the projected company growth.
In other company news and events, the company is awaiting a National Instrument 43-101 to complete a compilation report which will be shared with followers in due time. More details will follow shortly.
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