HENDERSON, Nev., May 31, 2011 /PRNewswire/ -- Fortune Oil and Gas, Inc. (PINK SHEETS:FOGC.pk - News) (http://www.fortuneoilandgascorp.com) is pleased to announce that its mining subsidiary Alta Mining Inc. has received a compilation report that gives more define overview and reveals great exploration potential on mining property located in the mining district of Kaslo, British Columbia (BC).
The region targeted by Alta's management is known for its potential for high grade silver deposits which, with appropriate exploration work, could be potentially developed as producing mines in near future.
Compilation reports underline that BC government assessment files indicate that there has not been significant recent work in the area and all reported work has been on small portions of the overall property. Past work completed on and adjacent to the Alta's Property have identified several areas for follow-up. The company is already in the process of assembling a systematic modern exploration program which should begin shortly and will take advantage of the summer weather conditions. The compilation report and interpretation of previously collected data for the property was carried out by a Qualified Person with respect to National Instrument 43-101.
Management is very encouraged by this report as it reconfirms our initial belief that the property is located in a very favorable area for hosting silver, and base metal deposits with prospective areas for discovering economic silver mineralization.
The compilation report will be posted on www.otcverify.com web site for readers' viewing.
More news and updates to follow.
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