Additional Financing For Revenue Silver Mine

LONDON, ON - Fortune Minerals Limited reported that it has closed an additional US$ 4 million financing from Lascaux Resource Capital Fund LP (Lascaux) to provide working capital for the Revenue Silver Mine (RSM) in southwest Colorado. Lascaux provided US$ 35 million to Fortune in October 2014 to finance the acquisition of the RSM under a metal prepay facility. Additional working capital totaling US$ 12 million was provided by Lascaux in December 2014 and February 2015 that was also structured as a metal prepay facility. The Company's metal delivery obligations under the original prepay facility and additional working capital facilities have been restructured but the applicable interest rates remain the same under an amended agreement with Lascaux.

Fortune owns a 100% interest in the RSM through its wholly-owned subsidiary Fortune Revenue Silver Mines, Inc. (FRSMI), and is guarantors of FRSMI’s obligations under both the original metal prepay facility and the additional working capital facilities.

The RSM is an underground high-grade silver-gold-lead-zinc mine with a mill and concentrator and surface facilities located near the town of Ouray in the historic Sneffels Mining District of Colorado. The mine operated between 1876 and 1912 by Caroline Mining Co. and had historical production estimated at 15 million ounces before it closed as a result of a fire. The mine was reactivated and a new 400 ton per day mill and concentrator constructed before Fortune purchased the project in 2014. The Company is completing the commissioning and ramp up to a planned 400 ton per day production rate.