Fortune Minerals Issues Shares

Issued Capital: 212,322,180


Fortune Minerals Limited (TSX: FT) (OTCQX: FTMDF) (“Fortune”
or the “Company”)
(www.fortuneminerals.com) announces that it
has issued the previously approved 17,744,000 common shares of the
Company (“Common Shares”) to the former owners of the Revenue Silver
Mine (“RSM”) in southwest Colorado (see Fortune news release dated
November 12, 2014). Such shares were issued at a deemed price of
C$0.25 per share and the issuance of such shares is the final
instalment of the consideration for the purchase of a 100% interest
in the RSM completed on October 1, 2014. 9,167,320 of the shares,
representing 4.35% of the outstanding Common Shares after giving
effect to such issuance, were issued to James W. Williams, Jr. of
Golden, Colorado. Mr. Williams previously received 18,627,713 Common
Shares in connection with the purchase and sale of the RSM and now
has beneficial ownership and control over 27,795,033 Common Shares,
representing approximately 13.1% of the issued and outstanding
shares.

About Fortune Minerals:

Fortune is a diversified North American mining and development
company that owns and operates the Revenue Silver Mine in Colorado.
The Company is developing the vertically integrated NICO
gold-cobalt-bismuth-copper project that is comprised of a proposed
mine and mill in Canada’s Northwest Territories (“NT”) that will
produce a bulk concentrate for shipment to a refinery in
Saskatchewan for processing to high value metal and chemical
products. Fortune is also developing the Arctos anthracite
metallurgical coal project in British Columbia and owns the
Sue-Dianne copper-silver-gold deposit and other exploration projects
in the NT. Fortune is focused on outstanding performance and growth
of shareholder value through assembly and development of high
quality mineral resource projects.

This press release contains forward-looking information and
forward-looking statements within the meaning of applicable
securities legislation. This forward-looking information includes
statements with respect to, among other things, the proposed
development of the NICO and Arctos projects. Forward-looking
information is based on the opinions and estimates of management as
well as certain assumptions at the date the information is given
(including, in respect of the forward-looking information contained
in this press release, assumptions regarding the Company’s financial
and technical abilities to complete the development of the NICO and
Arctos projects). However, such forward-looking information is
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those projected in the forward-looking information. These factors
include the inherent risks involved in the exploration and
development of mineral properties, the risk that the Company may not
be able to arrange the necessary financing to complete the NICO and
Arctos projects; the risk that operating and/or capital costs may be
materially higher than anticipated; the risk of decreases in the
prices of relevant commodities; potential loss of key personnel;
potential discrepancies between actual and estimated production;
potential discrepancies between actual and estimated mineral
resources or between actual and estimated metallurgical recoveries;
potential labour shortages; the risk of mining accidents; the risk
of changes in applicable laws or regulations; uncertainties with
respect to the timing and receipt of all necessary permits; and
other factors. In addition, the risk factors described or referred
to in Fortune’s Annual Information Form for the year ended December
31, 2013, which is available on the SEDAR website, should be
reviewed in conjunction with the information contained in this news
release. Readers are cautioned to not place undue reliance on
forward-looking information because it is possible that predictions,
forecasts, projections and other forms of forward-looking
information will not be achieved by the Company. The forward-looking
information contained herein is made as of the date hereof and the
Company assumes no responsibility to update or revise it to reflect
new events or circumstances, except as required by law.

This press release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities referred to
in this press release have not been and will not be registered under
the United States Securities Act of 1933, as amended (the “U.S.
Securities Act”), or the securities laws of any state of the United
States and may not be offered or sold within the United States
unless registered under the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption from such registration
requirements.