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Fortune River Resource Corp.: Fortune River and Christopher James Gold Corp. Sign LOI for Second Nevada Project

^{Published on 2009-07-22 10:54:05, Last Modified on 2009-07-22 10:54:14 - Market Wire}
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 22, 2009) - Fortune River Resource Corp. (TSX VENTURE:FRX)(FRANKFURT:RG7A) reported today that its US subsidiary has signed a Letter-of-Intent with Christopher James Gold Corp. (TSX VENTURE:CJG) for a second project, Fortune River's Buz project. The project is located approximately three kilometers northeast of the Highland project, which is subject to a separate agreement between the companies announced on July 14, 2009 (see NR-05-09). Both projects are low-sulfidation gold/silver properties in the Walker Lane Gold trend of western Nevada.

Christopher James may earn a 51% interest in the Buz property by spending US$2,000,000 over a six-year period, which will include paying underlying annual minimum royalties and claim-holding fees. Christopher James may earn a further 19% interest, for a total of 70%, by producing a bankable feasibility study by the end of year six. This option may be extended for up to two years by paying Fortune River US$50,000 and spending a minimum of US$500,000 per year. The project is subject to an underlying royalty of 3% NSR, of which 1.5% can be purchased for US$1,500,000. Fortune River will be project manager initially, continuing as long as mutually agreed.

The Buz project consists of 30 lode mining claims covering approximately 240 hectares on land managed by the Bureau of Land Management. It lies within the southern margin of a large Tertiary-age caldera where late-stage or younger felsic volcanic domes formed with associated low-sulphidation, epithermal gold/silver mineralization.

The initial program will consist of completing geologic mapping, constructing a 3D geologic model, and developing drill targets. Mapping to date indicates gold-bearing veins formed in a small graben and related volcanic eruptive center that have been minimally eroded. Grab samples of vein material from dumps of small historic workings contain anomalous gold up to +10g/t, with relatively low concentrations silver, very low concentrations base metals, and vein mineralogy and textures that are typical of the top of such low-sulfidation gold systems. Typically, economic accumulations of gold lie deeper in these systems than erosion has currently exhumed at Buz. Only one drill hole has been found on the property, which appears to have been very shallow and immediately adjacent to one of the small historic shafts.

About Fortune River

Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, and Buz projects are located in Nevada and the Drayton project is located in Ontario. The Company's Wind Mountain project, a past-producing open-pit/heap-leach operation, contains an estimated 406,000 ounces of gold in the Measured plus Indicated Resource categories (33.7 million tons averaging 0.411g/t Au, using a cutoff grade of 0.257g/t Au), plus an additional 92,000 ounces of gold in the Inferred category (9.8 million tons averaging 0.308g/t Au, using the same cut-off). Ore Reserves Engineering ("O.R.E.") and Donald E. Ranta, consulting geologist, prepared the resource model and compiled the technical report, which is available on SEDAR. Alan C. Noble, P.E. is the Principal Engineer of O.R.E. and is the Qualified Person for the technical report for the purpose of Canadian NI 43-101, Standards of Disclosure for Mineral Projects.

About Christopher James

Christopher James Gold Corp. continues to actively pursue exploration opportunities in Canada, the USA and Mexico and presently has the following exploration-stage gold properties in British Columbia; Big Kidd, Brassie, Worldstock, Portage Lake, Copper Creek and Craigmont projects. This second agreement with Fortune River Resource Corp. is part of CJGC's plan to become more active in both Nevada and Mexico.

Joe Kizis Jr., (P.Geo.) is the Qualified Person responsible for reviewing the technical results reported in this release for Nevada properties.

On behalf of the Board,

Joseph Anthony Kizis, Jr. President,

Fortune River Resource Corp.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy accuracy of this release. We seek safe harbor.