HENDERSON, Nev., July 13, 2011 /PRNewswire/ -- Fortune Oil and
Gas, Inc. (FOGC; http://www.fortuneoilandgascorp.com) and its
subsidiary Alta Mining, driven by the latest compilation report
based on the previous exploration work and significant geological
potential (contoured by geologists who had worked on the property
in the past), are entering final stages of the negotiation process
which could result in significant enhancement of the company's
presence in the region.
Alta Mining is in the process of building a sizable inventory of
base metal resources and is on an aggressive hunt to add an
additional mineral property into its portfolio. The company is
seeking to expand the size of its presence across a relatively
under-explored territory proximate to its current positions. Alta
management is confident that a possible increase of the company
mining portfolio into an area with already proven mineral deposits
will help it to benefit from the reality of the current mining and
commodity market environment.
Upon conclusion of the negotiation process, Alta is going to
determine future exploration plans and start with property
development focused predominantly on the quick and accurate
exploration techniques that will further reveal property's mining
potential. This kind of business dynamic should allow the company
to increase the value of its natural resource potential, integrate
itself effectively into the global mining market and keep FOGC as a
favorable competitive investment opportunity for its current and
future shareholders.
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SOURCE Fortune Oil & Gas, Inc.