HENDERSON, Nev., Sept. 6, 2011 /PRNewswire/ -- Fortune Oil &
Gas, Inc. (PINK SHEETS: FOGC) (www.fortuneoilandgascorp.com),
subsidiary Alta Mining Inc., entered into an Binding Option
Agreement in Slocan, Canada.
Based on the agreement, Alta Mining can acquire a 90% undivided
interest in the Wilson Creek and
Kane Creek Property comprised of 25 mining claims, totalling over
6000 hectares of already verified high grade silver showings.
If the exploration work on the property determines the project
as a feasible mining operation (based on criteria described in the
option agreement), Alta will be in position to accelerate payments
and become a lawful registered owner of the mining claims.
Alta mining believes that with a fresh approach it could uncover
substantial new value on this property. Due to favourable location
of the property management expects a significantly lower time and
resources spent in advancing the BC project beyond the exploration
phase.
As soon as the company finalizes compilation of available
geological and technical information on the property, this
information on property potential will be presented on company's
web site www.fortuneoilandgascorp.com.
Company will work diligently to further increase its property
portfolio with prosperous mining properties in North America.
More details will follow shortly.
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SOURCE Fortune Oil & Gas, Inc.