HENDERSON, Nev., Sept. 6, 2011 /PRNewswire via COMTEX/ — 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.