Fortune River Resource Corp. (fka FRXFF)

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Fortune River Files Technical Report for Wind Mtn PEA
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Press Release Source: Fortune River Resource Corp. On Thursday May 27, 2010, 9:30 am EDT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2010) - Fortune River Resource Corp. (TSX VENTURE:FRX - News; FRANKFURT:RG7A - News) has received and filed on SEDAR the Technical Report for the Preliminary Economic Assessment (PEA) conducted by Mine Development Associates (MDA) of Reno for its wholly owned Wind Mountain Project, located in northwestern Nevada. The study assumes open-pit mining using conventional trucks, shovels, run-of-mine leaching and utilizing a base case gold price of US$850 per ounce with a credit for silver at a price of $14.50 per ounce. The base case economic model(1) in US dollars indicates:

Resource inside pits = 26.9 million short tons @ 0.012 oz Au/t, with 0.007 oz Au/t cutoff (approximately 90% Measured + Indicated, approximately 10% Inferred)

Gold Ounces mined = 320,000

Gold Ounces produced = 198,000

Waste: Ore Strip ratio = 0.7:1

Capital = Initial capital of $41.8 million with $4.4 million sustaining capital

Mine Life = 4 years active mining with 2 additional years of residual leaching and rinsing of leach pads

Life-of-mine cash cost per Au ounce = $497 after a silver credit of $86 per ounce of gold is applied

Total Pre-Tax cost per Au ounce = $719 after a silver credit of $86 per ounce of gold is applied

IRR = 15%

Pre-tax NVP @ 5% = $13.2 million

(1) Note that Canadian NI 43-101 guidelines define a PEA as follows: "A preliminary economic assessment is preliminary in nature and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied that would enable them to be classified as mineral reserves, and there is no certainty that the preliminary assessment will be realized."

Sensitivity studies by MDA indicate that gold and silver prices 20% higher in the same modeled pit ($1,020/oz Au and $17.40/oz Ag) will increase the IRR to 38% and the NPV@5% to $43.7 million. Gold and silver prices that are 10% lower ($765/oz Au and $13.05/oz Ag) result in the model becoming uneconomic at an NPV@5%. Sensitivities of the model to capital and operating costs are also provided by MDA.

Mine Development Associates, Ore Reserves Engineering ("O.R.E.") and Debra Struhsacker, Environmental Permitting and Government Relations Consultant, compiled the technical report. Thomas Dyer, P.E. is a Senior Engineer for MDA and is responsible for sections of the technical report involving mine designs and the economic evaluation; Alan C. Noble, P.E. is the Principal Engineer of O.R.E. and is responsible for sections of the technical report involving resource modeling and information taken from the 2007 Technical Report completed entitled "Technical Report on the Wind Mountain Gold Project"; and Debra Struhsacker is responsible for the section of the technical report involving environmental issues. These are the Qualified Persons of the technical report for the purpose of Canadian NI 43-101, Standards of Disclosure for Economic Analyses of Mineral Projects. The report is now available on SEDAR and the company's website, fortuneriver.ca.

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.

On behalf of the Board,

Joseph Anthony Kizis, Jr., President, Fortune River Resource Corp.

We seek safe harbor

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 or accuracy of this release.

http://finance.yahoo.com/news/Fortune-River-Files-Technical-ccn-4037214845.html?x=0&.v=1