Mongolian Resource Play

[Tackler]

Fortress arranges $1.8-million equity financing

Fortress Minerals Corp (TSX-V:FST)
Shares Issued 44,343,838
Last Close 7/28/2004 $0.40
Friday July 30 2004 - News Release

Mr. Stephen Swatton reports

FORTRESS MINERALS ANNOUNCES $1.8 MILLION PRIVATE PLACEMENT

Fortress Minerals Corp. has reached an agreement with Haywood Securities Inc., whereby Haywood will act as the company's agent for an offering of up to 4.5 million units at a price of 40 cents per unit to raise gross proceeds of up to $1.8-million, with an overallotment of 1.75 million units. Each unit consists of one common share and one-half common share purchase warrant, each whole warrant entitling the holder to purchase one additional share of the company for a period of 24 months from closing of the placement at a price of 50 cents per share for the first year and 60 cents in the second year. Each unit will be subject to a four-month hold period.

Proceeds from the offering will be used for exploration expenditures and general working capital purposes.

The company has agreed to pay the agent a fee equal to 7 per cent of the gross proceeds from the sale of units and issue agent's warrants equal to 5 per cent of the total number of units sold under the offering. Each agent's warrant shall be exercisable into one common share of the company at a price of 50 cents for a period of one year.

The financing is subject to acceptance for filing by the TSX Venture Exchange.

Following the news in Stockwatch dated July 14, 2004, in which the company announced additional copper and gold mineralization at the surface from the Shiveen Gol project, the company is pleased to announce the start of a minimum 2,000-metre drill program from this location. The drilling is expected to continue for three weeks and will comprise both reverse circulation and diamond drilling. The mineralization style is believed to be iron oxide copper gold.

The company has also started the Huvs gold exploration program in northern Mongolia and expects to release geochemical results from its Teltin gold-copper project located in the Erdenet belt, Mongolia.