Fortune Valley Announces Issuance of $250,000 Convertible Debenture, Acquisition of Option Over Major Gold Deposit and Proposed

Fortune Valley Resources Inc. ("Fortune Valley" or the "Company") (TSX
VENTURE:FVX) announces that it has raised $250,000 by issuing a convertible
unsecured debenture to Uruguay Mineral Exploration Inc. ("Uruguay") (TSX-V:
UME), that a subsidiary of Anglo American plc has agreed to grant an option to
acquire a 100% interest in the Pantanillo gold deposit in Region III of Chile to
one of Fortune Valley's wholly-owned subsidiaries, and that Fortune Valley has
signed a non-binding letter of intent with Uruguay in connection with a proposed
business combination.


The Debenture

The debenture, which is without interest and which matures on November 30, 2009,
is convertible at Uruguay's option into Common shares of Fortune Valley at any
time at a conversion price of $0.06 per Common share. Uruguay has agreed that it
will not convert the debenture while Uruguay and Fortune Valley are negotiating
the proposed business combination.


The Company intends to use the proceeds of the debenture to make the initial
payment required for the acquisition of the option over the Pantanillo prospect
and to negotiate and consummate the proposed business combination.


It is not anticipated that any change of control of Fortune Valley will occur as
a result of this debenture financing. Upon conversion, Uruguay may become an
insider of Fortune Valley.


The Property Acquisition

Anglo American Norte S.A., a subsidiary of Anglo American plc, has agreed to
grant Fortune Valley's wholly-owned subsidiary, Fortune Valley Resources Chile
S.A., an option to acquire a 100% interest in the Pantanillo gold deposit in
Region III of Chile.


Located in the prolific Maricunga gold district of northern Chile, the potential
mineral deposit at Pantanillo is estimated at between 82 to 125 million tonnes
grading 0.83 to 0.73 g/t gold using a 0.6 to 0.5 g/t gold cut off for the lower
and higher tonnage estimates respectively, which is equivalent to 2.18 to 2.95
million ounces of contained gold. The potential quantity and grade of the
potential mineral deposit is conceptual in nature, as there has been
insufficient exploration to define a mineral resource, and it is uncertain if
further exploration will result in the target being delineated as a mineral
resource.


US$4,000,000 must be spent on development work and cash payments of US$850,000
must be made over a period of three years to earn a 100% interest in the
property. An initial cash payment of US$100,000 is required at closing. The
vendor will receive a 3.5% net smelter returns royalty on future production from
the property. An annual minimum royalty of US$300,000 is payable in years four
and five, increasing to US$1 million from year six.


The Pantanillo property comprises 11,750 hectares of exploitation concessions
located 125 kilometres east from the city of Copiapo in Region III of Chile at
an elevation of 4,600 metres above sea level.


The property is located in the prolific Maricunga Gold Belt which currently has
two operating gold mines, La Coipa and Maricunga, and several major gold
projects at project development stage, including Marte-Lobo, Pantanillo, Cerro
Casale, La Pepa, Volcan and Caspiche.


To view the map accompanying this release, please click on the following link:
http://media3.marketwire.com/docs/fvx105m1.JPG.


The Maricunga Gold Belt, comprising a NNE trending chain of andesitic to dacitic
volcanoes, measures approximately 150 kilometres long (north-south) by 30
kilometres wide and hosts a series of epithermal high sulphidation and
porphyry-style gold-silver-copper deposits. The Pantanillo deposit was
discovered in 1992 and is a gold-porphyry with both oxide and sulphide gold
mineralization.


Historical geological work on the Pantanillo property has been performed by
Anglo American (1992-2005) and Kinross Gold (2005-2008). The potential mineral
deposit at Pantanillo is estimated at between 82 to 125 million tonnes grading
0.83 to 0.73 g/t gold using a 0.6 to 0.5 g/t gold cut off for the lower and
higher tonnage estimates respectively, which is equivalent to 2.18 to 2.95
million ounces of contained gold. This estimate is based on the results of a
total of 8,398 metres of reverse circulation drilling and diamond drilling
completed on the Pantanillo deposit and a preliminary assessment prepared by
Kinross Gold in 2007.


The potential quantity and grade of the potential mineral deposit is conceptual
in nature, as there has been insufficient exploration to define a mineral
resource as defined by the standards of NI 43-101, and it is uncertain if
further exploration will result in the target being delineated as a mineral
resource.


Anglo American and Kinross Gold performed geochemistry, geophysics, trenches,
and geological mapping to 1:5000 on the property. In the area north of the
Pantanillo gold deposit, there are a number of gold anomalies associated with
epithermal veins; local small miners (pirquineros) are operating in this area.
In the area of south of the Pantanillo gold deposit, zones of banded volcanic
rock with hydrothermal alteration and gold mineralization have been observed.


The Maricunga Gold Belt has several major gold projects in development stage. In
November 2008, Kinross Gold acquired a 100% interest in the 5.9 million ounce
gold resource at Marte-Lobo in the Maricunga for about US$258 million. In
addition, project development work is advancing at the Cerro Casale, Volcan and
Caspiche projects.


The strategic location of the Pantanillo gold deposit provides opportunities to
leverage continued infrastructure improvements in the region to support the
project development.


The Company intends to prepare a NI 43-101 technical report for the Pantanillo
property.


The Company plans to conduct further drilling on the Pantanillo gold deposit to
upgrade the potential mineral deposit to a mineral resource as defined by the
standards of NI 43.101 and to complete preliminary metallurgical testing aimed
at defining a viable heap leach, open pit operation. The significant potential
for a new gold discovery on the overall land package will also be investigated.
Project development work will be advanced on power, water and logistics to
confirm the feasibility of securing or purchasing key raw materials and
services, and discussions will be initiated with mining companies owning other
significant gold resources in the Maricunga Gold Belt to investigate potential
development synergies.


Mr. Robert Perry, Certified Professional Geologist, V.P. Exploration, Intuitive
Exploration Inc., who is a Qualified Person under National Instrument 43-101,
has reviewed the technical disclosure in this press release. Mr. Perry has
verified the data disclosed in this press release and has relied on summary
information available from internal studies prepared by the former operator.


The Proposed Business Combination

Fortune Valley and Uruguay are also pleased to announce that they have signed a
non-binding letter of intent that sets out the details of a proposed business
combination, by which Uruguay proposes to acquire all of the issued and
outstanding Common shares of Fortune Valley.


Pursuant to the letter of intent, the proposed transaction is anticipated to be
structured as a plan of arrangement by which each Fortune Valley Common share
will be exchanged for 0.4554 Uruguay shares. If the proposed transaction
completes, then Fortune Valley shareholders will hold approximately 25% of the
approximately 64.9 million shares Uruguay will have issued and outstanding.


The transaction will be subject to, among other things, the parties entering
into a definitive agreement by October 13, 2009, both parties obtaining
satisfactory results of their due diligence investigations, receipt of all
required regulatory approvals and obtaining Fortune Valley shareholder approval
by November 30, 2009. The transaction is scheduled to close by November 30,
2009. Fortune Valley has agreed not to solicit alternate transactions while
Uruguay and Fortune Valley are pursuing the proposed transaction.


The letter of intent contemplates that certain directors of Fortune Valley will
enter into lock-up agreements by which they will vote their shares in favour of
the transaction. These directors currently hold approximately 30% of the issued
and outstanding Common shares of Fortune Valley.


Completion of the financing, acquisition and proposed business combination are
subject to regulatory approval, including acceptance by the TSX Venture
Exchange.


Fortune Valley Resources Inc. is a mining company focused on creating
shareholder wealth through the development of high quality gold assets in Chile
and Argentina.


Forward Looking Statements

All statements, other than statements of historical fact, contained or
incorporated by reference in this news release, including any information as to
the future financial or operating performance of the Company, constitute
"forward looking statements" within the meaning of certain securities laws, and
are based on expectations, estimates and projections as of the date of this news
release. There can be no assurance that such statements will prove to be
accurate; such statements are subject to significant risks and uncertainties,
and actual results and future events could differ materially from those
anticipated in such statements. Forward-looking statements include, without
limitation, the ability of the Company to consummate the proposed business
combination as set out in the letter of intent, or at all, the ability of the
Company to raise the funding required to complete the acquisition of the
Pantanillo property in accordance with the option, or at all, and the ability of
the Company to raise the funding required to undertake the necessary exploration
activities on the Pantanillo property and the results of those activities. The
Company disclaims any intention or obligation to update or revise any forward
looking statements whether as a result of new information, future events and
such forward-looking statements, except to the extent required by applicable
law.


The Board of Directors

Fortune Valley Resources Inc.
Fortune Valley Resources Inc. Com Npv (TSXV:FVX)
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