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

VANCOUVER, BRITISH COLUMBIA, Oct 05 (MARKET WIRE) --
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.

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.

Contacts:
Fortune Valley Resources Inc.
56-98-230-2277
1-303-931-8597
www.fortunevalleyresources.com

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