Fortune Valley Provides Corporate Update on Exploration Activities

Fortune Valley Resources Inc. ("Fortune Valley" or the "Company") (TSX
VENTURE:FVX) is pleased to announce an update of the Company's exploration
activities in Chile and Argentina.


Fortune Valley has a significant project portfolio within Chile and Argentina
that shows promise for potential stand-alone deposit discovery. The Company's
experienced and knowledgeable Chilean geologic team is advancing the Anillo and
Este de la Alumbrera projects while preparing several of the other projects as
potential joint venture opportunities.


Anillo Property

The Anillo property (31,200 ha, 312 km2) is located within the Palaeocene gold
belt immediately adjacent to the north and east of Yamana Gold's El Penon
gold-silver mine complex in Region II in Chile.


Fortune Valley continues to advance the project which now hosts multiple targets
for potential gold discovery. Geologic mapping, sampling and data compilation
show several regional structural zones that control the enechelon vein system at
El Penon extend onto the Anillo property. At the Angosta discovery, which is
located approximately 3 km south of the Anillo boundary, Yamana Gold has
trenched and drilled along the Angosta vein trend up to the southern boundary of
the Anillo property.


The Company has recently signed an agreement to conduct IP-resistivity
geophysics at Anillo, and is continuing detailed mapping and rock chip sampling
on the project to identify the best targets for drilling. The Company will
report on drill targets as the surface exploration work plan refines the targets
areas.


Fortune Valley entered into an option agreement with Chilean mining giant
Corporacion Nacional del Cobre de Chile ("Codelco") to acquire a 65% interest in
the Anillo property in January 2008.


Este de la Alumbrera Property

The Este de la Alumbrera property (3,500 ha, 35 km2) is favourably located in
the Farallon Negro Volcanic Complex about 15 km east from the
Xtrata-Goldcorp-Yamana owned Bajo de la Alumbrera mine and is within the
regional trend that also hosts Yamana's Agua Rica gold-copper development
project located about 34 km to the north. Immediately adjacent to the south is
the Cerro Atajo gold-copper porphyry and gold-silver epithermal vein project and
the historic, poly-metallic Farallon Negro mine is located in the western
portion of the same district.


Fortune Valley is conducting preliminary investigation of the property in order
to understand the potential for exploration and resources discovery.


Fortune Valley entered into an option agreement with a private owner to acquire
a 100% interest in the Este de la Alumbrera property in the Province of
Catamarca in Argentina (see press release dated May 22, 2008).


Tres Puntas, Aguas Buenas and Pejerreyes Properties

In 4Q 2007, Fortune Valley acquired 100% interest in three properties by staking
new exploration concessions: Tres Puntas (4,000 ha, 40 km2) in Region III in
Chile, and Agua Buenas (3,600 ha, 36 km2) and Pejerreyes (4,500 ha, 45 km2) in
Region VII in Chile.


Fortune Valley is currently compiling an information package on the properties
and will be inviting major and mid-tier gold mining companies to review the data
for potential joint ventures on the properties.


Incahausi Property

Fortune Valley has recently completed a Phase II drilling program at the
Incahuasi property (overall 10,921 ha, 109km2) in Region III and IV in Chile.


Drilling results at the Incahausi Este target area (10,543 ha, 105 km2) support
the geologic interpretation for medium to large iron-oxide-copper-gold system
(IOCG) potential. The upper level copper-gold-hematite veins intersected in
drilling are similar in character to other known IOCG deposits such as
Candelaria in Chile and Osbourne in Australia. Fortune Valley is compiling and
reviewing the data on the Incahuasi Este area to define IOCG targets for future
drilling.


Drilling results from the historical Incahausi Central target area (378 ha, 4
km2) suggest the scope of the porphyry target could be of interest to junior
operators in the region and the Company has embarked on identifying a partner
for potential joint venture of the Incahuasi Central area.


New Exploration Projects

Since completing an initial public offering and commencing trading on the TSX
Venture Exchange on July 31, 2007, Fortune Valley has successfully developed an
exploration property portfolio of approximately 58,000 hectares (six
properties), including the highly prospective Anillo project located immediately
adjacent to the north and east of the El Penon gold-silver mine complex.


The Company will continue to pursue and acquire high quality exploration
projects, either to advance on a stand-alone basis or to seek major or mid-tier
gold mining companies for potential joint ventures.


Mr. William C. (Bill) Howald, AIPG, Certified Professional Geologist # 11041,
Fortune Valley Resources' VP Exploration & Corporate Development, is the
Qualified Person as defined under National Instrument 43-101 responsible for the
scientific and technical work on the exploration program and is responsible for
reviewing the technical disclosure in this press release.


Fortune Valley Resources Inc. is a Canadian mining exploration company focused
on creating shareholder wealth through the acquisition, exploration and
development of high quality gold and silver projects in Chile and Argentina. The
Company has assembled a highly experienced Board of Directors and management
team with proven technical and commercial successes at some of the major gold
mines and projects in North and South America. Fortune Valley holds ownership
interests in approximately 58,000 hectares of exploration concessions in Chile
and Argentina.


On behalf of the Board of Directors

Michael J. Gingles, President and CEO