Coal JV: Fortune + PoscoLONDON, ON, July 13, 2011 /CNW/ - Fortune Minerals Limited (TSX: FT) ("Fortune" or the "Company") is pleased to announce that its wholly-owned subsidiary, Fortune Coal Limited. ("Fortune Coal") has entered into a definitive agreement to form a joint venture (the "JV") with POSCO Canada Ltd. ("POSCAN") and its wholly-owned subsidiary, POSCO Klappan Coal Ltd., to advance the Mount Klappan Anthracite Metallurgical Coal Project in northwest British Columbia ("Mount Klappan" or the "Project") to production. POSCAN's parent company, POSCO is based in South Korea and is one of the world's largest steel producers. Pursuant to the agreement, POSCAN will acquire a 20% interest in Mount Klappan, and based on current capital cost estimates, is anticipated to make total payments and cash contributions of $181 million, including $30 million in upfront funding upon closing.