Fortress Closes $15 Million Private Placement

FORTRESS MINERALS CORP.

Suite #2101, 885 W. Georgia Street Vancouver, B.C. V6C 3E8 Ph. (604) 689-7842 www.fortressminerals.com

NEWS RELEASE

FORTRESS CLOSES $15 MILLION PRIVATE PLACEMENT

January 21, 2011 (FST – TSXV)…Fortress Minerals Corp. (“the Company”) reports that the private placement financing announced on December 15, 2010 has closed.  The Company sold on a non‐brokered private placement basis an aggregate of 5,000,000 common shares (the “Private  Placement Shares”)for gross proceeds of CDN$15 million (the “Transaction”).

Zebra Holdings & Investments S.à.r.l. (“Zebra”), Lorito Holdings S.à.r.l. (“Lorito”), who report their shareholdings  as  joint  actors,  participated  in  the  Transaction  and  purchased  a  total  2,100,000 Private Placement Shares for gross proceeds of CDN$6.3 million.  Additionally, certain directors and officers of the Company, as a group, purchased 255,500 Private Placement Shares for gross proceeds  of  CDN$766,500.  (Zebra  and  Lorito,  together  with  such  directors  and  officers, collectively referred to as the “Related Parties”).

To the knowledge of the Company, prior to the issuance of the Private Placement Shares, Zebra and Lorito, together with its joint actors, owned and had control over an aggregate of 3,678,992 common  shares  of  Fortress,  representing  approximately  37.42%  of  the  then  issued  and outstanding common shares of Fortress.  On closing of the Transaction, Zebra and Lorito’s interest in the Company, together with that of its joint actors, increased to 5,778,992 common shares, representing approximately 38.96%, an increase of approximately 1.55%.  The percentage interest of directors and officers as a group on closing of the Transaction increased from 0.03% to 1.95%.

As a result, the Related Parties percentage interest in the Company increased to approximately 39.3%, an increase of approximately 1.6% on closing of the Transaction.

The Private Placement Shares are subject to a four month hold expiring May 22, 2011.  There were no  finder’s  fees  or  commissions  paid  in  connection  with  the  Transaction.    Proceeds  of  the Transaction will provide the Company with the financial flexibility to respond to opportunities for strategic acquisitions as they arise and on‐going working capital.

On behalf of the Board of Directors, Ron Hochstein Chairman

Neither the 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.

For further information, please contact Sophia Shane, Corporate Development or Ryan Torvik, Chief Financial Officer at 604-689- 7842.