Fortune Valley Resources Inc. (Fortune Valley) is engaged in the business of acquiring, exploring and developing gold mining properties in Chile and Argentina. During the year ended December 31, 2008, the Company conducted the exploration work and implemented a 4,010 meters Phase II reverse circulation drilling program at the Incahuasi property. During 2008, Fortune Valley advanced exploration work on the Anillo property. The properties of the Company include Anillo Property, Incahuasi Property and Este de la Alumbrera Property in Argentina. The Anillo property is located within the Palaeocene gold belt adjacent to the north and east of Yamana Gold's El Penon gold-silver mine complex in Region II of the Republic of Chile. The Incahuasi property is located in the Incahuasi Gold District in Region III and IV of the Republic of Chile. The Este de la Alumbrera property is located in the Farallon Negro Volcanic Complex about 15 kilometers east from the Xtrata-Goldcorp-Yamana.