Mr. Nader Vatanchi of Forty Pillars reports

FORTY PILLARS MINING CORP. ANNOUNCES PROPOSED ACQUISITION OF ELEMENT 92 URANIUM PROPERTY

Forty Pillars Mining Corp. has entered into a property purchase agreement with an arm's-length party, Oberon Uranium Corp., pursuant to which the company has agreed to acquire the Element 92 uranium property, composed of a single Saskatchewan mineral claim number covering 5,961 hectares located in Northern Saskatchewan, Canada, on the southern end of the Athabasca region.

Under the terms of the agreement, the company has agreed to pay to Oberon $10,000 in cash and issue two million common shares on closing of the acquisition. The company's acquisition of the property remains subject to customary conditions of closing, including the company completing due diligence to its satisfaction and the approval of the Canadian Securities Exchange (if required), and is expected to complete shortly.

It is anticipated that Oberon will be an insider of the company on closing of the acquisition by reason of holding approximately 17.25 per cent of the company's issued and outstanding shares postclosing.

The common shares issuable in connection with the agreement will be subject to a four-month hold period under applicable Canadian securities laws.

Omnibus equity incentive plan

The company also announces that it has adopted a new omnibus equity incentive plan. The compensation plan governs the granting of stock options, restricted share units, share appreciation rights, deferred share units and performance share units to eligible participants (as defined in the compensation plan). The aggregate number of common shares reserved for issuance in respect of awards shall not exceed 20 per cent of the total number of issued common shares (calculated on a rolling, non-diluted basis) at the time an award is granted.

The compensation plan supersedes the company's 10-per-cent rolling stock option plan. Any stock options currently outstanding under the superseded stock option plan will remain outstanding as at the effective date; however, new stock option grants will be subject to the compensation plan. The company currently has 33,334 stock options outstanding, leaving 1,884,172 awards available for grant as at the date of this news release based on the company's 9,587,530 issued and outstanding common shares.

About Forty Pillars Mining Corp.

Forty Pillars, based in Vancouver, B.C., is a mineral exploration company focused on exploring the Silver Dollar project located in the Greenwood mining division, British Columbia.

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