Fortune Bay Issues Stock Options

HALIFAX, NS / July 11, 2016 / Fortune Bay Corp. (TSXV: FOR) (“Fortune Bay" or, the "Company") announces that the board of directors of the Company has approved the granting of 1,000,000 incentive stock options (the "Options") pursuant to the Company's Stock Option Plan. Directors, officers and employees were awarded 200,000, 700,000 and 100,000 stock options respectively. The Options are exercisable at a price of $0.40 per share, expire on July 11, 2021 and vest over a thirty-six-month period.

About Fortune Bay Corp.

Fortune Bay is engaged in the exploration and potential development of two primary mining projects: the Goldfields project and the Ixhuatán project. The Goldfields project is a property located in northern Saskatchewan and consists of two gold deposits: the Box deposit and the Athona deposit. The Ixhuatán project is located in the northern Chiapas State in Mexico.

For further information, please contact:

Sarah Oliver, CFO
Fortune Bay Corp.
2001-1969 Upper Water Street
Halifax, NS
B3J 3R7
T: 1-902-422-1421
E: info@fortunebaycorp.com

The TSXV has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this news release. The TSXV has neither approved nor disapproved the contents of this news release.

All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.