Fortune Oil PLC announced on Monday the appointment of Jerry Gorman as Project Director for its Armenia iron ore investment with effect from October 1, 2011.

Gorman will now be responsible and accountable for successfully developing both the Hrazdan and Abovyan mines.

He will be Fortune Oil's most senior representative based in Armenia and will be the key individual liaising with all of the Group's strategic alliance partners including SRK Consulting (U.K.), ProMet Engineers (Australia), Sinosteel Group (China), local Government and other relevant authorities including the Chinese Embassy.

The largest shareholders in Fortune Oil are First Level Holdings Limited, Vitol and major Chinese state-owned corporations, plus Wilmar International Limited has a 15 per cent interest in the Company's gas business.