Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

December 22, 2009 15:05 ET

Fancamp Closes Flow-Through Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 22, 2009) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): Fancamp Exploration Ltd. (the "Company") wishes to announce the closing of a non-brokered private placement of $1,793,500 through the sale of 3,587,000 flow-through units (the "FT Units") at $0.50 per FT Unit. Each FT Unit consists of one flow-through common share, and one-half of one non-flow-through share purchase warrant (the "Warrants"). Each whole Warrant is exercisable into one common share at a price of $0.75 per share until December 18, 2011, subject to earlier forced acceleration in the event the Company's shares close at a price of $1.00 per share or more for 30 consecutive trading days after the four month hold expires. The flow-through shares are subject to a four month hold period expiring April 19, 2010.

The funds will be used to further exploration of the Company's properties in Ontario and Quebec, in particular, McFaulds Lake, Ontario and the recently acquired Stoke Mountain and Clinton base metal-gold prospects in Quebec's Appalachian Mountain trend.

The Mineralfields Group was a participant in this financing.

About MineralFields, Pathway and First Canadian Securities (R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (R) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (R).

ON BEHALF OF THE BOARD

Peter H. Smith, PhD., P.Eng., President

S.E.C. Exemption: 12(g)3-2(b)

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.

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