Fairmont Resources Inc.
TSX VENTURE : FMR

Fairmont Resources Inc.

October 28, 2014 07:00 ET

Fairmont Options Lac Bouchette Quartz Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 28, 2014) - Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont") is pleased to announce that it has entered into an option agreement with two Saguenay-Lac-Saint-Jean, Quebec, based claim holders (the "Vendors") to acquire a 100% interest, subject to a production royalty, in the Lac Bouchette Quartz Property. The Lac Bouchette Quarter Property, consisting of eight mineral claims totaling 435 hectares, is located 15 kilometres south of Lac St-Jean, and less than 100 km from the Port Alfred and less than 100km the Grand Anse Sea Terminal.

Under the terms of the option agreement, Fairmont will be required to make the following payments to the Vendors in order to exercise its option: (i) $50,000 five days of TSX Venture Exchange acceptance of the agreement (of which $25,000 may be settled in shares of Fairmont), (ii) $50,000 on or before December 31, 2014, (iii) $50,000 on or before June 1, 2015, and (iv) $50,000 on or before December 1, 2015. At the election of Fairmont, the payments set out in paragraphs (ii) to (iv) may be settled by the issuance of common shares of Fairmont, subject to TSX Venture Exchange Acceptance.

The Vendors will also receive a $2 per tonne royalty for all ore currently stockpiled on the Lac Bouchette Quartz Property and a 2% production royalty for any new mined ore.

The option agreement and the transactions contemplated therein are subject to the acceptance of the TSX Venture Exchange.

About Fairmont

Fairmont's Quebec properties cover numerous occurrences of high-grade titaniferous magnetite with vanadium. Where these occurrences have been tested they have display exceptional uniformity with respect to grade. These occurrences are of considerable interest due to their proximity to tide water, with the Grand Anse Sea Terminal at the Port of Saguenay located within 100km of all of Fairmont's properties.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fairmont cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Fairmont's control. Such factors include, among other things: risks and uncertainties relating to Fairmont's exploration program of its mineral properties and Fairmont's limited operating history. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information.

NEITHER 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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