Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

September 05, 2012 11:10 ET

Fancamp Amends Previous Disclosures

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2012) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) ("Fancamp" or the "Company") As a result of a review by the British Columbia Securities Commission we are issuing the following news release to clarify our disclosure standards and to emphasize the historic nature of reported reserves and the degree to which they can be relied on. These modifications have also been effected on the Company's website.

The Clinton Property: The Clinton Property is located in the Clinton volcano-sedimentary Belt, straddling the Maine border. It covers 20km of favorable stratigraphy and includes historical resources estimated at 1.52 million tons grading 2.08% Copper and 1.54% Zinc in five zones: A, C, E, F and O (Quebec government Fiche de Gite 21E07-0007). (In 1973, 122,251 tons of material grading 2.65% Copper, 2.43% Zinc, 0.46% Lead, 30.03 g/t Silver and 0.45 g/t Gold were mined from the "O Zone" (Groupe Minier Sullivan, 1973 Annual Report)). These historic resource estimates were completed prior to the implementation of National Instrument ("NI") 43-101 standards. Given the quality of the work prepared by the government of Quebec and the Groupe Minier Sullivan, the company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and is not treating the historic resources as current. Hence, they should not be relied upon. Jean Lafleur, P.Geo., the company's qualified person and a director, has reviewed and approved the technical disclosure contained in this news release.

The Magpie Property: The Magpie Deposit, of which 46.7% is owned by Fancamp Exploration Ltd. is among the world's largest undeveloped titaniferous magnetite deposits with a historical non NI 43-101 compliant resource estimate for Deposits # 1, 2, 3 & 4 totalling 1.1 B Tons @43% Fe and 11%TiO2. These historic resource estimates were completed prior to the implementation of National Instrument ("NI") 43-101 standards. Given the quality of the work prepared by Stratmat Ltd in 1960, the Company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and is not treating the historic resources as current. Hence, they should not be relied upon. A NI 43-101 resource for the Magpie #2 Deposit was published, by P &E Mining Consultants Inc. of Brampton Ontario in May 2012 and can be seen on the Company's website. Jean Lafleur, P.Geo., the company's qualified person and a director, has reviewed and approved the technical disclosure contained in this news release.

The Company's news releases of April 18, 2012 and June 1, 2012 used what appears to be overly promotional language by stating "the Magpie #2 occurrence will be upgraded to a higher quality Mineral Resource classification". What the Company meant by this statement was the upgrading of inferred mineral resources to indicated mineral resources through additional drilling. Any upgrade to the resource classification is contingent upon the success of ongoing and future exploration work.

Further revisions have also been made to the Company's website, including the removal of any non-compliant material and any other material that may be considered overly promotional.

Fancamp will also be amending the MD&A for the year ended April 30, 2012 by including the required cautionary language for any references to historical estimates made concerning the Clinton Property and deleting the referred to resource estimate on Cliffs Resources Inc. Lac Lamelee North Deposit.

ON BEHALF OF THE BOARD

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

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

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

No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

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