Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

September 08, 2010 10:11 ET

Fancamp Announces Additional Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 8, 2010) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) (the "Company") wishes to announce that further to its news release dated August 26, 2010 for a private placement of flow-through and non flow-through units to raise $1.5 million, it has arranged additional financing with certain arm's length investors to raise up to another $910,000, of which at least $435,000 will be flow-through units, on the same basis as previously announced. These funds will be used for further exploration on the Company's interests in Ontario and for working capital purposes.

The Company also wishes to report that drilling continues on its Stoke gold VMS property; some 8 holes have been drilled to date and assays are awaited. One target currently being drilled is a strong Bouguer gravity anomaly, underlying a shallow hole drilled by Phelps Dodge in the mid 90's which returned 6.34% Cu / 5.1 metres in an intense chlorite alteration zone.

Drilling is now underway with a second rig on the Clinton property, some 100 km SE of Stoke. Initial targets include a strong conductor picked up on the recent VTEM survey and proximal to a group of mineralized boulders discovered by Noranda in 1995, returning grades up to 7.96% Zn and 0.21% Cu. A second priority target is a weak MAX MIN anomaly, apparently associated with a strong Zn in soil geochemical anomaly outlined by Noranda in 1995 and never tested. Both these targets are several kilometres away from the known mineralized lenses on this property, which in total amount to a non 43-101 compliant 725,000 tons @ 2.25% Cu.

The historical information referred to was prepared by previous operators and is non 43-101 compliant. A qualified person has not done sufficient work to review the quoted numbers and they should not be relied upon.

This report was prepared by the Company's QP, Peter H. Smith, PhD., P.Eng.

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.

Contact Information

  • Fancamp Exploration Ltd.
    Peter H. Smith, PhD., P.Eng.
    President
    514-481-3172
    www.fancampexplorationltd.ca
    or
    Bay Street Connect
    Michael D'Amico
    Investor Relations
    647-500-6023