Fancamp Announces Remaining Assay Results from the 2011 Drilling Programs in the Fermont Iron Ore District, Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 17, 2012) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) is pleased to announce that Champion Minerals Inc. (the "Operator") has provided results of the remaining unreported assay results from the 2011 drilling campaigns completed on the Company's 17.5% owned Oil Can, O'Keefe-Purdy, Bellechasse and Midway Projects located in the Fermont Iron Ore District, Quebec.

Oil Can

Nineteen drill holes, totaling 8,435 metres, were completed on the Oil Can Project between August 5^th and December 11^th, 2011. Results from 17 holes, including OC11-01 to OC11-08, and OC11-10 to OC11-18, were previously reported in press releases dated October 20, 2011; December 13, 2011; and January 23, 2012.

Results from the two remaining holes, OC11-09 and OC11-19, drilled in the North Zone and East Zone respectively, include notable intervals of high-grade iron formation, as presented in Table 1.

Table 1: Select* Composite Assays - Oil Can Project
Hole #	Length (metres)	Azimuth (degrees)	Dip (degrees)	From (metres)	To (metres)	Interval** (metres)	Grade (Total Fe%)***
North Zone
OC11-09	474.00	325	-45	108.75	355.50	246.75	26.89
includes				126.00	214.20	88.20	31.54
East Zone
OC11-19	311.00	250	-45	144.00	298.16	154.16	31.23

* The Select Composites are not necessarily representative of the average grade or thickness of the mineral zones or potential resource.

** Intervals are down-hole lengths and not true widths of the mineral zones.

*** Grades are calculated from Total Fe% sample assays completed by ALS Chemex Laboratories using the "High Grade/Ores Method" and XRF analysis.

A National Instrument ("NI") 43-101 Mineral Resource Estimate of the four amalgamated hematite and magnetite-rich zones delineated on the Oil Can Project (North, Central, South, and East zones) is expected in Q2-2012.

O'Keefe-Purdy

The 2011 drilling program at the O'Keefe-Purdy ("OKP") Project included 23 diamond-drill holes (OP11-01 to OP11-22 inclusive; including OP11-12 and OP11-12A) totaling 6,064 metres. Results for fifteen drill holes were previously announced in press release of November 30, 2011.

Select composite assay results for the remaining unreported eight holes completed at OKP are summarized in Table 2.

Table 2: Select* Composite Assays - O'Keefe-Purdy Project
Hole #	Length (metres)	Azimuth (degrees)	Dip (degrees)	From (metres)	To (metres)	Interval** (metres)	Grade (Total Fe%)***
Nord-Ouest Occurrence
OP11-05	351.30	180	-45	62.70	92.95	30.25	30.99
and				195.00	306.40	111.40	28.37
OP11-11	306.00	130	-50	108.85	157.00	48.15	21.62

Hole #	Length (metres)	Azimuth (degrees)	Dip (degrees)	From (metres)	To (metres)	Interval** (metres)	Grade (Total Fe%)***
Nord-Ouest Occurrence (north extension)
OP11-19	234.00	10	-50	No Mineralization Intersected
OP11-20	279.00	300	-51	No Significant Mineralization
Nord-Est Occurrence
OP11-07	249.0	360	-50	175.45	203.90	28.45	33.80
Lac Purdy
OP11-18	247.50	360	-45	31.50	247.50	216.00(1)	35.25
OP11-21	129.00	45	-45	No Mineralization Intersected
OP11-22	493.50	170	-51	25.00	259.40	234.40	31.77
and				427.92	470.60	42.68	35.01
* The Selected Composites are not necessarily representative of the average grade or thickness of the mineral zones or potential resource.
** Intervals are down-hole lengths and not true widths of the mineral zones.
*** Grades are calculated from Total Fe% sample assays completed by ALS Chemex
Laboratories using the "High Grade/Ores Method" and XRF analysis
(1) Drill hole OP11-18 drilled down-dip to bedding/banding and was stopped in iron mineralization at 247 meters.

The OKP Project's 215 claims cover approximately 19 kilometres of cumulative strike length of magnetic anomaly which is interpreted to define tightly folded specularite, specular hematite and magnetite iron formation. The drilling program was focused mainly on the areas around the three (3) chronicled mineral showings on the project; namely Lac O'Keefe Nord-Est (COGITE # 23B/12-006), Lac O'Keefe Nord-Ouest (COGITE # 23B/12-0003) and Lac Purdy (COGITE # 23B/12-0008) (see http://sigeom.mrnf.gouv.qc.ca/ for COGITE references). No drilling was completed in the eastern part of the property.

A Mineral Resource Estimate for the OKP Project will be deferred until additional suggested drilling more thoroughly establishes the full extent of iron mineralization underlying the property.

Bellechasse

The 2011 Bellechasse drilling program included two in-fill drill holes, totaling 872 metres, that evaluated an interpreted fold closure at the south-eastern limit of the outlined iron resource on the property. Results are presented in Table 3.

Table 3: Select* Composite Assays - Bellechasse Project
Hole #	Length (metres)	Azimuth (degrees)	Dip (degrees)	From (metres)	To (metres)	Interval** (metres)	Grade (Total Fe%)***
BC11-01	454.00	240	-50	145.10	454.00	313.00	27.60
includes				176.00	313.00	137.00	33.20
BC11-02	418.00	210	-45	189.80	394.70	204.90	27.83
includes				232.00	394.70	162.70	30.73

* Selected Composite Assay Results are stated only for results recently received. The Selected Composites are not necessarily representative of the average grade or thickness of the mineral zones or potential resource.

** Intervals are down-hole lengths and not true widths of the mineral zones.

*** Grades are calculated from Total Fe% sample assays completed by ALS Chemex Laboratories using the "High Grade/Ores Method" and XRF analysis.

Previous drilling on the Bellechasse Project defined an NI 43-101 Inferred Mineral Resource of 215 million tonnes grading 29% Total Iron.

The high-grade iron formation intersected in the recent drilling substantiates the current interpretation with no material impact to the current Mineral Resource Estimate. As a result, any up-date to the current Mineral Resource Estimate for the Bellechasse Project will be deferred.

The current Mineral Resource estimates were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions.

Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

The quantity and grade of estimated Inferred Resource reported herein are uncertain and there has been insufficient exploration to categorize them as an Indicated or Measured Resource. It is uncertain if further exploration will result in reclassification of Inferred Mineral Resources to the Indicated or Measured Mineral Resource categories.

Midway

The 2011 diamond-drilling program, the first ground-based exploration carried out on the Midway Project, comprised four holes totaling 1,096 metres. The best result was intersected in drill hole MW11-02 and includes a 136.0 metre interval (89.0-225.0 m) grading 29.0% Total Iron.

The Fermont Iron Holdings

Fancamp's Fermont holdings comprise a 17.5% interest in seventeen properties, four of which - Fire Lake North, Bellechasse, Harvey-Tuttle and Moire Lake - host combined estimates of current Measured and Indicated Iron Mineral Resources totalling 564 Million Tonnes and Inferred Iron Mineral Resources totalling 2.2 Billion Tonnes.

The technical information in this news release was reviewed and approved by Bruce Mitton, P. Geo.,Vice-President Exploration of Champion Minerals Inc., who is a Qualified Person under NI 43-101 standards.

Statements made in this news release that are "forward-looking statements" are not historical facts. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those stated herein.

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)