Fancamp Exploration Ltd.

Fancamp Exploration Ltd.

May 16, 2008 08:00 ET

Fancamp Exploration Ltd.: Option to Acquire Norway Lake Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 16, 2008) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): The Company wishes to announce that it has entered into an option agreement with Robert J. Fairservice, prospector, for the acquisition of nine contiguous mining claims (totalling 105 claim units) known as the Norway Lake property located in the Thunder Bay Mining Division, Ontario. To earn a 100% interest in the property Fancamp will pay a total of $37,500, issue 60,000 common shares and spend $150,000 on exploration and development over three years. The vendor will retain a 2% NSR of which 1% may be bought back at anytime for $500,000.

This virtually unexplored, 4000 acre grassroots property is situated some 45km NE of Atikokan and 170km west of Thunder Bay. It is located along the NE trending Marmion Lake fault structure. Major mineral deposits adjacent to this structure include the Steep Rock Lake Iron Mines, some 50km to the SW, and more importantly the Hammond Reef gold deposit some 23km SW, a large tonnage low grade deposit owned by Brett Resoures Inc. and currently hosting a non 43-101 compliant historical resource reported at 2.5 million ounces Au. Both the Hammond Reef and Norway Lake properties are characterized by distinctive clusters of gold in lake bottom sediment anomalies as shown on the attached map taken from the Ontario Geological Survey, Open File Report 6034. Extensive soil sampling and prospecting are planned for the coming season. The Company has just learned, in addition, that this area is currently being flown by the government with a helicopter borne TDEM/Mag survey (part of a much larger survey) which will certainly help in the exploration process.

To view the map accompanying this press release, please click on the following link:


Peter H. Smith, Ph.D., P.Eng., President

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

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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