VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 23, 2011) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) is pleased to announce the following assay results from the 2011 drill programme on its 46.7% owned Magpie titaniferous magnetite deposit. The six holes selected are from the southern and central part of the #2 Deposit, with its historic non NI 43-101 compliant 912,474,000 tons of 43.10% Fe, 10.60% TiO2, 1.55% Cr. The holes present a range of intersection lengths typical of the Deposit and core lengths are considered close to true width for 60° E inclined holes. The Deposit remains open at depth. Two of the holes were stopped in mineralization due to technical difficulties.
| Core | ||||||||||
| Length | FeT | TiO2 | Cr203 | |||||||
| Northing | Easting | Hole # | Dip | Section | from | to | Metres | % | % | % |
| 5694067 | 426140 | PM-11-08 | 60° E | 20 | 2.2 | 190 | 187.8 | 42.72 | 11.09 | 2.03 |
| 5693167 | 425950 | PM-11-09 | 60° E | 14E | 4.5 | 279 | 274.5 | 42.72 | 11.26 | 1.58 |
| 5694067 | 425940 | PM-11-10 | 60° E | 20W | 1.8 | 276.8 | 275 | 40.07 | 10.56 | 1.69 |
| 5693013 | 425985 | PM-11-11 X | 60° E | 13E | 4 | 270.5 | 266.5 | 42.94 | 11.36 | 1.78 |
| 5693759 | 426130 | PM-11-12 | 60° E | 18E | 3.6 | 248.7 | 245.1 | 43.37 | 11.42 | 1.91 |
| 5693013 | 425985 | PM-11-13 X | 90° | 13E | 3.5 | 282.8 | 279.3 | 42.89 | 11.48 | 1.68 |
| X End of hole in mineralization | ||||||||||
Final results from the balance of the thirty one hole, 8,124 metre Summer 2011 programme will be announced on receipt of all assays, including V205 values, estimated for the second week in December.
Given these delays, completion of the NI 43-101 report and recommendations is expected in Q1 2012. Planning for the IPO is still on track, with a target date in mid Q1.
The foregoing historical resource estimates were completed prior to the implementation of the NI 43-101 requirements. Given the quality of the historic work completed by J.R. Mowat of Stratmat 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. The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 by Etienne Forbes, P.Geo., the Company's QP on the project.
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.
Contact Information:
Peter H. Smith, PhD., P.Eng.
President
514-481-3172
www.fancampexplorationltd.ca
Bay Street Connect Investor Relations
Michael D'Amico
647-500-6023
michael@baystreetconnect.com