VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 3, 2011) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) is pleased to report a substantial increase in the iron resource on the Fire Lake North property, one of seventeen in the ongoing Champion Mineral Inc./Fancamp joint venture in the Fermont Iron District of Quebec. The Company holds a 17 ½% working interest in the joint venture.
The publication, in Q4 2010, of a preliminary economic assessment on the Fire Lake North Property which indicated an NPV of $1.64 billion on the basis of 31 drillholes totalling 5,869 m and an inferred NI 43-101 resource estimate of 388 million tonnes at 28.9% total iron, effectively evaluated FNC's share at $287 million. Subsequent to this estimate, an additional 84 drillholes totalling 26,221 metres have been drilled on the property, resulting in a recent (3/10/11) substantial upgrade in the resource picture to 1061.3 million tonnes @ 28.8% total iron, measured, indicated and inferred. A revised PEA based on this number is due in Q4 2011.
Champion is the operator and work is continuing to further advance the project. Fancamp intends to maintain its proportional interest in this and the other properties in the JV.
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:
Peter H. Smith, PhD., P.Eng.
President
514-481-3172
www.fancampexplorationltd.ca
Bay Street Connect
Michael D'Amico
Investor Relations
647-500-6023