Fancamp Exploration Ltd.
TSX VENTURE : FNC

Fancamp Exploration Ltd.

January 21, 2008 10:28 ET

Fancamp Exploration Ltd.: Uranium Properties Optioned

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 21, 2008) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): The Company wishes to announce completion of a number of option agreements on some of its 50% owned grass roots uranium properties located in Quebec. Cash and share receipts cited represent Fancamp's 50% share.

1. Baie Comeau/Manicuagan Properties, Quebec North Shore

These 11 groups, totalling 213 claims, or 11,720 hectares, have been optioned to Bonaventure Enterprises Inc. on the following terms:

On signing: $25,000 and 50,000 shares of the optionee; end of year 1: $25,000 and 50,000 shares; end of year 2: $25,000 and 50,000 shares; end of year 3: $50,000 and 50,000 shares. In addition, the optionee is required to spend $500,000 in year 1; $750,000 in year 2 and $1,250,000 in year 3 to earn a 50% interest.

A 60% interest may be earned by producing a bankable feasibility and issuing 10% of the o/s of the optionee (Fancamp's share 5%).

2. George River Properties, NE Quebec/Labrador Boundary

These 11 groups, totalling 428 claims or 19,900 hectares have been optioned to Nebu Resources Inc. on the following terms:

On signing: $300,000 and 175,000 shares of the optionee; $200,000 in year 2; $500,000, or at the optioners' choice, 500,000 shares at a deemed price of $1.00 per share in year 3 to earn a 100% interest. Upon completion of the agreement, Fancamp will retain a 3% NSR Royalty, buyback on 1.5% for $3M (FNC share $1.5M). An advance royalty is payable.

3. Godbout Property, Quebec North Shore

These 62 claims, or 3,472 hectares, have been optioned to RT Minerals Inc. on the following terms:

On signing: $12,500 and 250,000 shares; $25,000 end of Year 1 to earn a 100% interest.

Upon completion of the agreement, Fancamp will retain a 3% NSR, buyback on 1.5% for $1M (FNC share $500,000). An advance royalty is payable.

ON BEHALF OF THE BOARD

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.

Contact Information

  • Fancamp Exploration Ltd.
    Peter H. Smith, Ph.D.,P.Eng.
    President
    (514) 481-3172
    or
    Fancamp Exploration Ltd.
    Debra Chapman
    Secretary
    (604) 434-8829
    (604) 434-8823 (FAX)