Fancamp Exploration Ltd.

Fancamp Exploration Ltd.

July 27, 2011 12:04 ET

Fancamp Exploration Update

BURNABY, BRITISH COLUMBIA--(Marketwire - July 27, 2011) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) - The following is an update on the Company's current exploration activities:

Magpie, Quebec

Drilling with two machines has been underway at The Magpie Mines Inc. deposit since July 7, targeting the historic deposit #2 on which three drill holes were put down by the Company in 2008. Drilling is taking place on a series of 500 foot spaced sections originally laid out by Stratmat Inc. in 1961. These sections have been picked because they are accompanied by a systematic series of surface samples, taken on the almost 100% exposure of titaniferous magnetite on the Magpie Ridge, by Stratmat. Progress is rapid with an expected completion date in the first week in September, and results to date are as management anticipated. The aim here is to enlarge on the original indicated and inferred NI 43-101 resource of 84 Million tonnes at 42.4% Fe, 10.7% TiO2, and 1.6 Cr%, and 201 Million tonnes at 42.1% Fe, 10.6% Tio2 and 1.5 Cr%, respectively, in preparation for a revised NI 43-101 report on the resource for the Magpie IPO scheduled for year end.

Lac Lamelee, Quebec

The Company plans a 3000 m drill program on its 100% owned Lac Lamelee hematite/magnetite deposit to determine the size, scope and quality of the iron resource, initially identified by Fancamp on the basis of the great strength of its airborne magnetic signature. Results from a recently completed Fugro Airborne Gravity Gradiometer (AGG) and High-Resolution Magnetic (HRAM) survey using the FALCON AGG system are being analyzed, and drilling is scheduled to begin about August 11th. Management is optimistic about the tonnage prospects of this as yet undrilled target, which is situated some four kilometres south of the Cliffs Resources Inc. Lac Lamelee North Deposit, which has a reported resource of approximately 642,000,000 tonnes at 30% Fe. The Lac Lamelee property was considered by management to be one of the most prospective, in the original property group optioned to Champion Minerals Inc. and for this reason was kept aside. Champion Minerals Inc. does, however, retain a right of first refusal on any transaction concerning this property.

McFauld's Lake, Ontario

A total of 828 metres was drilled on the McFauld's property in the June 3rd to 16th period. Further assay results are pending. The massive chromite layers previously reported do not extend to surface in the vicinity of the discovery holes, and further drilling along the NE strike will be required. Anomalous nickel values up to 1.16 % over 0.5 m have been recorded in reconnaissance sampling of a mineralized dunite extending from 891 m to the bottom of hole FN-10-26 at 1086 m, located on the northeast margin of the C-1 target, in the area which management believes marks the original position of Noront's Eagle One Deposit, now offset in a left lateral sense some 400 m to the northwest. More complete sampling of this interval is being undertaken. Results to date confirm management's belief in the continuing nickel and chromite resource potential of this property.

Quebec Appalachian Projects

Drilling and prospecting are continuing on the Company's grassroots Eastern Townships targets. Management is encouraged by the progress to date and any results of economic interest will be reported as received.

Peter H. Smith, PhD., P.Eng. is the Qualified Person responsible for the preparation of this news release.


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.

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