Fundy Minerals

October 16, 2009 02:00 ET

Interim Results

                                             FUNDY MINERALS LTD
                                             (PLUS-quoted: FUND)

The Board of Fundy Minerals Ltd ("Fundy" or "the Company"), the Canadian and West African exploration company
is pleased to report the interim results to 31 July 2009.


During  the  reporting  period.  the Company has been focused on the Sand Brook  Project  and  the  Flatlands
Limestone  Project  although the first half of our operating season was for the  second  consecutive  year,
marred by heavy snow fall and generally poor operating weather.

Flatlands Limestone Project

Flatlands  has  two  high  grade limestone zones that have been previously drilled.  Fundy  has  made  steady
progress  towards  satisfying the requirements to obtain a quarry permit.  Recent conductivity  geophysical
surveys  indicated seven new larger targets interpreted as limestone zones, which will require drilling.  The
tests  of  five interval sections of core from Hole F-02-7 confirmed the Flatlands limestone to  be  of  high
grade  lime  exceeding  normal published standards and specifications for SO2 scrubbing.  The  Calcium  Oxide
results  representing the purity and Calcium grade ranged from 54.49 per cent of weight to  55.38  being  the
equivalent of 97.25 per cent. to 99.84 per cent., purity high grade limestone (CaCO3).

The  significance of this project is the demand for high grade limestone in the area which is currently being
imported.  Flatlands lies 10 kilometers from a rail yard that can efficiently supply the two  power  stations
that are 30 and 50 kilometers to the west of the project.

The Company has agreed with Merrex  for return of its fifteen per cent. interest in the Sand Brook Claims  in
exchange  for  a  one  per  cent. net smelter return (NSR).  Under the terms of the agreement  Fundy  regains
complete ownership and control of the Sand Brook Claims.

In  July  2009  the  Company completed an extensive geophysical survey at Sand Brook, identifying  eight  new
potential  Gold  targets. Sand Brook has a history of gold mineralization and is 30 kilometers  west  of  the
Clarence Stream gold deposit (Freewest Resources), who have an indicated and inferred resource calculation of
400,000 ounces.  Fundy's fire assays yielded gold results from trace to a high of 49.9 grams (1.5 ounces  per
tonne  value).  The samples had gold values of 12.85 g/t, 18.9 g/t, 31.9 g/t, 33.9 g/t and 49.9  grams/tonne.
Anomalously  high Antimony values were also reported ranging from 1905 ppm to 7110 ppm in Sample  S12,  which
also  had  31.9 grams of gold reported. The samples were quartz based with significant mineralized  sulfides,
and  metasediment  rocks  along the quartz veined stockworks. The metasediment samples  reported  trace  gold
values to 3.28 grams Au.


The  Company has been focused on progressing the projects at Sand Brook and Flatlands despite extraordinarily
difficult economic conditions. This persistence has however, rewarded the Company with excellent results with
both projects showing significant potential.

The  permitting  process  at  Flatlands  has taken longer than we originally  anticipated  but,  the  Company
estimates  that  we are now ninety percent complete and the project may well hold more potential  than  first

Jeff Michel

Fundy Minerals Limited Profit and Loss Account for the 6 months ended 31 July 2009

                                                              Feb - Jul 09          Feb - Jul 08

Ordinary Income/Expense

                 Advertising & Promotions                         5,292.34              6,583.72
                 Bank Service Charges                             2,761.42              2,051.48
                 Consulting                                     196,667.39            241,769.66
                 Contributions                                      200.00                  0.00
                 Dues and Subscriptions                             424.92                130.00
                 Exchange Gain/Loss                              -2,944.90              8,141.49
                 Insurance                                            0.00                180.00
                 Meals & Entertainment                            1,337.99                471.78
                 Office expenses                                 35,213.00             30,302.12
                 Postage and Delivery                                 0.00                309.71
                 Printing and Reproduction                          143.33              1,329.40
                 Professional Fees                                                            
                   Accounting/Taxation                           24,516.68              3,226.52
                  Legal Fees                                     12,630.98                  0.00
                Total Professional Fees                          37,147.66              3,226.52
                Public Market expenses                           22,713.68             57,819.28
                 Rent                                             2,100.00              2,100.00
                 Telephone                                           34.00                  0.00
                Travel & Accommodation                           13,141.29             12,458.95
              Total Expense                                     314,232.12            366,874.11
          Net Ordinary Income                                  -314,232.12           -366,874.11
         Other Income/Expense                          
               Other Income                                           0.00                 18.77
            Total Other Income                                        0.00                 18.77

          Net Other Income                                            0.00                 18.77

         Net Income                                            -314,232.12           -366,855.34

NOTE: All figures in Canadian Dollars

The Company's auditors have not reviewed the financial information contained in this announcement.
Scientific or technical information relating to Fundy's activity is based on direct supervision of, or has
been reviewed by, Paul Lemmon, PGeo., Chief Geologist of the Company.

                  The Directors of the Issuer accept responsibility for this announcement.


For further information please contact:
Fundy Minerals Ltd                       Tel. +1 416 238 0361 or +44 (0)207 669 4479
Jeff Michel, Chairman & CEO    

Daniel Stewart & Company Plc             Tel. 020 7776 6550
Stewart Dickson

Contact Information

  • Fundy Minerals