Fundy Minerals
LSE : FUND

February 23, 2009 08:14 ET

New Brunswick Exploration Update

                                                                                               24 FEBRUARY 2009

                                                                                      CA3608971022/GBP/PLUS-exn



                                              FUNDY MINERALS LTD
                                              (PLUS MARKET: FUND)
                                                       
                                       New Brunswick Exploration Update

The    Board    of    Fundy Minerals Ltd ("Fundy" or "the Company"), the Canadian and West African  exploration
company, is pleased to update shareholders on some of its fall exploration work in New Brunswick.
Fundy  Minerals cut various geophysical grids this fall and completed a series of magnetometer and VLF surveys.
We are pleased to report on the surveys of Taylor Brook and County Line claim groups which magnetometer and VLF
surveys covered a combined area of 32 kilometers.

Taylor Brook claim group - The Taylor Brook claim group comprises of 39 claims (area circa 1,560 acres) located
approximately 15 kilometers south west of the Xstrata Bathurst #6 zinc mine. The claims due to their  proximity
to  the  Bathurst zinc mine and former Heath Steel mine was originally staked with the expectation  of  similar
(massive)  sulfide  mineralization.  The Company cut grids over 2 claim areas (circa 80  acres)  where  surface
mineralization occurred.  The grids were cut with the objective to conduct ground magnetometer and VLF  surveys
as  a follow up to a previous Extech II Aeromagnetic survey (GSC Open File 3294).  Based on the aeromag survey,
5  vertical gradient (VG) magnetic highs were located. Four of the area VG's (named VG1 to VG4) were located on
the  Taylor Brook claim group and VG1 being adjacent and within 500 meter of the NW claim boundary. The  survey
work  covered  5,400  meters using a Scintrex OMNI Mag/VLF proton precession Magnetometer and  VLF  geophysical
instrument. The total ground field magnetic responses ranged from a low of 53,900nT (nanotesla) to  a  high  of
53,950nT and yielded 6 strong magnetic zone targets. The VLF gave some correlation with the mag highs revealing
interpreted  north -northeast trends of the subsurface structure (areas of interest).  In Grid 1 there  were  3
noted mag highs greater than 150nT above the baseline, known as M1, M2 and M3. M2 had a moderate mag high  that
appears to expand to the northwest towards the VG1 aeromag high that exists off the Taylor boundary.  This area
will  be looked at closer in spring exploration and is interpreted as a drill target. The M1 is located in  the
northeast portion of the grid and interpreted as part of a significant VG aeromag high located to the  east  of
the  grid  and  not  yet ground surveyed by Fundy. M3 is a 50 meter wide anomaly that had  more  than  a  200nT
response and is elongated northward.  In Grid 2 multiple magnetic highs (labled) M4 to M6 were located  on  the
western half of the grid and along the NE edge of the VG3, and interpreted to be associated with this VG3 broad
aeromag  high. In summary the M1-M6 displayed magnetic high responses with correlative VLH highs and appear  to
be  correlative  to  the  Extech II aeromag highs. These are areas of interest for follow  up  exploration  and
drilling planned for spring 2009.

County  Line claim group - The County Line claim group consists of 16 claims located approximately 5 kilometers
to  the  southeast of the Taylor Brook claim group. The claims are adjacent claims held by Stratabound Minerals
Ltd  (TSX-V  SB),  who holds the Captain Mine lease and claims that they have been actively drilling  and  have
undertaken to calculate a resource estimate.

The previously conducted aeromag survey yielded 3 vertical gradient VG highs within and adjancent to the County
Line  ground  survey  area.  The 3 grids covered approximately 3 claims (approximately 120  acres)  within  the
group. The survey was conducted along 100 meter spaced lines trending eastward with a reading at each 25 meters
along  the  lines.  The ground survey of mag and VLF details the south edges of the aeromagnetic features  that
indicate   semi circular narrow mag highs of 180 nanoteslas (nT) to 250 nT above the background baseline.   The
VLF  revealed  north-south striking conductive trends that apparently cut across the eastern edge  of  the  mag
highs.  Strong mag responses were within Grid 2 and Grid 3 and along the south edge of the aeromag highs  VG1b,
VG2a  and  VG2b.  The VLF fraser filter of the in phase readings gave correlation with the  edge  of  the  high
magnetic features revealing northeast trends.

The  Company plans to conduct further grid based mag and VLF surveys over the aeromag highs identified, in  the
spring  2009.  It  is  also considering deeper methods of IP surveys to test depths of the assumed  mineralized
zones.

Company  Chief Geologist, Paul Lemmon stated, "I am pleased with the results of the surveys, and in  particular
with  similar  geophysical results generated by Stratabound adjoining the County Line  claims  suggesting  that
these targets are excellent drill targets which we hope to arrange   as soon as weather permits".

Fundy  Chairman and CEO, Jeff Michel added, "There is much more work still to be done on these and other  Fundy
properties  but, the early indications are promising. We are continuing with our active field work  as  weather
permits."

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.
                                                       
                                                       
                                                   --ENDS--

ENQUIRIES:

ST HELEN'S CAPITAL PLC                                           TEL: +44 (0)207 628 5582
Duncan Vasey
Barry Hocken

FUNDY MINERALS LTD                                               TEL: +1 561 575 1720 or +44 (0)207 669 4479
Jeff Michel, Chairman / CEO




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