VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 16, 2012) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) wishes to announce the acquisition of six claims from Namex Explorations Inc. for a total consideration of $25,000 and the issuance of 250,000 shares of Fancamp. A 2% NSR royalty accompanies the property, 1% of which may be bought back for $1 Million.
With the acquisition of the Namex ground, Fancamp consolidates its position in the Clinton volcano-sedimentary belt, now covering a 17km continuous strike length from the US border to the northern tip of the belt near Megantic, Quebec. It also adds the last historical zone Fancamp did not own in the belt, the Clinton C zone, hosting historic resources of 361 000, tons @ 1.77% Cu and 0.64% Zn. With this latest acquisition, Fancamp now holds a total historic resource estimated at 1.52 M tons @ 2.08% Cu and 1.54% Zn, in five zones, A, C, E, F and O (Quebec Government Fiche de gite 21E07-0007). In 1973 122,251 tons of ore grading 2.65% Cu, 2.43% Zn, 0.46% Pb, 30.03 g/t Ag and 0.45g/t Au were mined from the O zone (Groupe Minier Sullivan, 1973 Annual Report). Fancamp has also acquired an extensive data package from Namex, which includes unfiled and unstudied drill hole information and geophysics on the so called Clinton V zone, a mineralized zone discovered by Namex and OT mining in 1996 (separate from the Clinton C).
The historic resource estimates were completed prior to the implementation of the NI 43-101 standards. Given the quality of the work prepared by the Government of Quebec and Groupe Minier Sullivan, the Company believes the resource estimates to be both relevant and reliable. However, a qualified person has not completed sufficient work to classify the historic mineral resources as current mineral resources, and is not treating the historic resources as current. Hence, they should not be relied upon.
The Company is now carrying out data compilation and further drill programs are planned shortly to confirm and enlarge the resource.
To view the map accompanying this press release please click on the following link: http://media3.marketwire.com/docs/FNC0716.pdf
ON BEHALF OF THE BOARD
Peter H. Smith, PhD, P. Eng., President
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
S.E.C. Exemption: 12(g)3-2(b)No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.