VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2009) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): The Company wishes to announce that its 50% held (50% Sheridan Platinum Group) nickel-copper-PGE project, known as the Villebon Property, in northern Quebec, has been optioned to LiteWave Corp. and St-Georges Minerals Inc.
To acquire up to 100% ownership in the property, St-Georges will issue a total of 2,250,000 common shares to Fancamp and Sheridan within six months. Litewave will be required pay the vendors $200,000 Cdn. over two years and then an annual advance royalty payment of $20,000 Cdn. The Property is subject to a 2% Net Smelter Return ("NSR") on 18 claims and to a 1% NSR on 5 claims covering the Villebon Zone. A total of 1% of the 2% NSR can be purchased for $1,000,000 Cdn. LiteWave would assume a remaining property payment of $80,000 Cdn. on the Villebon Zone 5 claims to Tectonic Resources as well as an existing 2% NSR, of which 1% can be purchased for $1,000,000 Cdn.
ON BEHALF OF THE BOARD
Peter H. Smith, Ph.D., P.Eng., President
S.E.C. Exemption: 12(g)3-2(b)
FOR FURTHER INFORMATION PLEASE CONTACT:
Fancamp Exploration Ltd.
Peter H. Smith, Ph.D., P.Eng.