VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2009) - Fancamp Exploration Ltd. (TSX VENTURE:FNC): Fancamp Exploration Ltd. wishes to announce the completion of an independent 43-101 compliant report on its previously undrilled Magpie titaniferous magnetite deposit held by The Magpie Mines Inc., a private subsidiary owned 48.64% by Fancamp. This report has been posted on the Company's website and will be filed on SEDAR within the prescribed 45 days.
The 43-101 compliant mineral resources based on three drill holes are as follows:
Indicated: 84M tonnes @ 42.4% Fe 10.7% TiO2 1.6% Cr Inferred: 201M tonnes @ 42.1% Fe 10.6% TiO2 1.5% Cr
This estimate covers about 30% of the total strike length of Deposit #2, whose historical, non 43-101 compliant resource measured 898, 104, 290 short tons @ 43.7% Fe, 10.6% TiO2, 1.55% Cr. (It is noteworthy, with respect to these historic estimates, that the geological interpretations used in their calculations by Stratmat in 1960, have been largely confirmed by the new drilling.)
The estimate of mineral resources has been prepared by Tyson C. Birkett, Eng. PhD of GENIVAR LP with an effective date of July 7, 2009. The estimate is based on three new drill holes and historic surface sampling of the well-exposed deposit, using GEMS software with inverse-distance-squared calculation. The estimate is limited to a contiguous portion of the high-grade massive oxide unit of the deposit. The high-grade unit is defined based on geological observations and Fe greater than 40%.
The Magpie deposit is located 160 km north of Havre-St-Pierre on Quebec's Lower North Shore.
The immense scale of the Magpie Deposits, and their cost efficient open pit production possibilities, make them a prime candidate for a long term mining operation, recovering iron and titanium and possible chromium and vanadium byproducts.
The Magpie Mines Inc. continues to hold discussions with potential joint venture partners.
The foregoing historical resource estimates were completed prior to the implementation of the NI 43-101 requirements. Given the quality of the historic work completed by J.R. Mowat of Stratmat in 1960, discussed herein, 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 technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Peter H. Smith, Ph.D., P.Eng., a qualified person under National Instrument 43-101.
This news release contains "forward-looking information" that is based on Fancamp's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Fancamp's exploration and development lands, outlook and business strategy. The words "may", "would", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project", and "believe" or similar words and phrases are intended to identify forward-looking information.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Fancamp's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related to the historical resource estimates, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes in input prices; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining, or advancing, the project; and labour relations matters.
This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Fancamp Exploration Ltd. disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events, or otherwise.
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.