Press Releases

Fieldex completes $1 million private placement

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ROUYN-NORANDA, Jan. 4 /CNW Telbec/ - Fieldex Exploration Inc. is pleased to announce that it has completed a previously-announced private placement of 3,000,000 "flow-through" units and 1,000,000 ordinary units at a price of $0.25 per unit for total gross proceeds to Fieldex of $1 million. Each "flow- through" unit consists of one "flow-through" common share and one half of one common share purchase warrant. Each ordinary unit consists of one common share and one whole common share purchase warrant. Each whole warrant will permit its holder to purchase one additional common share for a period of two years following the closing of the offering at price of $0.35.

In connection with the private placement, in addition to the payment of a cash commission equal to 7.5% of the gross proceeds of the offering, Fieldex issued to Haywood Securities Inc., the agent for the private placement, a compensation option entitling it to purchase up to 400,000 ordinary units at a price of $0.25 per unit for a period of two years following the closing of the offering. Fieldex also issued a total of 150,000 common units to Haywood in payment of a corporate finance fee in connection with the offering.

All of the foregoing securities, including those issued to Haywood, are subject to a hold period expiring on May 1, 2005.

The gross proceeds from the private placement of the "flow-through" units will be used by Fieldex to incur Canadian exploration expenses on its properties located in Quebec. The net proceeds from the private placement of the ordinary units will be used by Fieldex for general exploration expenses on its properties located in Quebec and for working capital needs.

Following the private placement, there are a total of 12,028,935 common shares of Fieldex issued and outstanding.

About Fieldex
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Fieldex is a mineral resource company actively exploring for nickel- copper-platinum group metal (PGM) deposits in Quebec. The Temiskaming and Noranda North properties are Fieldex's principal properties. In addition, Fieldex owns or has rights in three other properties located in Northern Quebec, representing over 3,000 hectares.

Temiskaming property

Fieldex is a party to a joint venture with Aurora Platinum Corp. (TSX VN: ARP) for exploration on its Temiskaming property, which is located in the Belleterre - Angliers greenstone belt. The claims staked represent a total of 36,000 hectares with a gold-nickel-copper platinum group metal potential. Over the course of the last four years, Fieldex has expended approximately $175,000 in order to carry out prospecting, sampling, geophysical, line cutting and drilling work on this property. In addition, since February 2004, Fieldex, together with its joint venture partner Aurora, has expended in excess of $300,000 in order to carry out prospecting, sampling and geophysical work on this property. Over the next 12 months, Fieldex intends to expend a total of $370,000 on this property in geophysical and drilling.

Noranda North Property

Fieldex is a party to a joint venture with Lake Shore Gold Corp. (TSX VN: LSG) for exploration on its Noranda North property, which is located approximately 40 kilometres north of Rouyn-Noranda, adjacent to the Privat and Poularies townships. The claims staked on the property represent 89 contiguous claims covering an area of about 3700 hectares with a gold and volcano massive sulfide (VMS) potential. During Lake Shore's first phase of exploration in 2003, the following target areas (Baie à Dion, Bélanger and Lois-East) were defined and Fieldex intends to continue detailed ground geophysics and drilling over the next 12 months.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. %SEDAR: 00008738E

For further information: Fieldex Exploration Inc., Martin Dallaire, President and Chief Executive Officer, 819-762-0609