Press Releases

Fieldex engages Powerone Capital Markets for private placement of up to $1.25 million

Fieldex Exploration Inc. (FLX :TSXV) is pleased to announce that PowerOne Capital Markets Limited of Toronto has agreed to act as agent for its private placement, under which Fieldex will issue up to 2,500,000 “flow-through” units at a price of $0.20 and up to 5,000,000 “non-flow-through” units at a price of $0.15 per unit, for total gross proceeds to Fieldex of up to $1.25 million. Each “flow-through” unit will consist of one “flow-through”common share and one half of a common share purchase warrant. Each “flow-through” warrant will entitle the holder thereof to acquire one additional common share at a price of $0.25 for a period of two years. Each “non-flow-through” unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share at a price of $0.20 for a period of two years. The gross proceeds from the private placement of the “flow-through” units will be used by Fieldex for its exploration program on its properties located in Quebec. The net proceeds from the private placement of the “non-flow-through” units will be used by Fieldex for its exploration program on its properties located in Quebec and for working capital.The closing of the private placement is expected to occur on or about November 25, 2005 and is subject to regulatory approval including that of the TSX Venture Exchange. The common shares and the warrants to be issued by Fieldex in the private placement will be subject to a four-month hold period under applicable Canadian securities legislation. There are currently 12,038,935 issued and outstanding common shares of Fieldex.