Press Releases

Pinetree Capital LTD. acquires commons shares of Fieldex Exploration

Fieldex Exploration Inc. (FLX :TSXV) wishes to announce that Pinetree Capital Ltd. (PNP: TSX) acquired ownership of two million common shares of Fieldex Exploration Inc. and two million share purchase warrants on Nov. 29, 2005. Each warrant entitles the holder to acquire one additional common share, at an exercise price of 20 cents, until Nov. 28, 2007.In the event that the warrants are fully exercised, these holdings represent approximately 18.6 per cent of the total issued and outstanding common shares of Fieldex as of Nov. 29, 2005, calculated on a partially diluted basis, assuming the exercise of warrants only. As a result of this transaction, Pinetree and its joint actors held, as at Nov. 29, 2005, 2,916,667 common shares of Fieldex. Pinetree and its joint actors also held rights to acquire 4,016,667 common shares of Fieldex upon exercise of convertible securities, including the warrants. Of these totals, Pinetree holds two million common shares and the two million warrants directly. If Pinetree and its joint actors were to exercise all of these convertible securities, their combined ownership would represent a total of 6,933,334 common shares of Fieldex, or approximately 29.4 per cent of such shares outstanding as of Nov. 29, 2005, calculated on a partially diluted basis, assuming the exercise of the convertible securities only. If only the warrants are fully exercised, the direct holdings of Pinetree represent approximately 18.6 per cent of all issued and outstanding common shares of Fieldex as of Nov. 29, 2005, calculated on a partially diluted basis assuming the exercise of the warrants only.These transactions were made for investment purposes, and Pinetree and each of its joint actors could increase or decrease their respective investments in Fieldex depending on market conditions or any other relevant factor