Press Releases

Fieldex options strategic copper zinc property western quebec

Fieldex Exploration Inc. (FLX :TSXV) is pleased to announce that it has executed a letter agreement with the owners (the“Owners”) of the Julian Copper Zinc Property located near the Matagami mining camp, in northern Quebec. The Julian property covers approximately 600 hectares and will be added in Fieldex’ early stage property portfolio. The Owners of the property recently completed a sampling program on the property and grab samples returned values up to 14.0 % zinc, 1.01 % copper and 10.4 g/t silver. Fieldex will conduct an extensive sampling and assaying program as it is apparent the previous sampling was selective. Noranda has been very active in the Matagami region for a long time and, during the last 40 years, it has mined almost 43 million tonnes of zinc ore from nine different deposits in the district of Matagami. Noranda’s last discovery near Matagami – the Perseverance deposit - which consists of three high-grade zones - Perseverance, Equinox and Perseverance West, was discovered by Noranda in 2000. Total resources have been estimated at 5.1 million tonnes grading 15.82% zinc, 1.24% copper, 29.4 grams per tonne of silver and 0.38 grams per tonne of gold. Geologically, the mineralization at the Julian prospect is associated with gneissic rock containing small lenses of semi massive to massive sulfide.

The gneissic rock is intercalated with quartz and ultramafique material. The mineralization is found in both rock types and consist of up to 5 % chalcopyrite and massive sphalerite. The mineralization has been observed on two small outcrops about 150 meters apart. An extensive trenching program in this new area followed by geophysical survey and drilling program is also planned for 2006. Under the terms of the letter agreement, Fieldex Exploration can earn 90% of theproject by making cash payments of $45,000, issuing 50 000 shares to the Owners and spending $152 500 on exploration over a four year period. Once Fieldex has earned its 90% interest, the Owners of the claims will have 60 days to decide to participate in further exploration on a pro rata basis, dilute or elect to sell its interest. Fieldex will have the first right to purchase the interest. If the Owners dilute to less than a 5% interest, they will transfer their interest to Fieldex subject to a 2% Net Smelter Royalty. The Company will have the right to purchase a 1.0% Net Smelter Royalty from the Owners for $100 000. The agreement regarding the Julian Property is subject to regulatory approval No finders fee is to be paid regarding the agreement and the Owners and Fieldex are not related parties.