Press Releases

Fieldex to list on Tier 2 on Jan. 7; raises $1-million

Mr. Martin Dallaire reports

FIELDEX FILES FINAL DOCUMENTATION WITH THE TSX VENTURE EXCHANGE IN CONNECTION WITH THE LISTING OF ITS COMMON SHARES

Fieldex Exploration Inc. has filed with the TSX Venture Exchange all final documentation relating to the listing of its common shares on the exchange. In addition, Fieldex has filed a copy of its listing application (Form 2B) on www.sedar.com. It is expected that the common shares of Fieldex will be admitted for trading on Tier 2 of the TSX Venture Exchange under the trading symbol FLX at the opening of the market on Jan. 7, 2005.

In order to satisfy the public distribution requirements of the TSX Venture Exchange, prior to the open of the market on Jan. 7, 2005, Haywood Securities Inc. will effect cross-trades for a total of 200,000 common shares of Fieldex at a price of 25 cents per share to a total of 57 people who are not already shareholders of Fieldex.

In addition, on Dec. 30, 2004, Fieldex completed a previously announced private placement of three million flow-through units and one million ordinary units at a price of 25 cents 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 35 cents. Haywood acted as agent for the private placement.

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.