Press Releases

Fieldex buys Cambior 50% interest in the Stadacona gold deposit in Rouyn township

Fieldex Exploration Inc. (FLX :TSXV and F7E: Frankfurt ) is pleased to announce that it has signed a sale and purchase agreement with its 50% joint venture partner Cambior regarding the Stadacona Gold Property located in the Rouyn township, north-western Quebec.

Fieldex Exploration has agreed to purchase Cambior’s 50% interest in consideration of the issuance of 250,000 common shares of Fieldex. Fieldex may also purchase 1% NSR from Cambior 1.25% NSR royalty at any time during commercial production according to the following terms:

  • for $500,000 if the price of gold is inferior to $450 US per ounce;
  • for $750,000 if the price of gold is between $450 US and $600 US per ounce;
  • and, for $1,000,000 if the price of gold is superior to $600 US per ounce.

The Stadacona-East Gold Property consists of 73 claims (14 sq. km.) located 1.5 km. south of the Horne Mine (53.7 Mt of ore that averaged 2.22% Cu, 6.1 g/t Au and 13 g/t Ag) and beside the Stadacona Mine (2.8 Mt of ore grading 5.5 g/t Au).

Since the beginning of the joint venture, Cambior and Fieldex have undertaken 29,492 m. (94 holes) of surface diamond-drilling on the Stadacona-East Property. The drilling program has led to the discovery of the Forbex Gold Deposit which is estimated to contain resources of 449,960 tons grading 5.5 g/t Au (Cambior, 1988; estimated prior to NI 43-101 standards and considered an historical estimate, Ref.: Gisement métallique, MRN, GM 57646).

Fieldex is very encouraged by the potential of the property and will continue a program of surface drilling in November 2006. "Our short term goal is to increase the Forbex
Gold deposit tonnage to 1,000,000 tons and then provide Fieldex with an opportunity to go into possible production in partnership with a local producer." says Martin Dallaire, president and chief executive officer, Fieldex Exploration Inc.

Fieldex has not undertaken any procedures to verify the validity of the historical estimates set out in this press release. As such, management is unable to comment, at
this stage, on the relevance and reliability of such historical estimates. In the opinion of management, based on the information available, the gold mineralization referred to in the press release would be classified as an inferred mineral resource within the meaning ascribed to that term by the Canadian Institute of Mining, Metallurgy and Petroleum. However, no qualified person has done sufficient work to classify the mineralization as a current mineral resource.

Until such time as further exploration work is done on the Stadacona Property, Fieldex will not treat the mineralization referred to in the historical estimates as a current mineral resource and, as such, investors should not rely on such historical estimates in making their investment decisions.