Press Releases

Fieldex engages Powerone Capital Markets for private placement of up to $1.68 million

Fieldex Exploration Inc. (FLX :TSXV and F7E : Frankfurt ) is pleased to announce that it has engaged PowerOne Capital Markets Limited of Toronto, Ontario as its exclusive agent for a best-efforts private placement of a maximum of 4,000,000 flow-through common shares of Fieldex at a price of $0.42 per flow-through common share, for maximum gross proceeds to Fieldex of up to $1,680,000.

The flow-through common shares will be sold to accredited investors in Ontario, Alberta and British Columbia on a prospectus‑exempt basis. Closing of the private placement is expected to occur on or about November 21, 2006.

The gross proceeds from the private placement will be used by Fieldex for its exploration program on its properties located in Quebec.

In connection with the private placement, PowerOne Capital Markets Limited will receive a fee equal to 8% of the gross proceeds raised under the offering. In addition, Fieldex will issue a non-transferable compensation warrant to PowerOne Capital Markets Limited, entitling it to purchase that number of common shares of Fieldex equal to 10 % of the number of flow-through common shares sold in the private placement. The compensation warrant will be exercisable at a price of $0.42 per common share for a period of two years after the closing of the private placement. The compensation warrant will be issued on a non “flow-through” basis.

The private placement is subject to approval by the Board of Directors of Fieldex, regulatory approval, including that of the TSX Venture Exchange, and the signing of an Agency Agreement between Fieldex and PowerOne Capital Markets Limited.

The securities issued in connection with the private placement will be subject to a four‑month hold period after the date of closing of the private placement under the policies of the TSX Venture Exchange and applicable securities legislation.