Press Releases

Fieldex increases Uranium claims in quebec

Rouyn-Noranda, Canada, April 12, 2007. Fieldex Exploration Inc. (FLX:TSXV and F7E:Frankfurt) has entered into a purchase agreement with a group of prospectors whereby Fieldex can earn up to a 100-per-cent interest in the Lac Sairs property located 100 kilometres northeast of North Bay near the Quebec-Ontario border, halfway between the Elliot Lake uranium camp and the Abitibi gold belt camp. The property comprises 17 claim blocks with a total area of approximately 1000 hectares or 10 km².

The property occurs in the Kipawa basin along the contact of a sedimentary rock sequences and alkaline intrusive complex. Grab samples taken last fall from the property, returned up to 10 pounds per ton of U3O8. Many radiometric anomalies have also been identified on the property. In 1978-79, a 10-hole diamond drill program executed by Valdez Resources Industries in partnership with Nuspar Resources yielded significant rare earth elements (Ytrium and Niobium) and uranium results shown in table below;

 

Hole From To Length U308

(ft) (ft) (ft) (lbs/ton)

N-78-1 150.0 156.5 6.5 1.51

N-78-2 146.2 149.5 3.3 0.70

N-78-3 151.0 154.5 3.5 0.52

N-78-4 254.0 256.0 2.0 1.94

N-78-5 99.0 105.5 6.5 0.45

145.2 163.0 17.8 0.72

N-78-6 124.0 139.0 15.0 0.43

N-78-7 22.9 29.0 6.1 1.82

NV-8 202.2 210.0 7.8 0.93

322.5 325.9 3.4 1.29

364.5 366.8 2.3 1.37

368.7 370.2 1.5 0.89

NV-9 199.3 204.5 5.2 2.45

NV-10 168.4 170.3 1.9 0.30

 

 

Martin Dallaire, the president and chief executive officer of the company, stated: "Fieldex's growth strategy has always been to acquire large prospective land positions, in favourable geological settings and close to infrastructure. With U3O8 trading at $113 US per pound, we are convinced that this uranium acquisition combined with our 100% own Delbreuil property will quickly provide us promising results. Our neighbour, Aurizon Mines, made a few interesting discoveries in the area this year" .

The Lac Sairs project has been initiated based upon one of several possible geological concepts, the most attractive one being the Kipawa basin potentially representing the unconformity-type similar to prolific Athabasca in western Canada. These unconformity-related deposit types, for example, Cigar Lake, McArthur River, Eagle Point and McClean Lake constitute approximately 33% of the world’s uranium resources and include some of the largest and richest deposits. These deposits form from geological changes occurring close to major unconformities. Below the unconformity, the sedimentary rocks, hosting the mineralization, are usually faulted and /or brecciated.

Under the agreement, Fieldex has agreed, subject to regulatory approval, to issue the vendors 550,000 common shares and to incur $100,000 in exploration work over one year, in order to earn 100% in the property with no royalty. Fieldex intends to initiate work immediately on the property with a drilling program scheduled in May 2007.

The securities to be issued pursuant to the agreement shall be subject to a four-month hold period. No finders fee is to be paid regarding the agreement and the Owners and Fieldex are not related parties.

Qualified person

Ike Osmani is the qualified person as defined by National Instrument 43-101. He has over 25 years of experience in mineral exploration in Canada and overseas.

The agreement regarding the Lac Sairs property acquisition is subject to regulatory approval.