Press Releases

Fieldex acquires ownership of 100% of FNX Mining's quebec properties

Fieldex Exploration Inc. (FLX-TSXV and F7E-FSE) announced today that it has completed its previously-announced transaction with FNX Mining Company Inc. (FNX-TSX) (see press release dated February 15, 2007) by entering into a definitive acquisition agreement with FNX under which Fieldex issued a total of 6.5 million common shares to FNX’s wholly-owned subsidiary, Aurora Platinum Corp., in exchange for Fieldex’s purchase of Aurora’s interest in four copper-nickel properties located in northwestern Quebec, representing 100% of FNX’s Quebec properties. The interests purchased are a: 70% interest in the Midrim property; 50% interest in the Temiscaminque property; 50% interest in the Laforce property; and 70% interest in the Belleterre property. As a result of the acquisition, Fieldex has increased its interest in each of the properties to 100% with the exception of Belleterre, in which it holds a 70% interest.

Concurrently with the closing of the acquisition, Fieldex entered into a Technical Assistance Agreement with FNX under which FNX has agreed to provide technical assistance to Fieldex, if requested, with respect to mineral exploration programs on the transferred properties, at market rates. FNX and Aurora also entered into a Standstill Agreement in favour of Fieldex, with customary terms and conditions, including an agreement by FNX and Aurora not to sell the 6.5 million Fieldex shares for a period of one year.

Aurora retains a 2% Net Smelter Return (NSR) royalty on the four transferred properties, with Fieldex having the right to purchase the NSR in its entirety for $1.5 million at any time.

In connection with the closing of the transaction, Mr. Gord Morrison was appointed to Fieldex’s Board of Directors (see press release dated April 26, 2007) as FNX’s representative.

The 6.5 million common shares of Fieldex issued to FNX represent approximately 14.7% of the number of Fieldex common shares issued and outstanding after the transaction.

Stock Options

Fieldex’s Board of Directors has approved the granting of a total of 650,000 stock options to its directors, officers, employees and consultants under Fieldex’s stock option plan. Each of the options gives the holder the right to acquire one common share of Fieldex at an exercise price of $0.63 per share until May 2, 2012.