Press Releases

Fieldex increases non-brokered private placement to $3.9 million

Fieldex Exploration Inc. (FLX-TSXV and F7E-FSE) is pleased to announce that it has increased its previously-announced offering from 5,000,000 units to 6,000,000 units of Fieldex at a price of $0.65 per unit, for maximum gross proceeds to Fieldex of $3.9 million. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share at a price of $0.80 for a period of two years from the closing of the private placement.

The units will be sold to “accredited investors” in Québec, Ontario, Alberta and British Columbia on a prospectus-exempt basis. Closing of the private placement is expected to occur on or about July 12, 2007.

The gross proceeds from the private placement will be used by Fieldex for its exploration program on its properties located in Quebec and for working capital and general corporate expenses.

Fieldex has decided to proceed with a non-brokered private placement and will not engage PowerOne Capital Markets Limited as its exclusive agent in connection with the private placement. However, Fieldex will be paying a cash finder’s fee of up to 10% of the gross proceeds raised under the offering and issuing non-transferable compensation warrants to persons that are directly responsible for introducing “accredited investors” to Fieldex. The compensation warrants will entitle the holder thereof to acquire that number of units of Fieldex which is equal to up to 8 % of the number of units sold in the private placement. The compensation warrants will be exercisable at a price of $0.65 per unit for a period of two years from the closing of the private placement.

The private placement is subject to regulatory approval, including that of the TSX Venture Exchange, as well as the approval of the Board of Directors of Fieldex.

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