Press Releases

Fieldex announces distribution of Visible Gold Mines shares to Fieldex shareholders

Fieldex Exploration Inc. (FLX: TSX Venture Exchange, F7E: Frankfurt, Munich, Berlin Exchanges) and Visible Gold Mines Inc. (VGD: TSX Venture Exchange) announce that Board of Directors of Fieldex has given final approval to the distribution by Fieldex to its shareholders of an aggregate of 7,439,931 common shares of Visible Gold Mines currently held by Fieldex.

Fieldex will distribute 7,439,931 Visible Gold Mines shares, subject to rounding, to Fieldex’s shareholders. Each Fieldex shareholder of record at the close of business on July 26, 2007 will receive one common share of Visible Gold Mines for every six shares of Fieldex held. No fractional common shares will be distributed in connection with the distribution and shareholders of Fieldex will not receive any payment in lieu of fractional shares to which they would otherwise be entitled. After the distribution, Fieldex will hold 800,000 common shares of Visible Gold Mines.

Fieldex’s registered shareholders will receive share certificates representing their Fieldex shares by mail shortly after the July 26, 2007 record date. Fieldex’s beneficial shareholders should contact their securities dealers regarding their Visible Gold Mines shares.

In connection with the distribution, Visible Gold has filed a final prospectus dated July 3, 2007 with the securities commissions of each of the provinces of Canada. The prospectus is available under Visible Gold Mines’ company profile on SEDAR at www.sedar.com .

Visible Gold Mines’ common shares commenced trading on the TSX Venture Exchange earlier today under the trading symbol “VGD”.

Earlier today, Visible Gold Mines completed an initial public offering of 5,460 units at a price of $1,000 per unit, for gross proceeds to Visible Gold Mines of $5,460,000 (please see the press release of Visible Gold Mines dated July 17, 2007).

Following the closing of the initial public offering, there are 23,994,929 common shares of Visible Gold Mines issued and outstanding. Of these, and once the distribution is completed, it is expected that Fieldex’s shareholders will hold, in the aggregate, 31.0% of the Visible Gold Mines shares, Fieldex will hold 3.3%, investors under the initial public offering will hold an aggregate of 51.2%, and the subscribers in the April 2007 private placement and property vendors will hold an aggregate of 14.5%.

The distribution by Fieldex of the 7,439,931 common shares of Visible Gold Mines will not affect Fieldex’s issued and outstanding shares.