Press Releases

Fieldex raises $250,000 in 12% debentures

Mr. Martin Dallaire reports

FIELDEX TO ISSUE $250,000 OF CONVERTIBLE DEBENTURES

Fieldex Explorations Inc. has agreed to issue $250,000 of convertible unsecured debentures pursuant to its previously announced private placement. Fieldex will issue the convertible debentures to two institutional purchasers in Quebec.

The proceeds from the placement of the convertible debentures will be used for general exploration expenses and working capital.

The debentures will bear interest at the rate of 12 per cent a year, payable quarterly subject to certain conditions. No interest will be payable during the first year of the term of the debentures if the common shares of Fieldex are trading on the TSX Venture Exchange at a minimum price of 45 cents per share for the 20 trading days preceding the date interest is payable. No interest will be payable during the two remaining years of the term of the debentures if the common shares of Fieldex are trading on the exchange at a minimum price of 60 cents per share for the 20 trading days preceding the date interest is payable during such time.

The debentures may be redeemed by Fieldex: (i) in cash at any time, without penalty, upon prior written notice of at least 60 days; (ii) in common shares of Fieldex, if such shares trade on the exchange for a minimum price of 50 cents per share for the 20 trading days preceding the date of conversion in addition to providing 10 days prior written notice to the holder; or (iii) on any other terms provided in the debentures. The debentures may be convertible at the option of the holder into common shares of Fieldex in the event, subject to certain conditions, Fieldex issues common shares or convertible securities at a lesser price of issuance or conversion than that provided in the debentures.

The debentures may be convertible at a conversion price of 30 cents per unit for the first two years of the term of the debentures and 35 cents per unit for the third year of the term of the debentures. Each unit will be composed of one common share of Fieldex and one common share purchase warrant. Each common share purchase warrant will entitle the holder thereof to purchase one additional common share of Fieldex at a price of 35 cents per share for a period of 24 months.

The private placement is subject to TSX Venture Exchange acceptance. All securities issued pursuant to the proposed private placement will be subject to a four-month hold period from the date of closing. Closing is expected to take place by the end of April, 2005.