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FIELDEX EXPLORATION ANNOUNCES SECOND CLOSING OF PRIVATE PLACEMENT

Rouyn-Noranda, Québec, Canada, December 29, 2011 - Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E) announces that it has held a second and final closing of its previously-announced private placement by issuing 2,400,000 additional "flow-through" units at a price of $0.125 per unit, for gross proceeds to Fieldex of $300,000.  Fieldex issued the "flow-through" units to "accredited investors" in Ontario and Québec, and will use the proceeds for its exploration program on its properties in Québec.

As a result of the second closing, Fieldex raised total proceeds of $935,875 in the private placement.

Each of the 2,400,000 "flow-through" units issued at the second closing is comprised of one common share and one-half of a common share purchase warrant.  Each full warrant entitles its holder to acquire one additional common share of Fieldex at a price of $0.18 for 18 months.

Industrial Alliance Securities Inc. acted as agent for the private placement on a best-efforts basis.  In connection with the second closing of the private placement, Fieldex paid Industrial Alliance Securities a cash commission of $25,500 and issued "broker warrants" to Industrial Alliance Securities and to an exempt market dealer, entitling them to purchase up to an aggregate of 120,000 common shares of Fieldex for a period of 18 months at a price of $0.10 per share.

The securities issued by Fieldex at the second closing of the private placement are subject to a four-month "hold period" ending on April 30, 2012 under applicable securities legislation.

Following the second closing of the private placement, there are 68,109,018 common shares of Fieldex issued and outstanding.

About Fieldex
Fieldex is a mineral exploration company actively exploring in Quebec for base and strategic group metal deposits, representing over 600 km².  Quadra FNX Mining Company owns 6,500,000 shares of Fieldex.

For more information, please contact:
Martin Dallaire, eng
President & Chief Executive Officer
Tel.: (819) 762-0609
Fax: (819) 762-0097
mdallaire@fieldexexploration.com
www.fieldexexploration.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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