First Mountain Exploration Ltd. Completes Disposition of Undeveloped Mineral Rights in Faust Area of Alberta

CALGARY, Dec. 14, 2012 /CNW/ - First Mountain Exploration Ltd. ("First Mountain" or the "Company") (TSX Venture: FMX) is pleased to announce that it closed its previously announced disposition of the Company's interest in the Faust area of Alberta to CaiTerra International Energy Corporation ("CaiTerra") (TSX Venture: CTI). The Company's shareholders approved the disposition at the annual and special meeting of the shareholders which took place today.

First Mountain intends to use the proceeds from the disposition to pursue new opportunities that diversify the Company's asset base and add future value.  This could include the purchase of assets or a corporate transaction.

In addition, at today's annual and special meeting, the Company's shareholders appointed the board of directors of the Company which is now comprised of incumbent directors: William Ambrose, Arthur Halleran, Sara Pettigrew and Wayne Murphy and a new director William Slipp. For more information on the composition of the board of directors of the Company please see the information circular and proxy statement of the Company dated November 14, 2012 which is filed on SEDAR.

Neither the 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.

A Note regarding Forward Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws.  The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward looking statements and information concerning First Mountain's plans for the proceeds of the disposition.  

Although First Mountain believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because First Mountain can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to reserves, resources, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Management has included the above summary of assumptions and risks related to forward looking information provided in this press release in order to provide security holders with a more complete perspective on First Mountain's future operations and such information may not be appropriate for other purposes.

The forward-looking statements and information contained in this press release are made as of the date hereof and First Mountain undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE: First Mountain Exploration Ltd.

For further information:

William Ambrose
President, Chief Executive Officer and Director
First Mountain Exploration Ltd.
Telephone: (403) 453-2266