ROUYN‐NORANDA, QC, Feb. 14 /CNW Telbec/ - Fieldex Exploration Inc. (FLX :TSXV and F7E : Frankfurt) is pleased to announce that it has entered into an option agreement with
Mr. Larry Desgagné to acquire a 100% interest in 76 mining claims
comprising the Desgagné‐Moly Property covering more than 3,365 hectares
(33.65 sq. km) in the Chapais region.
Martin Dallaire, President and Chief Executive Officer of Fieldex,
stated: "Although our focus is in Kipawa at the moment, Fieldex's geological team is extremely happy with
this option agreement. In our view, the Chapais area contains
considerable potential for molybdenum and other strategic metals."
Geological setting of the moly‐showing
The molydenite showing exhibits a shear zone which contains sericite,
chlorite, muscovite, pyrite and molydenite of 1.0 to 2.5 metres wide.
The zone surrounds a fine‐grained, sugary whitish quartz showing
concentrations of disseminated and stringers of millimetric grained
size molydenite. Laboratory certificates indicate historical values
from rock and saw samplings grading up to 7, 95 % Mo along a length of
30 cm. However, all these historical values are not yet re‐verified
under the complete norms of Canadian NI 43‐101 by Fieldex Exploration
The terms of the agreement
Pursuant to the terms of the agreement, Fieldex has an option to earn an
undivided 100% interest in the property by making cash and share
payments, and incurring exploration expenditures over a 36‐ month
period from the proposed closing date. In order to earn a 100%
interest, Fieldex must:
On the closing date, make a cash payment of $25,000 and issue 50,000
common shares to Mr. Desgagné.
On or before the first anniversary of the closing date, make a cash
payment of $25,000 and issue 75,000 common shares to Mr. Desgagné, and
incur $25,000 in exploration expenditures on the property.
On or before the second anniversary of the closing date, make a cash
payment of $30,000 and issue 75,000 common shares to Mr. Desgagné, and
incur $50,000 in additional exploration expenditures on the property.
On or before the third anniversary of the closing date, make a cash
payment of $30,000 and issue 100,000 common shares to Mr. Desgagné, and
incur $75,000 in additional exploration expenditures on the property.
In total, in order to earn a 100% interest, Fieldex must pay $110,000
and issue 300,000 common shares to Mr. Desgagné, and incurs $150,000 in
exploration expenditures on the property.
The property is subject to a 1.5% royalty in favour of Mr. Desgagné.
Fieldex can acquire 1% of the royalty from Mr. Desgagné for a cash
payment of $500,000. Mr. Desgagné has the option to require Fieldex to
purchase the remaining 0.5% royalty for a cash payment of $500,000.
Fieldex was also granted until June 28, 2011, a right of first refusal
to purchase from Mr. Desgagné the Nicobi property.
The option agreement is subject to regulatory approval, including that
of the TSX Venture Exchange.
Molybdenum (Mo) is a metallic element used principally as an alloying
agent for steel, cast iron, and super alloys. Its usage allows the
metals to be successfully resistant to high stress, expanded
temperature ranges, and highly corrosive environments. Furthermore,
molybdenum finds significant usage as a refractory metal in numerous
chemical applications, including catalysts, lubricants, and pigments.i The molybdenum oxide price is actually worth $17.60 per pound compare
to $4.60 per pound for the copper (www.kitcometals.com).
Employed in buildings and bridges, pipes and power plants, cars and
computers, paints and plastics, it is also a key element in the
construction of desalination plants, a technology used to purifying
drinking water. According to a note of the metals and mining team at
Desjardins Securities sent to its clients in 2010 "as the usage of desalination plants becomes an increasingly common
practice, molybdenum demand from the stainless steel sector can only
FIELDEX STARTS GEOPHYSICAL WORK IN KIPAWA ON ITS REE LAC SAIRS PROPERTY
Fieldex Exploration is also pleased to announce the start of geophysical
work on the north portion of the Kipawa Lac Sairs property located in
the Kipawa alcalin complex, 1.7 km from the Matamec Explorations Inc.
Kipawa REE‐Yttrium‐Zirconium deposit, 100 kilometres northeast of North
Bay, Ontario, within northwestern Quebec, near the Quebec‐Ontario
border. This work will consist of ground magnetometriq survey of 66.7
line‐km. The survey will be conducted by Telos Geoservices. This work
will enable Fieldex to collect more information about the previous and
successful drilling campaign especially diamond drill hole LS‐10‐19
(Stockwatch 2010 october 25, Fieldex drills 61.7 meters at 1.5% ZrO2).
A drilling campaign on the property will immediately follow the
The exploration program is carried out under the supervision of Robert
Sansfaçon, geologist and qualified person as per National Instrument
Fieldex is a mineral resource company actively exploring in Quebec for
base and strategic group metal deposits located throughout Canada,
representing over 600 km². Quadra FNX Mining Company owns 6,500,000
shares of Fieldex Exploration Inc. Fieldex has 60,122,018 shares
outstanding, a cash position of $1M and an investment of 800,000 shares
in Visible Gold Mines Inc.
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
i USGS, "U.S. Geological Survey, Mineral Commodity Summaries", January
ii Lam, Eric, "Molybdenum key ingredient in fresh water production",
Financial Post.com, June 10, 2010, http://business.financialpost.com/2010/06/09/molybdenum-key-ingredient-in-fresh-water-production/
SOURCE FIELDEX EXPLORATION INC.
For further information:
Martin Dallaire, eng
President & CEO
Tel.: (819) 762‐0609
Fax: (819) 762‐0097