ROUYN-NORANDA, QC, April 6 /CNW Telbec/ - Fieldex Exploration Inc. (FLX: TSXV and F7E: Frankfurt) is very pleased to announce today that it has entered into an agreement to purchase a 100% interest in 635 mineral claims representing 15,550 hectares (155.5 sq.km), covering 100% of the Michikamats anomaly in Labrador. The Michikamats anomaly has many strong similarities to Quest Uranium's Misery Lake project in Quebec (Hornbrook, E.H.W. and Friske, P.W.B. (1989) and Dumont, R; Fortin, R; Hefford, S; Dostaler, F: (2010)
In early March 2010, the government of Labrador released new geophysical survey data for the Labrador side of Quest Uranium's Misery Lake and Strange Lake projects. The government data outlined a distinctly-anomalous ringed target just over the Labrador border (see map http://www.fieldexexploration.com/properties/detail-11.html). Local prospectors staked the project and then offered it to Fieldex Exploration.
Martin Dallaire, President and CEO of Fieldex stated, "Fieldex's geological team is extremely happy with this acquisition. It is our intention to move this project forward rapidly, initially with prospecting and hopefully with drilling during the third quarter of 2010."
Under the terms of the Acquisition Agreement, Fieldex will acquire a 100% mineral interest in the claim block from Zimtu Capital Corp. and local prospectors Gary Lewis and Aubrey Budgells (the "Vendors"). In consideration for the property, the Vendors will receive $160,000 and 4,000,000 Fieldex shares over a twelve-month period, subject to approval of the TSX Venture Exchange. The property is subject to a 2% Net Smelter Return Royalty, of which one half (1%) may be repurchased by Fieldex for $1 million.
Fieldex is also pleased to provide the following updates.
Kipawa Drilling Program Update (REE)
Fieldex has completed nine drill holes for a total of 1,321 metres since the beginning of the exploration campaign on the yttrium-zirconium-heavy rare earths Lac Sairs project in Kipawa. The drill rig is currently moving to the south shore of the Kipawa river and should resume drilling on April 7th for an additional six to eight holes (see map on Fieldex website). More than 200 samples have been sent to ALS Chemex/SRC Geoanalytical Laboratories so far and results will be communicated as soon as available. The communities of Eagle Village First Nation and Wolf Lake First Nation have been consulted and agreed to the current drilling campaign.
Delbreuil Property Update (REE & Rare Metals)
On January 27, 2010, Fieldex announced a new REE discovery on its Delbreuil property, 100 km north of the Lac Sairs project. Drilling permits were requested in early March for a ten-hole (1,500 metres) diamond-drilling program and are expected by mid-April 2010. The community of Long Point First Nation was consulted on March 26 with respect to the upcoming drilling campaign.
Case Pegmatite Project Update (REE & Rare Metals)
On March 10, 2010, Fieldex and Mantis Mineral Corp. entered into an option agreement pursuant to which Fieldex has an exclusive and irrevocable option to acquire up to a 60% interest in five mining claims covering 480 hectares, comprising the Case pegmatite project, a lithium-tantalum-rich pegmatite located in Steele township 75 kilometres east of Cochrane, Ontario. The seven holes core (NQ size) representing 508 metres were recently retrieved and brought to Fieldex Exploration offices in Temiscamingue. The Case Pegmatite project was evaluated by Platinova in 2001 for its tantalum potential and very limited assaying was done for REE and Rare Metals. Fieldex is currently re-sampling the core for REE and Rare Metals.
Quality Assurance/Quality Control
Fieldex Exploration has implemented and adheres to a strict Quality Assurance/Quality Control program which includes mineralized standards and blanks for each batch of samples. Assay samples are taken from drill core sawed in half with one half sent to a commercial laboratory and the other half retained for future reference.
The work program is carried out under the supervision of Robert Sansfaçon, geologist and qualified person as per National Instrument 43-101
Fieldex is a mineral resource company actively exploring in Quebec for base and strategic group metal deposits located throughout Canada, representing over 600 km2. FNX Mining Company owns 6,500,000 shares of Fieldex Exploration Inc. Fieldex has 58,122,018 shares outstanding, a cash position of $3M and an investment of 800,000 shares in Visible Gold Mines Inc. Forward-looking Statements
This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the ability of Fieldex to control or predict, which could cause actual events or results to differ materially from those anticipated in such forward-looking statements, including risks disclosed in filings with the Canadian securities regulators made by Fieldex. Accordingly, readers should not place undue reliance on forward-looking statements.
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 the release.
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For further information: For further information: Martin Dallaire, eng, President & Chief Executive Officer, (819) 762-0609, Fax: (819) 762-0097, firstname.lastname@example.org; www.fieldexexploration.com