/NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OF FOR DISSEMINATION IN
THE UNITED STATES/
Will Create Public Company Focused on Gold Exploration
ROUYN-NORANDA, QC, Canada, March 8 /CNW Telbec/ - Fieldex Exploration
Inc. (FLX:TSXV and F7E:Franfurt) announces that its Board of Directors has
approved the distribution by Fieldex to its shareholders of the common shares
of Visible Gold Mines Inc. held by Fieldex. Visible Gold Mines is currently a
wholly- owned subsidiary of Fieldex.
The purpose of the distribution is to make Visible Gold Mines a public
company. Visible Gold Mines will focus on exploration for gold, while Fieldex
will continue to focus on exploration for base metals.
Martin Dallaire, President and CEO of Fieldex, stated, "This gold
spin-out, combined with the recent FNX Mining transaction which we announced
on February 16, are important steps in Fieldex's growth strategy. We are very
pleased with this decision as it will allow Fieldex to focus in the
Temiscamingue area on our very prospective Cu-Ni-PGE deposits, that is, the
Midrim, LaForce and Belleterre properties."
The distribution by Fieldex of a portion of its Visible Gold Mines shares
will be effected by way of dividend to Fieldex's shareholders and will not
affect Fieldex's issued and outstanding shares. It is expected that Fieldex
will set a record date for the distribution shortly. Fieldex's shareholders of
record at the close of business on the distribution record date will be
entitled to receive Visible Gold Mines shares. Fieldex will issue a press
release announcing the dividend record date and distribution date once they
are determined. Each Fieldex shareholder will receive one common share of
Visible Gold Mines for every five shares of Fieldex held. There are currently
37,199,657 common shares of Fieldex issued and outstanding.
Visible Gold Mines intends to file a prospectus with the provincial
securities commissions in order to qualify the distribution of the shares to
Fieldex's shareholders under securities laws. The prospectus will provide a
full description of Visible Gold Mines, including its Board of Directors,
management, properties and proposed exploration program. Visible Gold Mines
also intends to raise funds through one or more financings.
The distribution of the Visible Gold Mines shares to Fieldex's
shareholders is subject to regulatory approval.
This news release contains certain forward-looking statements, including
statements about the distribution by Fieldex of the shares of Visible Gold
Mines. These forward-looking statements are subject to a variety of risks and
uncertainties beyond the ability of Fieldex and Visible Gold Mines to control
or predict, which could cause actual events or results to differ materially
from those anticipated in such forward-looking statements, including risks
relating to the parties' ability to complete the transaction and to obtain the
necessary approvals, and other risks disclosed in filings with the Canadian
securities regulators made by Fieldex. Accordingly, readers should not place
undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Martin Dallaire, eng., President & CEO, (819)
762-0609, Fax: (819) 762-0097, www.fieldexexploration.com