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Probe will not persue the option for Fancamp property
In January 2006, the Corporation acquired an option to earn a 100% interest in the Fancamp property, comprised of 4 claims covering 1,024 hectares, located near the Corporation’s Tamarack Project in the McFauld’s Lake area of the James Bay Lowlands in Northern Ontario (the “Fancamp Joint Venture”). Under the terms of the agreement, the Corporation may earn its interest in the property by incurring exploration expenditures of $100,000 over two years, $30,000 of which must be spent prior to March 31, 2006, and issuing 100,000 common shares of the Corporation upon execution of the agreement and 100,000 common shares on the first anniversary of the agreement. The Fancamp Joint Venture property contains numerous targets identified from both airborne and ground geophysical surveys. Initial drill testing on the property commenced in February 2006 in conjunction with the Corporation’s 2006 exploration program in the McFauld’s Lake area.
During the period the Company (Orobe that is) decided not to pursue the option and $37,831 in expenses were written off.
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NEWS RELEASE
September 12, 2007 TSX Trading Symbol: FNC
S.E.C. Exemption: 12(g)3-2(b)
The Company wishes to clarify a statement made in its Management Discussion and Analysis accompanying the Audited Financial Statements for the year ended April 30, 2007 and filed on SEDAR.
The 6 McFaulds claims (near the Noront discovery) were erroneously described as expired. They are not, and remain in good standing.
ON BEHALF OF THE BOARD
“Peter H. Smith”, Ph.D., P.Eng., President
For further information, contact: Peter H. Smith, Ph.D.,P.Eng., President, at 514-481-3172
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
