Also on SEDAR: President's "Report" (9/26/12)

Highly prospective exploration company

Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.

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luker

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Also on SEDAR: President's "Report" (9/26/12)

posted on Oct 15, 2012 10:19PM

FANCAMP EXPLORATION LTD.

PRESIDENT’S REPORT

September 26, 2012

The company remains focused on its grassroots exploration activities. Over the years, these

activities have successfully identified strong prospects and have resulted in the development of

a substantial and growing asset base.

The shareholdings of Argex Titanium Inc. and Champion Iron Mines Ltd. represent significant

value, and the 1.5% NSR royalty on the Champion Iron Properties in particular, a potential

source of substantial income in future years.

A 12,500 metre drill program, currently in progress on the Company’s 100% owned Lac Lamêlée

iron property should result in a NI 43

‐

101 compliant resource estimate planned for the end of

2012. Similarly, a more complete picture of its 46.72% owned Magpie Iron Titanium deposit

should be available at about the same time. (The Magpie bulk samples for metallurgical test

purposes will be arriving in China in early October 2012.) The ultimate development of these

major assets, including the Champion project, will, of course, depend on the time frame of

infrastructure development and on the needs of potential end users.

In the meantime, promising developments on the grassroots exploration front in several areas

could result in newsworthy priorities which will help keep the company’s activities in the public

eye. The recent drill program at Desolation Lake Ontario revealed a near true width intersection

of 422m grading 28.6 % FeT or 40.9% Fe

203;

the hole ended in the iron formation in a multi

kilometric scale magnetic feature indicating the possibility of substantial mineralization. Further

work is planned. Also in this category is the Company’s 100% owned McFauld’s Lake Property

with its chromite and Ni PGM potential and currently under option to Bold Resources Inc. The

Company is also carrying out a number of small drill programs on VMS and gold targets on the

optioned Stoke and Clinton properties located in the Quebec Appalachians. Exploration and

prospecting programs for gold are also underway on a number of 100% owned Company staked

properties located in the western Gaspé and southwest New Brunswick.

The current low stock price is of concern in that it in no way reflects the Company`s view of the

current and growing values of the underlying assets. It must however be borne in mind that

this seeming disconnect is the essence of the current junior mining market, and represents an

opportunity for the accumulation of stock at attractive prices in promising situations such as

our own. Value recognition in the market cannot be forced by simple promotion; it has to be

earned through the creation of new hard information rising out of, for example, the Company’s

exploration efforts. Patience is always required, but under such circumstances realization of

value, in the Company’s opinion, is inevitable.

Further measures will be taken in the coming year to enhance the Company’s profile.