Fancamp's Magpie finishes reconnaissance drilling

2008-11-04 15:31 ET - News Release

Mr. Peter Smith reports

FANCAMP EXPLORATION LTD.: MAGPIE DRILLING COMPLETED

The reconnaissance drilling program on the Magpie titaniferous magnetite deposit belonging to Fancamp Exploration Ltd.'s 48.7-per-cent-owned subsidiary, the Magpie Mines Inc., has been completed.

Three holes were drilled on the Magpie deposit No. 2, a 2.2-mile-long section of the Magpie. These holes were drilled from west to east, on two east-west profiles, 2,000 feet apart, at dips of 50 degrees. Hole 1 was drilled on the southern profile, and intersected massive titaniferous magnetite over 1,306 feet in the hole. Holes 2 and 3 were drilled on the northern profile. Hole 2 intersected 960 feet of massive titaniferous magnetite. Hole 3, drilled from the same set-up, at 70 degrees, intersected 230 feet of massive titaniferous magnetite and was stopped in that material.

The drilling demonstrates that the historic zone projections which were based on extensive fieldwork, were at least on these two profiles, quite accurate.

Assays will be reported when received.

This release was prepared by Peter H. Smith, PhD, PEng, the company's qualified person on the McFauld's project.