Fancamp options claims on Quebec uranium properties

Fancamp Exploration Ltd (C:FNC)
Shares Issued 27,460,981
Last Close 1/18/2008 $1.30
Monday January 21 2008 - News Release

Dr. Peter Smith reports

FANCAMP EXPLORATION LTD.: URANIUM PROPERTIES OPTIONED

Fancamp Exploration Ltd. has completed a number of option agreements on some of its 50-per-cent-owned grassroots uranium properties located in Quebec. Cash and share receipts cited represent Fancamp's 50-per-cent share.

Baie Comeau/Manicuagan properties, Quebec North Shore

These 11 groups, totalling 213 claims or 11,720 hectares, have been optioned to Bonaventure Enterprises Inc. on the following terms:

• On signing -- $25,000 and 50,000 shares of the optionee;
• End of year one -- $25,000 and 50,000 shares;
• End of year two -- $25,000 and 50,000 shares;
• End of year three -- $50,000 and 50,000 shares;
• In addition, the optionee is required to spend $500,000 in year one; $750,000 in year two and $1.25-million in year three to earn a 50-per-cent interest.

A 60-per-cent interest may be earned by producing a bankable feasibility and issuing 10 per cent of the o/s of the optionee (Fancamp's share at 5 per cent).

George River properties, northeast Quebec/Labrador boundary

These 11 groups, totalling 428 claims or 19,900 hectares, have been optioned to Nebu Resources Inc. on the following terms:

• On signing -- $300,000 and 175,000 shares of the optionee;
• $200,000 in year two;
• $500,000, or at the optionor's choice, 500,000 shares at a deemed price of $1 per share in year three to earn a 100-per-cent interest;
• Upon completion of the agreement, Fancamp will retain a 3-per-cent net smelter return royalty, buyback on 1.5 per cent for $3-million (FNC share $1.5-million). An advance royalty is payable.

Godbout property, Quebec North Shore

These 62 claims, or 3,472 hectares, have been optioned to RT Minerals Inc. on the following terms:

• On signing -- $12,500 and 250,000 shares;
• $25,000 end of year one to earn a 100-per-cent interest;
• Upon completion of the agreement, Fancamp will retain a 3-per-cent NSR, buyback on 1.5 per cent for $1-million (FNC share at $500,000). An advance royalty is payable.

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