Fancamp Announces $4,000,490 Brokered Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2010) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) (the "Company") is pleased to announce that it has entered into an agreement with Secutor Capital Management Corporation and Industrial Alliance Securities Corporation (together, the "Agents"), in connection with a private placement financing of units ("Units") at a price of $0.52 per Unit and flow-through units ("FT Units") at a price of $0.65 per FT Unit for aggregate gross proceeds of up to $4,000,490 (the "Offering").

The Offering is being made by the Agents on a commercially reasonable efforts basis and is expected to close later this month. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. All securities to be issued under the Offering will be subject to a four-month statutory hold period in Canada.

Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (a "Warrant").

Each FT Unit consists of one common share of the Company to be issued as a "flow-through share" (a "Flow-Through Share") within the meaning of theIncome Tax Act(Canada) (the "Tax Act") and one-half of one common share purchase Warrant.

Each whole Warrant will entitle the holder to acquire a common share of the Company at a price of $0.90 per share for a period of 18 months following the closing of the Offering, subject to earlier forced acceleration in the event the Company's shares close at a price of $1.30 per share or more for 20 consecutive trading days after the four month hold expires.

The Company will pay the Agents an aggregate cash commission equal to 7% of the gross proceeds raised in respect of the Offering and issue to the Agents (i) an aggregate number of non-transferrable broker warrants to acquire that number of Units that is equal to 7% of the total number of FT Units sold, exercisable at a price of $0.65 for a period of 18 following closing of the Offering and (ii) an aggregate number of non-transferable broker warrants to acquire that number of Units that is equal to 7% of the total number of Units sold, exercisable at a price of $0.52 for a period of 18 following closing of the Offering.

The aggregate proceeds raised from the Offering will be used by the Company to incur exploration expenditures on the Company's Quebec properties. Such expenditures will constitute "Canadian exploration expenses" and "flow through mining expenditures" (as defined in the Tax Act) which will be renounced to purchasers for the 2010 taxation year.

ON BEHALF OF THE BOARD

Peter H. Smith, PhD., P.Eng., President

S.E.C. Exemption: 12(g)3-2(b)

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