Fancamp Announces Voting Results and Management Changes

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2012) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) ("Fancamp" or the "Company") announces today that its shareholders have voted in favor of the management nominees to the board of directors of the Company (the "Board"), namely Paul Ankcorn, Debra Chapman, Gilles Dubuc, Fouad Kamaleddine, Jean Lafleur, Mel de Quadros, Michael Sayer and Peter Smith. The vote took place at the annual and special meeting of shareholders held in Toronto on October 26, 2012 (the "Meeting").

The Board would like to express its gratitude to its shareholders for their support during this unnecessary, costly and disruptive proxy contest launched by the concerned shareholder Mr. Robert N. Granger.

Vote results

A total of 61,649,973 shares or 56.2% of Fancamp's 109,655,620 outstanding shares at the record date were voted at the Meeting. Voting results, expressed as a percentage of total shares voted, are as follows:

99.3% of the shares voted at the Meeting were favorable to the number of directors of the Company being fixed at eight and 97.9% of the shares were favorable to the approval of Fancamp's stock option plan. The management supported these resolutions.

Fancamp is also pleased to announce the immediate appointment of Mr. Jean Lafleur, M. Sc., P. Geo., to the position of President and Chief Executive Officer, of Dr. Fouad Kamaleddine to the position of Vice President of Research and Development and of Mr. Sébastien Vézina to the position of Corporate Secretary.

Mr. Lafleur received his B.Sc. and M.Sc. degrees in Geology from the University of Ottawa. He has more than 30 years of experience in various capacities within the mineral exploration field, both in Canada and internationally, with a wide range of industry-leading companies, such as Newmont Mining Corporation, Falconbridge Ltd. and Placer Dome Inc., and was instrumental in the discovery of new ore reserves on gold projects in Val-d'Or and Malartic mining camps and he was instrumental in acquiring, exploring and developing Champion's multi-billion tonnes Fermont Iron Property. Mr. Lafleur has led teams in the search for precious and base metals, iron, nickel, iron, titanium, lithium, vanadium and uranium. Mr. Lafleur is currently a mineral exploration and management consultant. He is currently a member of the board of directors of Champion Iron Mines Limited, Gimus Resources Inc., and the private Guinea Iron Ore Limited.

Mr. Peter H. Smith, the former President and CEO, is delighted that Mr. Lafleur has accepted this position. "It represents a continuity of the policies that have enabled the Company to accumulate such a valuable roster of assets over the years and to continue to do so. I have no doubt that Mr. Lafleur, will, in the coming months and years, see the Company thrive and realize the inevitable value in the market place that its assets deserve."

Mr. Peter Smith has agreed to assume the role of Chairman of the Board and Vice President Exploration of Fancamp effective immediately. The Board wishes to thank Mr. Smith, the Company's co-founder, for his past service and welcomes his continuing contribution to the Company's success.

Dr. Kamaleddine holds a PhD degree from the Department of Civil and Mineral Engineering at the University of Toronto. He is a special lecturer on the topics of engineering mechanics and design at University of Toronto, and provides consultancy in the field of geo-material design and metallurgy. Dr. Kamaleddine is a professional Engineer in Ontario. He has acted as a director of many private and public junior mining companies, and has extensive experience in metallurgical techniques, particular with respect to the iron, titanium, and vanadium ores.

Mr. Vézina is a graduate of Laval University with a Bachelor of Laws (civil law program) and later obtained his Bachelor of Laws (common law program) at the University of Western Ontario. The experience of Mr. Vézina in governance, in financing of public corporation, in negotiating business agreements and development agreements in connection with the Plan Nord will significantly contribute to the evolution of Fancamp for years to come.

Mr. Vézina is a partner at Lavery, de Billy, L.L.P. and is a member of the Québec Bar and Canadian Bar Association. He replaces Debra Chapman which will continue to assume the role of Chief Financial Officer. The Board wishes to thank Ms. Chapman for her dedication to the Company for her past service and welcomes her continuing contribution to the Company's success.