Fancamp Provides Positive Metallurgical Testing Updates on the Magpie Iron-Titanium-Vanadium-Chromium Project

Fancamp Exploration Ltd. ("Fancamp" or the "Company") is pleased to announce
that its 46.7% owned subsidiary, The Magpie Mines Inc., has received updates on
the metallurgical test work for its Magpie Iron-Titanium-Vanadium-Chromium
Project ("Magpie"), which include hydrometallurgical test results conducted by
SGS Lakefield, Ontario ("SGS"), and beneficiation test results conducted by
Sichuan Non-Ferrous Metallurgical Institute of China ("SNFT"). 


Magpie is located along the Lower North Shore of Quebec, some 200km NE of
Sept-Iles and 150km NW of Havre-St-Pierre. Magpie hosts National Instrument
43-101 Indicated Mineral Resources of 635.2 million tonnes grading 42.49% FeT
(60.78% Fe2O3), 11.20% TiO2, 0.30% V2O5 and 2.61% Cr2O3 with additional Inferred
Mineral Resources of 293.2 million tonnes of 42.29% FeT (60.49% Fe2O3), 11.21%
TiO2, 0.32% V2O5 and 2.54% Cr2O3 (both based on a 15% FeT cut-off grade) (refer
to the Fancamp news release dated April 18, 2012). 


Highlights

Hydrometallugical test results show a significant improvement in the quality of
the TiO2-grade to approximately 98%. Positive results from the beneficiation
tests that were carried out by SNFT resulted in two marketable products -
Fe-concentrate and TiO2-concentrate. Both are considered Grade-A concentrates. 


SGS Hydrometallurgical Test Results

Further bench scale testing (as part of the Phase 3 Metallurgical Study) was
carried out at SGS with the objective of fine-tuning and further improving the
proprietary process. These objectives were successfully reached, resulting in
increase in TiO2-grade to approximately 98%, and meeting the demand and
specifications of marketable synthetic rutile products. Chemical analysis of the
final TiO2 product is depicted below (% by weight):




----------------------------------------------------------------------------
       Fe2O3         TiO2        Al2O3          MgO         CaO        Na2O 
----------------------------------------------------------------------------
        2.38%       97.90%        0.01%        0.01%       0.01%       0.04%
----------------------------------------------------------------------------

----------------------------------------------------------------------------
       K2O       SiO2       P2O5        MnO      Cr2O3       V2O5        Cl 
----------------------------------------------------------------------------
      0.01%      0.27%      0.07%      0.01%      0.05%      0.05%     0.32%
----------------------------------------------------------------------------



SNFT Beneficiation Test Results

SNFT carried out beneficiation tests on the Magpie mineralized material under
contractual agreement with The Magpie Mines Inc. with the objective of producing
Iron concentrates and Titanium concentrates (refer to the company news release
dated August 21, 2012). These tests considered multiple beneficiation
techniques, including testing and comparing various combinations of grinding,
gravity and magnetic separation, in addition to flotation separation for the
TiO2 beneficiation. 


The results of the laboratory beneficiation tests showed that a combination of
one-stage grinding/ magnetic separation produced Fe-concentrate with a grade of
51% Fe, two-stage grinding/magnetic separation generated Fe-concentrate with a
grade of 54% Fe and recovery rate of 90%, while three-stage grinding/magnetic
separation produced Fe-concentrate with a grade of 55% Fe and recovery rate of
89.5%.


Based on the observations of other V-Ti magnetite deposits in China,
Fe-concentrate product with a grade above 54% Fe is considered acceptable.
However, in light of the characteristic of fine grains being embedded in the
Magpie ore, and in order to guarantee the consistency and quality of the
Fe-concentrate, the process of three-stage grinding and magnetic separation is
being recommended by SNFT.


In addition, TiO2 beneficiation tests were conducted on the tailings using a
combination of gravity, magnetic and flotation tests. Results indicate that
gravity separation is the best option, resulting in TiO2-concentrates with a
combined grade of 43.40% TiO2.


Dr. Fouad Kamaleddine, PhD, P. Eng., Fancamp's VP of Research and Development,
stated, "This preliminary metallurgical test work is quite encouraging. It
proves that the Magpie mineralization can technically be beneficiated to produce
acceptable Fe and TiO2-concentrates. Further test work is needed to recover the
Vanadium and Chrome in the pig iron, to fine-tune the TiO2 beneficiation test
results, and ultimately to improve the economics of the Magpie project". 


About Fancamp Exploration Ltd. (www.fancampexplorationltd.ca) 

Fancamp Exploration Ltd. is a Canadian junior mineral exploration company with
an exceptional inventory of resource projects at various stages of development
covering more than 1,710 km2 in three provinces. The commodities include
hematite magnetite iron formations, titaniferous magnetite and hematite,
nickel/copper/PGM, chromite, Volcanogenic Massive Sulphides and gold. The
Company is focused on enhancing shareholder value by identifying and acquiring
early-stage projects with excellent mineral potential; advancing them to the
next decision stage with efficient exploration; selling, optioning or joint
venturing them to solid partners for cash and shares of the partnering companies
and inheriting a significant royalty on future production. 


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.  


FOR FURTHER INFORMATION PLEASE CONTACT: 
Fancamp Exploration Ltd.
Jean Lafleur, M. Sc., P. Geo.
President and CEO, Director
+1 514 975 3633
pjlexpl@videotron.ca


Fancamp Exploration Ltd.
Michael D'Amico
Investor Relations
+1 647 500 6023
michaeldamico@rogers.com


Aberdeen Gould Capital Markets Ltd.
Roger Rosmus
Business Development
+1 416 488 2887 x222
roger@aberdeengould.com
Fancamp Exploration (TSXV:FNC)
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