VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2012) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) ("Fancamp" or the "Company") is pleased to announce that the Magpie Mines Inc., (of which Fancamp holds a 46.72% stake) has entered into a contractual agreement with the Sichuan Non-Ferrous Technology Group ("SNFT"), formerly known as Sichuan Non-Ferrous Metallurgical Institute), to carry out beneficiation tests on the Magpie Deposit oxides.
SNFT is a Chinese R&D company located in Chengdu City, the capital of Sichuan province, and has many years of experience in beneficiating and processing complex iron-titanium-vanadium ores, similar to Magpie, that are common to the Chengde and Panzhihua areas in China.
The objective of the tests is to produce Iron concentrates containing V2O5 and chromite, and TiO2 concentrate. This work is being carried out on the perspective of large scale production of high-grade Fe-concentrate suitable for smelting purposes, together with relatively small scale hydrometallurgical production from the TiO2 concentrate noted above, to produce high purity Fe2,O3 and TiO2 products.
Magpie is presently shipping 1.5 tonnes of ore samples to SNFT, which are estimated to arrive in China in about a month. Duration of the project is 2-months after receipt of the samples by SNFT.
These technical contacts are of great importance to facilitate future discussions with end users as this project moves forward.
Magpie - an Iron-Titanium-Vanadium-Chromium Deposit
The 46.72% owned Magpie Iron-Titanium-Vanadium-Chrome Project hosts NI 43-101 Indicated Mineral Resources of 635.2 million tonnes grading 42.495 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). The Mineral Resource estimates follow the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions. The quantity and grade of estimated Inferred Resource reported herein are uncertain and there has been insufficient exploration to categorize them as an Indicated or Measured Resource. It is uncertain if further exploration will result in reclassification of Inferred Mineral Resources to the Indicated or Measured Mineral Resource categories.
Hydrometallurgical studies, consisting of Pilot Tests continue at SGS lab-facilities in Lakefield, Ontario.
The technical information in this news release was reviewed and approved by Jean Lafleur, M.Sc., P. Geo., a Company Director and a Qualified Person under NI 43-101 Rules.
ON BEHALF OF THE BOARD
Peter H. Smith, PhD, P. Eng., President
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
S.E.C. Exemption: 12(g)3-2(b)
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.