Fancamp to Focus on Deeply Buried Targets in James Bay Lowlands

VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 3, 2011) – Fancamp Exploration Ltd. (TSX VENTURE:FNC): The Company wishes to announce an impending Quantec Spartan ground MT Survey on its 50% owned (50% Sheridan Platinum), 19,200 acre Desolation Lake property located 60 kilometres NW of Attawapiskat in the James Bay Lowlands of Northern Ontario. This survey is a follow up to an airborne VTEM survey carried out in the spring of 2010 which confirmed the presence of major magnetic anomalies and zones of significant EM conductivity. Located approximately 215 km northeast of the Ring of Fire, the magnetics and EM conductivity may be indicative of nickel sulphide bearing targets.

The property covers the intersection of two major regional structures and hosts perhaps what is the strongest magnetic anomaly in the James Bay Lowlands. This area first attracted attention in the 1950’s following the early Federal airborne surveys. In 1957 Stadacona Rouyn Mines Limited conducted a drill program of 12 holes, all of which terminated in limestone and the deepest of which reached 500 feet. It is now estimated that the area is underlain by thicknesses of up to 300-400 metres of Paleozoic limestone, and the crystalline basement below the limestone has not yet been tested.

The purpose of the Quantec MT is to further refine drill target areas, and the survey, to consist of about 130 stations, will take about four weeks to accomplish. The Quantec MT survey is designed to search for conductive zones down to depths of 1.5 kms and will be most useful in planning a drill campaign at Desolation Lake later this year.

ON BEHALF OF THE BOARD

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