Fairmont Resources Inc. (“Fairmont” or the “Company”) (FMR: TSX-V) is pleased to announce the initiation of a exploration program on the Company’s Clay-Powell property located 140 km west of Thunder Bay, Ontario, in the Shebandowan Greenstone Belt. A line cutting crew has mobilized to the property and is embarking on the establishment of an approximately 60 line km grid, over which the Company intends to conduct an IP survey early in 2011. The grid and survey will cover an area contiguous to and west-southwest of Xstrata Copper’s ( “Xstrata) property where Xstrata has reported several drill intercepts of IOCG (iron-oxide –copper –gold) mineralization, including 174 m grading 0.33% Cu and 0.085 g/t Au. The grid will also cover an area through which the potential southwest extensions of structures hosting the Coldstream deposits (FDN: TSX-V) and the Moss Lake mine (MOK: TSX-V) may extend. Fairmont has an option to earn a 70% interest in the Clay-Powell property from Rainy Mountain Royalty Corp. and Mega Uranium Ltd.
The Company is concurrently completing a soil geochemistry sampling program designed to follow up on previously known gold anomalies on its Nicoamen River Property, located southeast of Lytton, BC.
Bernard Dewonck, P.Geo, is the company’s qualified person on the project as required under NI 43-101 and has reviewed the technical information contained in this press release.
About Fairmont Resources Inc.
Fairmont is a mineral exploration company focused on exploration and development of gold resources in the prolific Shebandowan Greenstone Belt, Ontario, which hosts numerous past and present producers, resources and active exploration projects serviced by excellent infrastructure. The Clay-Powell project is located approximately 140 kilometres from Thunder Bay,
On Behalf of the Board,
PresidentNeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.” News release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.
For further information contact:
Nelson Da Silva Tel: 604-648-0523 (direct)
Ralph Biggar Tel: 604-306-2525 (direct)