Fancamp Announces $5,002,500 Brokered Financing

FANCAMP EXPLORATION LTD.

7290 Gray Avenue, Burnaby, British Columbia, V5J 3Z2 Telephone: 604-434-8829 Facsimile: 604-434-8823 Web site: www.fancampexplorationltd.ca

NEWS RELEASE

FANCAMP ANNOUNCES $5,002,500 BROKERED FINANCING

February 7, 2011 TSX Trading Symbol: FNC S.E.C. Exemption: 12(g)3-2(b)

Fancamp Exploration Ltd. (TSX Venture Exchange - FNC) (the “Company”) is pleased to announce that it has entered into an agreement with Industrial Alliance Securities and Secutor Capital Management Corporation (together, the "Agents"), in connection with a private placement financing of units ("Units") at a price of $0.75 per Unit for aggregate gross proceeds of up to $5,002,500 (the "Offering").

The Offering is being made by the Agents on a commercially reasonable efforts basis and is expected to close later this month. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals. All securities to be issued under the Offering will be subject to a four-month statutory hold period in Canada.

Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (a "Warrant").

Each whole Warrant entitles the holder to acquire one common share of the Company at a price of $0.90 per share for a period of 24 months following the date of closing of the Offering, subject to earlier forced acceleration in the event the Company’s shares close at a price of $1.75 per share or more on the TSX Venture Exchange for 20 consecutive trading days after the expiry of a four month hold period.

The Company will pay the Agents an aggregate cash commission equal to 5% of the gross proceeds raised in respect of the Offering and issue to the Agents an aggregate number of nontransferrable compensation options to acquire that number of common shares that is equal to 6% of the total number of Units sold, exercisable at a price of $0.75 per share for a period of 24 months following the date of closing of the Offering.

The aggregate proceeds raised from the Offering will be used for exploration of the Company’s Ontario and Quebec properties as well as for general working capital.

ON BEHALF OF THE BOARD

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

For further corporate information, contact: Peter H. Smith, PhD., P.Eng., President, at 514-481-3172 or Michael D’Amico, Bay Street Connect Investor Relations at 647-500-6023

Neither 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.