Fancamp Provides Comment on Canadian Chrome Company Agreement Related to Magpie Mines
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FANCAMP EXPLORATION LTD.
7290 Gray Avenue, Burnaby, British Columbia, V5J 3Z2
Telephone: 604-434-8829 | Website: www.fancamp.ca
News Release
August 16, 2024 TSX-V Trading Symbol: FNC
Fancamp Provides Comment on Canadian Chrome
Company Agreement Related to Magpie Mines
VANCOUVER, British Columbia – August 16, 2024 - Fancamp Exploration Ltd. (“Fancamp” or the
“Company”) (TSX Venture Exchange: FNC) announces that it has been informed of the expiration of
a previously held agreement between KWG Resources Inc. (“KWG”), carrying on its business as the
Canadian Chrome Company (“CCC”), with Peter Smith and Fouad Kamaleddine , which has been the
subject of certain press releases (refer to Fancamp press release dated August 11, 2023). CCC’s
agreement with option to fulfill a proposed acquisition of two -thirds of the issued and outstanding
special shares in the capital of The Magpie Mines Inc. from Peter Smith and Fouad Kamaleddine
has lapsed.
Fancamp is a major shareholder of The Magpie Mines Inc., with ninety -six percent (96%) of the
issued and outstanding common shares in the capital of Magpie Mines , a Company which owns a
significant titanium property located approximately 130 kilometres from Havre St. Pierre, within the
Côte-Nord region of Quebec , in the same jurisdiction as Rio Tinto’s Lac Tio Mine. In addition,
Fancamp retains a two-percent (2%) net smelter return royalty on the Magpie deposit and is the
largest creditor of Magpie Mines. Fancamp is well -positioned in this region, that is recognized for
supplying feedstock to the titanium industry, which also hosts Fancamp’s 100%-owned Mingan ferro-
titanium property.
Rajesh Sharma, President and Chief Executive Officer of the Company comments, “We are pleased
that, following the expiration of CCC’s agreement with Peter Smith and Fouad Kamaleddine, Fancamp
is able to overcome the ongoing issues with CCC related to this agreement . Fancamp is keen to
pursue mutual interests and advance future constructive collaboration with CCC, which holds high
quality assets in the Ring of Fire.”
About Fancamp Exploration Ltd. (TSX-V: FNC)
Fancamp is a growing Canadian mineral exploration company focused on creating value through
medium term growth and monetization opportunities with its strategic interests in high potential
mineral projects, royalty portfolio and mineral properties. The Company is focused on an advanced
asset play poised for growth and selective monetization with a portfolio of mineral claims across
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Ontario, Québec and New Brunswick, Canada, including copper, gold, zinc, titanium, chromium,
strategic rare-earth metals and others. The Company continues to identify opportunities and in
parallel aims to advance its investments in strategic mineral properties. Fancamp has investments
in an existing iron ore operation in the Quebec -Labrador Trough, a rare earth elements company,
NeoTerrex Minerals Inc., a copper –gold exploration company , Platinex Inc. , in addition to an
investment in a near term cash flow generating zinc mine, EDM Resources Inc. in Nova Scotia. The
Company has future monetization opportunities from its Koper Lake transaction in the highly
sought-after Ring of Fire in Northern Ontario. Fancamp is developing an energy reduction and
titanium waste recycling technology with its advanced titanium extr action strategy. The Company
is managed by a focused leadership team with decades of mining, exploration and complementary
technology experience.
Further information of the Company can be found at: www.fancamp.ca
For Further Information
Rajesh Sharma, President and CEO
+1 (604) 434 8829
Debra Chapman, CFO
+1 (604) 434 8829
Tara Asfour, Director of Investor Relations
+1 (604) 434 8829
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.