South Voisey’S BAY Project Update
NEWS RELEASE NR#19-02
SOUTH VOISEY’S BAY PROJECT UPDATE
Vancouver, BC, May 17, 2019 ─ Fjordland Exploration Inc. ("FEX”) (TSX.V: FEX) is providing an update
regarding exploration of the South Voisey’s Bay nickel-copper-cobalt project located 80 km south of the producing
Voisey’s Bay Mine in Labrador.
Commander Resources Ltd. (“CMD”) , the project operator, has received and deposited to FE X’s project account
the sum of $167,740. The government of Newfoundland and Labrador provided a grant under their Junior
Exploration Assistance Program of $97,875. In addition, a reimbursement of certain prepaid tenure assessment
obligations of $69,865 was received.
With respect to funding, HPX BC Holdings Ltd. (“HPX”) has executed an Investment Agreement with FEX on
September 5, 2017 which obliged HPX to provide certain option payments and exploration expenditures in order
to qualify for a 65% project interest. The underlying option and investment agreements (refer to news release
NR17-06 dated August 28, 2017) contain two key deadline dates for fu nding of exploration expenditures,
specifically October 31, 2021 prior to which $3,000,000 in exploration expenditures are to be incurred in order for
FEX to move to a 75% project interest (currently a 35% interest has been earned). The final deadline is O ctober
31, 2024 to expend a further $5,000,000 on exploration at which time FEX would have earned a 100% interest. If
HPX funds $7.4 million of this program in addition to making $290,000 of option payments to CMD , FEX would
have the obligation to transfer a 65% project interest to HPX.
The exploration agreements stipulate that government grants, when received are to be expended and credited to
the earn-in obligations. FEX intends to comply with this condition and estimates that the Company will then be
within $230,000 of meeting the exploration requirements to advance to a 75% project interest.
A relatively modest exploration program is planned for 2019, financed with funds currently in the project account.
This program will consist of re-logging of historical core and geological mapping of prospective drill locations. Work
will also focus on collecting rock properties data such as density measurements to aid in the ongoing re -
interpretation and processing of historical datasets. This will allow the revision of the extensive gravity dataset for
future drill targeting.
The project technical team consisting of FEX/CMD/HPX earth scientists remain committed to the project and are
optimistic that further drilling will yield a discovery.
Management of FEX, CMD and HPX wish to express their collective appreciation to the Government of
Newfoundland and Labrador for the continued cooperation and financial support of the Department of Natural
Resources in our mutual quest of identifying and developing the province’s natural resources.
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About Fjordland Exploration Inc.
Fjordland Exploration Inc. is a mineral exploration company that is focu sed on the discovery of large scale
potentially economic deposits located in Canada. For further information visit Fjordland’s website at
www.fjordlandex.com
On behalf of the Board of Directors,
“Richard C. Atkinson”
Richard C. Atkinson, P.Eng.
President & CEO
For further information, please call:
FJORDLAND EXPLORATION INC.
Richard C. Atkinson, President and CEO
1-604-805-3232
www.fjordlandex.com
Some statements in this news release may contain forward-looking information. These statements address future
events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements to be materially different from any future results,
performance or achievements expressed or implied by the statements. Such factors include without limitation the
completion of planned expenditures, the ability to complete exploration programs on schedule and the success of
exploration programs.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of t his release.