Fancamp's Lac Lamelee South Project-214m Grading 31.2% FeT

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2011) - Fancamp Exploration Ltd. (TSX VENTURE:FNC) is pleased to announce that, following the news release on November 11^th, results continue to indicate that the Lac Lamelée South Deposit has the potential of significant tonnages. This property is located in an important iron ore district characterized by the operating ArcelorMittal Fire Lake Mine and the adjacent CHM/FNC Fire Lake North project with its newly released NI 43-101 resource of 1061.3 Million tonnes @ 28.8% total iron, measured, indicated and inferred.

Assays from three more holes drilled in the Mountain Pond zone continue to intersect high grade magnetite and hematite iron formations. The following three holes were designed to test the developing geological model and as such were drilled nearly down dip at angles of -80, -63, and -46 degrees all on one section, at 100m spacing, and all drilled with azimuths of 180 degrees. All intersections quoted are down-hole lengths.

Drill hole LS-2011-12 intersected a complex series of mineralized intervals separated by narrow shears or unmineralized sections as follows; 7.0 metres grading 31.7% Total Iron ("FeT") from 75.0m - 82.0m, 15.4 metres grading 25.7% FeT from 105.0m - 120.4m, 10.0 metres grading 32.9% FeT from 222.0m - 232.0m, 31.0 metres grading 39.3% FeT from 244.0m - 274.0m, 22.0 metres grading 35.8% FeT from 282.0m - 304.0m, and 58.0 grading 27.2% FeT from 369.0m - 427.0m.

Drill hole LS-2011-13 contained two significant intersections of 60.7 metres grading 24.3% FeT from 3.0m - 63.7m, and 22.0 metres grading 27.1% FeT from 243.0m - 265.0m.

Drill hole LS-2011-14, a nearly continuous mineralized intersection to a depth of 355m, contained two significant intersections of 214.0m grading 31.2% FeT from 6.0m - 220.0m in magnetite iron formation, followed by 14.0 metres grading 28.5% FeT from 220.0m - 234.0 in hematite iron formation, and 105.0 metres grading 29.8% FeT from 250.0m - 355.0m.

The drill program was completed on October 23^rd, with a total of 5,613m in 17 drill holes. Results are pending on an additional three holes drilled between the Tanguay zone and the Mountain Pond zone.

This news release was prepared by the Company's QP Mike Flanagan, P.Geo.

ON BEHALF OF THE BOARD

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

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

S.E.C. Exemption: 12(g)3-2(b)