Substantial Increase in the Fire Lake North Iron Resource

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

SUBSTANTIAL INCREASE IN THE FIRE LAKE NORTH IRON RESOURCE

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

Fancamp Exploration Ltd. (TSX Venture Exchange - FNC) is pleased to report a substantial increase in the iron resource on the Fire Lake North property, one of seventeen in the ongoing Champion Mineral Inc./Fancamp joint venture in the Fermont Iron District of Quebec. The Company holds a 17 ½% working interest in the joint venture.

The publication, in Q4 2010, of a preliminary economic assessment on the Fire Lake North Property which indicated an NPV of $1.64 billion on the basis of 31 drillholes totalling 5,869 m and an inferred NI 43-101 resource estimate of 388 million tonnes at 28.9% total iron, effectively evaluated FNC’s share at $287 million. Subsequent to this estimate, an additional 84 drillholes totalling 26,221metres have been drilled on the property, resulting in a recent (3/10/11) substantial upgrade in the resource picture to 1061.3 million tonnes @ 28.8 % total iron, measured, indicated and inferred. A revised PEA based on this number is due in Q4 2011.

Champion is the operator and work is continuing to further advance the project. Fancamp intends to maintain its proportional interest in this and the other properties in the JV.

ON BEHALF OF THE BOARD

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

For further 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.