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Fieldex Exploration adds more rare earth metals projects

Fundamentals for rare metals such as lithium have been improving on the back of rising demand for them from emerging economic giants such as China. Exploration efforts to develop rare metal resources have accelerated and mining companies are scrambling to acquire rare metal assets. Successful acquisition of those assets bode well for both parties involved as such arrangements lead to the development of the underlying project.

Adding more to its portfolio of rare metal projects, Canadian Venture and Frankfurt listed Fieldex Exploration Inc. (TSX.V: FLX, Frankfurt: F7E) has entered into an option agreement with Mantis Mineral Corp. (MYN: CNSX) to acquire up to a 60% interest in five mining claims covering 480 hectares comprising the Case Pegmatite Project. Located in the Steele township 75 kilometres East of Cochrane in Ontario, the Case Pegmatite Project is a lithium-tantalum-rich pegmatite.

Pursuant to the option agreement, Fieldex may earn a 50% undivided interest in the Case Pegmatite Project by making an initial payment of $50,000 cash and issuing 200,000 common shares within 10 days of the signature of the option agreement, by making aggregate mining expenditures of $1,450,000 over a period of three years and issuing an aggregate of 700,000 common shares of Fieldex over a period of two years. Upon completing all the payments mentioned above, Fieldex will have an option to acquire an addition 10% undivided interest in the Case Pegmatite Project by issuing an additional 750,000 common shares to Mantis Mineral Corp. on or before March 1, 2013. Two of the claims comprising the Case Pegmatite Project are subject to a 2% net smelter return royalty in favour of previous vendors.

Initial grades at the case Pegmatite are comparable to most rare-metal pegmatites with the exception of tantalum which exceeds grades currently being evaluated in Canada; including First Gold's Pivert-Rose property in north-western Québec, MDN Inc's Anita project in the Lac St. Jean region of Québec, Canada Lithium's Québec project in Lacorne township. Importantly, the tantalum grades equal those at the Tanco mine in Manitoba, and the Greenbushes mine in Australia.