Fieldex Exploration receives notice of proceedings
December 13, 2012 (Source: CNW) — Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E)announces that it has been served with a motion instituting legal proceedings against Fieldex before the Québec Superior Court, pursuant to which the claimant is seeking damages from Fieldex in an amount of $5.5 million. The claim relates to an agreement dated October 22, 2010 for the acquisition by Fieldex of 232 mining claims located in the Kipawa area. The agreement was terminated by Fieldex in October 2011.
Fieldex believes that the legal proceedings are entirely without merit and will vigorously contest them. Fieldex will file its defense in due course.
The mining claims subject to the 2010 agreement are not part of Fieldex’s Lac Sairs flagship project located in the Kipawa alcalin complex, 1.7 km from Matamec Explorations Inc.’s Kipawa rare earth element-yttrium-zirconium deposit, located 100 kilometres northeast of North Bay, Ontario, in northwestern Québec, near the Québec-Ontario border.
Fieldex is a mineral resource company actively exploring for base and strategic group metal deposits located throughout Canada, representing an area of interest over 600 km².
Neither 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 the release.
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