Fieldex Exploration announces maximum $2 million private placement

ROUYN-NORANDA, Nov. 21, 2011 - Fieldex Exploration Inc. (TSXV: FLX) (Frankfurt: F7E) announces that it has entered into an engagement letter with Industrial Alliance Securities Inc. for a best-efforts private placement of "flow-through" units and non-"flow-through" units in a maximum amount of $2 million.

Under the private placement, Fieldex will issue a maximum of 12,000,000 "flow-through" units at a price of $0.125 per unit, for maximum gross proceeds to Fieldex of $1.5 million. Each "flow-through" unit will be comprised of one "flow-through" common share and one-half of a common share purchase warrant. Each whole warrant will entitle its holder to acquire one additional common share of Fieldex at a price of $0.18 per share for 18 months from the date of issuance.

Fieldex will also issue a maximum of 5,000,000 non-"flow-through" units at a price of $0.10 per unit, for maximum gross proceeds to Fieldex of $500,000. Each unit will be comprised of one common share and one common share purchase warrant. Each warrant will entitle its holder to acquire one additional common share of Fieldex at a price of $0.18 per share for 18 months from the date of issuance.

Fieldex will use the gross proceeds from the issuance of the "flow-through" units for exploration on its properties in Québec and the net proceeds from the issuance of the units for working capital and general corporate purposes.

Fieldex will grant an over-allotment option to Industrial Alliance Securities, which may be exercised for 30 days following the closing of the private placement, pursuant to which Industrial Alliance Securities will have the right to sell additional "flow-through" units and/or units in a maximum amount equal to 15% of the number of "flow-through" units and units sold in the private placement, respectively. If the over-allotment option is exercised in full, Fieldex will raise gross proceeds of $2,300,000 from the private placement.

In connection with the private placement, Fieldex will pay a cash commission to Industrial Alliance Securities in an amount equal to 8.5% of the gross proceeds. Fieldex will also issue compensation options to Industrial Alliance Securities, entitling it to purchase, for a period of 18 months from the date of issuance, at the offering price, a number of additional common shares equal to 5% of the total number of flow-through units and units sold in the private placement.

The initial closing of the private placement is expected to take place on or about November 29, 2011. The private placement is subject to customary closing conditions, including the signing of an agency agreement between Fieldex and Industrial Alliance Securities, and regulatory approval, including that of the TSX Venture Exchange.


About Fieldex

Fieldex is a mineral exploration company actively exploring in Quebec for base and strategic group metal deposits located throughout Canada, representing over 600 km². Quadra FNX Mining Company owns 6,500,000 shares of Fieldex. Fieldex has 60,172,018 shares outstanding.



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 this release.



For further information:

Fieldex Exploration Inc.
Martin Dallaire, eng
President & Chief Executive Officer
Tel.: (819) 762-0609
Fax: (819) 762-0097
mdallaire@fieldexexploration.com
www.fieldexexploration.com