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VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 8, 2012) – Fairmont Resources Inc. (TSX VENTURE:FMR) (“Fairmont” or the “Company”) is pleased to announce that the Company has begun a reconnaissance prospecting and soil sampling program on its Marmion South Property (the “Property”), located near Atikokan, Ontario, and contiguous with Osisko Mining Corporation’s (TSX VENTURE:OSK) “Osisko” Hammond Reef Property. The work program will test several key northeast trending structures with in the Marmion Batholith identified during the 2011 airborne geophysical survey (See Press Release March 6th2012) in preparation for a drill program to be conducted later this fall.
The northeast-trending structures identified by the 2011 geophysical survey correlate favourably with trends observed in Osisko’s Hammond Reef property to the north. Osisko’s Hammond Reef deposit (530.6M tons at an average grade of 0.62 g/t gold for 10.5 million ounces and based on a cut off of 0.30 g/t gold*) is related to the northeast-trending Marmion Shear; numerous historic gold occurrences in the Marmion Batholith are associated with similar parallel northeast structures.
*43-101 compliant global inferred resource (see Osisko press release Nov. 7 2011).
Of particular interest during this program is the southwest extension of the northeast-trending Jack Lake-Pettigrew Shear. The high-grade, granite-hosted Jack Lake gold deposit, located 1 kilometer north of the Property, was discovered in 1878, saw limited production from 1899-1902, and currently hosts a historical, non 43-101 compliant resource of 8,910 tons grading 15.53 g/t for 4,000 ounces.
About Marmion South Property:
Fairmont has an option to acquire a 100% interest in the Marmion South Property, which consists of 8,208 hectares and is located in the prolific Marmion Batholith gold district near Atikokan, Ontario. The Marmion South Property is also located south of and is contiguous with Osisko Mining Corporation’s (TSX VENTURE:OSK) Hammond Reef Property which contains a National Instrument 43-101-compliant global inferred resource of 530.6M tons at an average grade of 0.62 g/t gold for 10.5 million ounces and based on a cut off of 0.30 g/t gold. Osisko’s technical report on this resource can be viewed on SEDAR.
Neil Pettigrew, M.Sc., P.Geo., President, CEO & Director of Fairmont Resources Inc. and the Company’s Qualified Person as defined by NI 43-101, has reviewed and approved the technical information in this press release.
About Fairmont
Fairmont is a mineral exploration company focused on exploration and development of its Marmion South Contact, Clay-Powell, and Houghton Creek properties all of which are located the mining friendly jurisdiction of Ontario.
On behalf of the Board of Directors of Fairmont
| “NEIL PETTIGREW” |
| Neil Pettigrew, M.Sc., P.Geo. |
| President and CEO, Fairmont Resources Corporation |
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Fairmont cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Fairmont’s control. Such factors include, among other things: risks and uncertainties relating to Fairmont’s exploration program of its mineral properties and Fairmont’s limited operating history. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Fairmont undertakes no obligation to publicly update or revise forward-looking information.
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.
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