Mr. Martin Dallaire reports

FIELDEX EXPLORATION DISCOVERS NEW SHOWINGS ON ITS GOLDEN MOON PROJECT

Fieldex Exploration Inc. has released the latest results of the reconnaissance campaign conducted this summer on its Golden Moon project, which includes the discovery of several new significant gold showings with values up to 15.11 grams per tonne of gold on the GRH showing. The GRH showing is located 440 metres southwest of the Demi-Lune showing discovered in early September, 2016, that returned values of 37.7 grams per tonne gold, 73.9 grams per tonne of silver and 2.5 per cent copper (see Fieldex's press release dated Sept. 7, 2016). Another showing, named the Axe showing, located 90 metres from the Demi-Lune showing, has also returned gold grades up to 8.26 grams per tonne gold.

A total of 62 grab samples were collected over the last four weeks, mainly in the west and centre-west parts of the property south of Demi Lune Lake. As of Oct. 12, 2016, 11 outcrop samples have been analyzed out of the 62 samples collected. Currently, there are 26 samples being assayed at the laboratory and the remaining 25 samples are under review by Fieldex's geologist. Assay results are expected in the coming weeks.

Most of the collected grab samples came from a granophyric intrusion or perhaps a quartz porphyry; the identity of the host rock is under consideration. The present gold showings are observed within a granophyric intrusion to the east portion of the property. They show white quartz/iron carbonate/some chlorite and sericite/sulphides (pyrite, chalcopyrite, sphalerite) veins and/or shears. However, a large part of the recent grab samples, collected within the west and centre-west portions of the property, came from unexplored outcrops observed over a distance, but not limited to 500 metres. These outcrops highlight mainly a silicified felsic texture with disseminated fine-to-coarse pyrite, usually less than 2 per cent, but with local grades up to 8 per cent with the increase of chlorite and carbonate. Specks of sphalerite and chalcopyrite/bornite, as well as mineralized quartz veins, are also observed. The distribution of these outcrops suggests a potential silicified zone striking N50E, which intersects also to the northeast a more mafic but mineralized material in the vicinity of a contact with a gabbro.

The airborne magnetic survey previously announced on Sept. 29, 2016, is expected to be completed this week and will cover the entire Golden Moon project with flight lines spaced every 50 metres for a total of 100 line kilometres.

Fieldex is confident about the Golden Moon project and intends to continue its exploration efforts until the winter season arrives with additional prospecting, geological mapping, channel sampling, an induced polarization survey, as well as a diamond drilling program totalling between 1,500 metres and 2,000 metres, later this fall. The Golden Moon project consists of seven mining claims covering an area of approximately 290 hectares and is located approximately 5.5 kilometres southwest of the mining town of Chibougamau in the province of Quebec.

"Given these encouraging results and the rapid advancement of the Golden Moon project, we are moving quickly in order to commence a drill program this fall," stated Martin Dallaire, Fieldex's president and chief executive officer.

The attached table outlines the additional results. A location map is available on Fieldex's website.

Showing name   Sample No.      Au      Ag      Cu       Zn 
                             (g/t)   (g/t)     (%)      (%)   
         
Demi-Lune      65570*       37.70    73.9    2.50     0.03  
Axe            65601         4.90     2.8    0.05     0.14  
Axe            65602         8.26     4.6    0.05     0.09  
               65603        0.424     0.6    0.05     0.22  
               65604            -     1.0       -        -     
               65605            -     0.6    0.14        -     
               65606        0.049     1.2    0.08        -     
GRH            65607        15.11    38.1    0.56     0.34  
               65608        0.011     1.4    0.02     0.15  
               65609            -       -       -        -     
               65610        0.133     1.0    0.03     0.31 

Qualified person

Robert Sansfacon, PGeo (OGQ), MSc, a consultant to Fieldex, is the qualified person for the Golden Moon project under National Instrument 43-101, Standards of Disclosure for Mineral Projects, responsible for the technical contents of this news release, and has approved the disclosure of the technical information contained herein.

Quality control

Fieldex Exploration has implemented and adheres to a strict quality assurance/quality control for the current drill programs. It includes one mineralized gold standard, one duplicate and one blank for each batch of samples. Analyses are performed by ALS Chemex in Val d'Or, Que., or TechniLab in Ste. Germaine or Accurassay Laboratories in Rouyn-Noranda, Que., all accredited laboratories.

We seek Safe Harbor.