Fjordland Announces Allocation of Cost Base on Spin-Out Completion

Fjordland Exploration Inc. (TSX VENTURE:FEX) announces it has completed the
spin-out of its interest in the Woodjam copper-gold project to Consolidated
Woodjam Copper Corp. (TSX VENTURE:WCC) ("Woodjam Copper"), and Fjordland
shareholders have been issued approximately 0.3784 of a Woodjam Copper share for
each Fjordland share held as of the close of November 25, 2011, the effective
date.


The Canadian federal income tax consequences of the spin-out transaction are
summarized in the information circular of Fjordland dated September 1, 2011, as
filed on the SEDAR website. In particular, shareholders should reduce the
Adjusted Cost Base ("ACB") of Fjordland shares by an amount which should then be
recorded as the acquisition cost of the Woodjam Copper shares. Management of
Fjordland has calculated that the ACB of each post-spin-out common share of
Fjordland should be reduced to 35.6% of its pre-spin-out ACB and that 64.4% of
the ACB of each pre-spin-out common share of Fjordland should be recorded as the
acquisition cost of each Woodjam Copper share. This fair value ACB adjustment
calculation is based on the relative Fjordland and Woodjam Copper closing share
prices for the five trading days from December 2, 2011 to December 8, 2011. No
such determination of fair value by Fjordland is binding on the Canadian tax
authorities.


About Fjordland Exploration Inc.

Fjordland Exploration is a mineral exploration company focused on the discovery
of gold, copper and molybdenum deposits in British Columbia. Fjordland currently
has a portfolio with 38 properties. It has a 51% interest in 7 properties known
as "Tak" totaling 55,654 ha in the Woodjam area of central BC. Fjordland has a
51% interest in two properties known as "Milligan" totaling 2,192 ha, adjoining
Thompson Creek Metals Company Inc.'s Mt. Milligan copper-gold deposits on the
west. Capstone Mining Corp. owns a 49% interest in the combined Tak-Milligan
Project. Fjordland and Serengeti Resources Inc. are 37%/63% partners exploring
13 properties (QUEST Project) totaling 50,170 ha in the Quesnel Terrane north of
Woodjam for precious and base metals. Six of the QUEST properties (totaling
27,690 ha) have been optioned to Xstrata Copper; the QUEST JV owns 100% of the
remaining 7 properties totaling 22,480 ha. Fjordland has a 100% interest in 8
properties totaling 60,047 ha in the Iron Range area and has an option agreement
on 7 properties totaling 21,222 ha with Kootenay Gold Inc. in southeastern BC.
Fjordland has an option to acquire a 100% interest in the Dillard copper and
gold property, north of Princeton. Fjordland's shares trade on the TSX Venture
Exchange under the symbol "FEX". For more information visit Fjordland's website
at www.fjordlandex.com.


On behalf of the Board of Directors

Victor A. Tanaka, Director