Fairmont Acquires Buttercup Ilmenite-Magnetite-Vanadium Property

Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont") is pleased to announce
that it has signed a Property Purchase Agreement (PPA) with two prospectors to
acquire a 100% Interest in the Buttercup Property (the "Property"). Previously,
in consideration of the right to negotiate a definitive agreement, Fairmont paid
$50,000 for certain professional service and government fees related to the
Property.


"We are excited to be able to move forward on such a high quality
Iron-Titanium-Vanadium (Fe-Ti-V) Project in Quebec, within an hour's drive of
Saguenay, Quebec" states Fairmont's President and CEO Michael Dehn. "Our
expectation is to move quickly with the Buttercup and Lac Elan Properties, and
hope to have metallurgical test results to indicate any ability to produce a
concentrate from the different zones of mineralized Fe-Ti-V rich rocks."


The Buttercup Property has a similar rock composition to those of Blackrock
Metals' BlackRock Project near Chibougamau, Quebec. 


Terms of Definitive Agreement

The parties signed off on a definitive agreement whereby Fairmont will have the
right to acquire a 100% of the Property. To acquire the Property, Fairmont
issued a total of 1,000,000 shares to the vendors of the Property. Fairmont will
also be required to spend $150,000 in cash payments, with $50,000 to be paid
within 60 days of Fairmont receiving final permits to conduct commercial
production, and $100,000 on the commencement of commercial production.
Additionally, net profits are to be split 80% (Vendors) and 20% (Fairmont) until
$3 million in proceeds has been paid to the vendors. After the $3,000,000 has
been paid the proceeds will be split 5% (Vendors) and 95% (Fairmont). In the
event that the vendors do not receive proceeds totaling $3 million prior to the
6th anniversary of the definitive agreement, then Fairmont shall issue up to a
maximum 20 million shares based on standard dilution pro rata to top up what the
vendors received prior to the 6th anniversary. If commercial production does not
occur within 3 years of entering into the definitive agreement, the Property
will revert back to the Vendors.


Buttercup Ilmenite-Magnetite Property 

The 28 claims Buttercup property are located thirty kilometres north of
Chicoutimi Quebec and twelve kilometres south of the recently acquired Lac Elan
claims. In 1964 the Bersimis Mining Company, calculated a historical "drilled
indicated tonnage" on lens "A" and lens "B" located within the Property (Table
1.). Both lenses where drill tested were shallower than 30m below surface. 


Table 1. Historic "drilled indicated tonnage"



----------------------------------------------------------------------------
Lense                     Tons    Fe (%)  TiO2 (%)  V2O5 (%) Number of Holes
----------------------------------------------------------------------------
A                    2,779,285     48.40     18.90      0.67               8
----------------------------------------------------------------------------
B                      758,828     49.39     19.07      0.64              12
----------------------------------------------------------------------------



Source: P. J. Goldsmith 1964 Report on: The Bersimis Mining Company, Report on
Diamond Drilling Program Lake Kanekatshonanuts Tintaniferous Magnetitte Deposits


The historical "drilled indicated tonnage" cited above is mentioned for
historical purposes only and uses terminology not compliant with current NI
43-101 reporting standards. The reliability of these historical estimates is
unknown but considered relevant by Fairmont as it represents significant targets
for future exploration. The qualified person has not reviewed all pertinent
original documents nor done sufficient work to classify the historical estimate
as a current mineral resource and Fairmont is not treating this historical
estimate as a current mineral resource. Historical "drilled indicated tonnage"
is not equivalent to mineral reserves or resources as it is not supported by at
least a preliminary feasibility study. In order to verify this as a current
estimate, Fairmont will need to conduct additional exploration work in the form
of diamond drilling to verify the historic data.


About Fairmont

Fairmont is a mineral exploration company focused on exploration and development
in Canada. Fairmont currently holds a 100% interest in the Buttercup property
and options to acquire a 40% interest in the Lac Elan Property and a 100%
interest in the Houghton Lake Property. The Houghton Lake Property are located
in Northwestern Ontario, and the Lac Elan Property and Buttercup Property are
located near Sageunay, Quebec.


Neil Pettigrew, M.Sc., P.Geo., 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.


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, Fairmont's ability to finalize the definitive agreement, implement
its exploration program on the Lac Elan Property 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. 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Fairmont Resources Inc.
President and CEO
Michael A. Dehn
647-477-2382
[e-mail]


Rain Communications
Ralph Biggar
604-306-2525 (direct)
[e-mail]