Fairmont Completes Private Placement Financing of $516,500

Fairmont Resources Inc. (TSX VENTURE:FMR) ("Fairmont") is pleased to announce
that it has completed its previously announced private placement offering by
issuing a total of 3,443,333 units at a price of $0.15 per unit for gross
proceeds of approximately $516,500 (the "Private Placement"). Each unit under
the Private Placement is comprised of one common share and one non-transferable
share purchase warrant, with each warrant entitling the holder to purchase one
additional common share at a price of $0.20 per share until March 15, 2014.


In connection with the Private Placement, Fairmont paid finders cash commissions
totaling $50,900 and issued finders a total of 339,333 non-transferable share
purchase warrants. Each finder's warrant is exercisable on the same terms
described above and expire on March 15, 2014.


The securities issued under the Private Placement will be subject to a hold
period expiring on July 16, 2012 pursuant to applicable Canadian securities laws
and the rules of the TSX Venture Exchange.


Proceeds of the Private Placement will be used for the exploration of Fairmont's
mineral properties as well as for general working capital and corporate
purposes.


On behalf of the board,

Greg Ball, CFO 

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.