Options Exercise Directors Dealings

FOR IMMEDIATE RELEASE 17 AUGUST 2009

FUNDY MINERALS LTD
(PLUS MARKET: FUND)

EXERCISE OF OPTIONS/ISSUE OF EQUITY/DIRECTORS DEALING

The Board of Fundy Minerals Ltd ("Fundy" or "the Company"), a Canadian and West African Exploration Company
announces that following receipt of notice of exercise of options, options, in aggregate are intended to be
exercised in respect of 476,471 ordinary shares in the capital of the Company.

The Board was informed that Southwood Partners Ltd. beneficially owned by Jeffrey Michel, Chairman and CEO
intends to exercise options in respect of 500,000 Ordinary shares in a cashless fashion resulting in the
issuance of 476,471 Ordinary Shares. Jeffrey Michel will directly and indirectly, have an interest in
8,024,771 Ordinary shares representing 5.34 per cent (previously 5.04 per cent.) of the issued share capital of
the Company.

Following this transaction, the Directors, in aggregate, own 9,314,771 shares, representing 6.2 per cent of the
issued share capital.

The Company has approved the issue and allotment of 476,471 new ordinary shares in the Company.

As a result, Fundy's issued share capital will comprise 150,145,760 ordinary shares of common stock of par
value C$0.01 each. All of these Ordinary Shares carry voting rights. The above figure may be used by
shareholders as the denominator for the calculations by which they will determine if they are required to
notify their interest in, or change to their interest in, Fundy under the FSA's Disclosure and Transparency
Rules.

The Directors of the Issuer accept responsibility for this announcement.

-ENDS-

ENQUIRIES:

Fundy Minerals Ltd Tel. +1 416 238 0361 or +44 (0)207 669 4479
Jeff Michel, Chairman & CEO info@fundyminerals.com

Daniel Stewart & Company Plc Tel. 020 7776 6550
Stewart Dick