Faircourt Exploration Flow-Through 2010 Limited Partnership Announces First
Closing

/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, May 20 /CNW/ - Faircourt Asset Management Inc. is pleased to announce that Faircourt Exploration Flow-Through 2010 Limited Partnership (the "Partnership") has completed the first closing of its initial public offering of limited partnership units ("Units"). The Partnership sold 396,414 Units for gross proceeds of $3,964,140. The Partnership will have a second closing on or about June 17, 2010. The price per Unit is $10.00 and the offering will be capped at $25 million.

The investment objective of the Partnership is to provide its limited partners with a tax assisted investment in a diversified portfolio of flow-through shares and other securities, if any, of resource issuers with a view to (i) maximizing the tax benefit of an investment in the units, and (ii) achieving capital appreciation for its limited partners. Faircourt Exploration Flow-Through 2010 Management Ltd., the general partner of the Partnership, expects limited partners to receive tax deductions equal to 100% of the gross proceeds of the offering for the 2010 taxation year.

The units are being offered by a syndicate of investment dealers led by Canaccord Genuity Corp. with other syndicate members including, GMP Securities L.P., HSBC Securities (Canada) Inc., Raymond James Ltd., Wellington West Capital Markets Inc., Haywood Securities Inc., Mackie Research Capital Corporation, Macquarie Capital Markets Canada Ltd. and Manulife Securities Incorporated.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from one of the dealers noted above. Investors should read the prospectus before making an investment decision.

About Faircourt Asset Management Inc.

Faircourt Asset Management Inc. was established to design, distribute and market innovative, tax efficient structured investment products to Canadian retail investors. Faircourt currently provides management services to TSX-listed closed-end funds and also provides marketing and administrative support and other services to a program of principal protected notes, issued by a Canadian chartered bank. Additional information regarding Faircourt can be found at www.faircourtassetmgt.com.

For further information: please visit www.faircourtassetmgt.com or please contact Charles Taerk, President and CEO or Douglas Waterson, CFO & Portfolio Manager at [phone] or 1-800-831-0304