First Mountain Exploration Ltd. Announces Corporate Activity Update and Second Quarter 2012 Results

/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUE A VIOLATION OF UNITED STATES SECURITIES LAW/

CALGARY, Aug. 29, 2012 /CNW/ - First Mountain Exploration Ltd. ("First Mountain" or the "Company") (TSXV: FMX) is pleased to announce that it has entered into negotiations regarding the sale of certain properties and further negotiations regarding a potential corporate transaction.

The Company has filed on SEDAR its interim condensed financial statements ("Financial Statements") and related management's discussion and analysis ("MD&A") for the three and six month periods ended June 30, 2012.

Financial Statements and MD&A are available for review at www.sedar.com.

A Note regarding Forward Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws.  The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward looking statements and information concerning First Mountain's plans to negotiate the sale of certain of it's assets and a corporate transaction.  The Company cautions that there are no assurances or guarantees that the negotiations will result in a transaction or sale of assets.   

Although First Mountain believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because First Mountain can give no assurance that they will prove to be correct.

Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve and resource estimates; the uncertainty of estimates and projections relating to reserves, resources, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; changes in legislation, including but not limited to tax laws, royalties and environmental regulations, actual production from the acquired assets may be greater or less than estimates; failure to obtain the necessary regulatory approval, stock exchange and other regulatory approvals on the timelines planned.. Management has included the above summary of assumptions and risks related to forward looking information provided in this press release in order to provide security holders with a more complete perspective on First Mountain's future operations and such information may not be appropriate for other purposes.

The forward-looking statements and information contained in this press release are made as of the date hereof and First Mountain undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE: First Mountain Exploration Ltd.

William Ambrose
President, Chief Executive Officer and Director
First Mountain Exploration Ltd.
Telephone: [phone]