First Mountain Exploration Ltd. announces repricing and extension of expiry date of warrants

CALGARY, May 24, 2013 /CNW/ - First Mountain Exploration Ltd. (FMX on TSX.V) (the "Company") announces that it has obtained TSX Venture Exchange Inc. (the "Exchange") approval to reprice and extend the expiry date of 3,093,500 share purchase warrants ("Warrants") of the Company which were issued on December 22, 2011 pursuant to a brokered private placement of 6,186,000 units. Each unit consisted of one common share ("Common Share") and one half of one Warrant. The Warrants were initially issued with an exercise price of $0.65 and had an expiry date of June 24, 2013.

The exercise price of the Warrants has been reduced from $0.65 per Common Share to $0.20 per Common Share. The expiry date of the Warrants has been extended from June 24, 2013 to June 23, 2014, however, the exercise term of the Warrants will be shortened to 30 days if, for a period of 10 consecutive trading days, the closing price of the Company's Common Shares on the Exchange exceeds $0.25. The Company will issue a press release notifying the holders of Warrants if the exercise term is shortened. All other terms and conditions of the Warrants will remain the same.

Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS: The statements made in this press release that are not historical facts contain forward-looking information that involves risk and uncertainties. All statements, other than statements of historical facts, which address the Company's expectations, should be considered forward-looking statements. Such statements are based on management's exercise of business judgment as well as assumptions made by and information currently available to management. When used in this document, the words "may", "will", "anticipate", "believe", "estimate", "expect", "intend" and words of similar import, are intended to identify any forward-looking statements. You should not place undue reliance on these forward-looking statements. These statements reflect a current view of future events and are subject to certain risks and uncertainties as contained in the Company's filings with Canadian securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results could differ materially from those anticipated in these forward-looking statements. These forward-looking statements are made as of the date of this press release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Although management believes that expectations are based on reasonable assumptions, no assurance can be given that these expectations will materialize.

SOURCE: First Mountain Exploration Ltd.

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