Work Commences to Confirm Gold Discovery

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Work Commences to Confirm Gold Discovery
    CALGARY, Alberta, June 22 /PRNewswire-FirstCall/ -- FEC RESOURCES INC.
(OTC Bulletin Board: FECOF; Frankfurt/Munich: FE8) ("FECR" or "the
company") announces significant progress on the Geologic investigation of
MPSA148 in which the Company has the exclusive right to earn a 40% interest
through a Joint Venture (Lascogon Mining Corporation) with Philex Gold,
Inc. (TSX Venture: PGI) (PGI).
    Surface investigation and limited diamond drilling that started in mid
2005 have identified gold-bearing jasperoid horizons in two (2) prospects,
Lascogon and Danao.
    Starting next month, some 3,000 meters of reverse circulation (RC)
drilling over a 30 hectare area will cover four (4) prospects. The
objective of this work program is to confirm the presence of the 500,000
ounces of gold so far identified within the gold bearing jasperoid horizons
in Lascogon and Danao and to prove up further potential reserves within the
other two (2) prospects.
    The agreement calls for FEC to contribute US$100k/mo to a total of
US$1mm to earn the 40% interest, and to date FEC has contributed the
required US$700k called for during the exploration program.
      STATEMENT FROM LARRY W. YOUELL, PRESIDENT & CHIEF EXECUTIVE OFFICER
    "I am extremely encouraged by these preliminary results as only 16
holes have been drilled to date and we still have a full work program of
over 100 holes to be drilled. In addition with the current price of gold at
over US$550 an ounce we believe this project will deliver significant value
to our shareholders and we therefore look forward to releasing further
operational updates in the near future."
    The company has the option to increase its equity interest in the Joint
Venture to 60% by arranging or contributing by way of a repayable loan up
to US$10,000,000 as the initial contribution to mine development and
production. A payment of 30,000,000 shares in the Company also becomes due
at such time of declaration of commerciality.
    FEC Resources Inc. holds a diverse portfolio of Oil, Gas, Coal, Gold
and Iron Ore assets located in the Philippines through its shareholdings in
Forum Energy Plc, Lascogon Mining Corporation and Metalore Mining
Corporation. For further information email info@fecresources.com.
     On behalf of the Board of,
     FEC Resources, Inc.
     "Larry W. Youell"
     Larry W. Youell
     President and CEO
    This release contains "forward looking statements" as per Section 21E
of the US Securities and Exchange Act of 1934, as amended. Although the
Company believes that the expectations reflected in such forward looking
statements are reasonable, it can give no assurance that such expectations
will prove to have been correct. Management is currently reviewing many
options and there is no assurance that they will not make decisions other
than those now contemplated. The Company is subject to political risks and
operational risks identified in documents filed with the Securities and
Exchange Commission, including changing and depressed oil prices,
unsuccessful drilling results, change of government and political unrest in
its main area of operations For more information please contact Larry
Youell at (403) 290-1676 e-mail info@FECResources.com or visit the FEC
Resources website at http://www.FECResources.com.
SOURCE FEC Resources Inc.
http://www.fecresources.com/
CONTACT:
Larry Youell, +1-403-290-1676, or
info@FECResources.com