Press Release - March 7th, 2002

PRESS RELEASE FIRST CANADIAN ENERGY LTD.

For Immediate Release
Calgary, Alberta March 7, 2002
3,400,000 Shares Outstanding

FIRST CANADIAN ENERGY TO ACQUIRE NORTHERN SHIELD RESOURCES INC.

First Canadian Energy Ltd. announces that it has entered into a letter agreement dated March 6, 2002 to purchase all the shares of Northern Shield Resources Inc. for an aggregate purchase price of $1,715,000. The purchase price will be paid by the issuance of 17,150,000 common shares from First Canadian’s treasury at a deemed value of $0.10 per share and adjusted to reflect the results of any financing prior to the close by Northern Shield.

The main shareholders of Northern Shield are Mr. Ian C. Bliss, its President, Dr. Neil W. Bliss, Mr. Bernie Kelly and 138098 Canada Inc., a company incorporated in Ontario, of which Mr. Kelly is the President. Mr. Ian C. Bliss and Dr. Neil W. Bliss reside in Ottawa, Ontario. Mr. Bernie Kelly is a resident of Lancaster, Ontario. 138098 Canada Inc.’s principal office is located in Lancaster, Ontario. These shareholders are arm’s length to First Canadian.

Northern Shield

Northern Shield is a mineral exploration company. It is primarily engaged in the pursuit of diamondiferous properties through acquiring, exploring and developing grassroots mining properties and mineral rights in northern Ontario, Canada. It also holds interests in properties in northern Ontario and Norway that are being explored for other prospective minerals. The company was federally incorporated in December, 1999 and is based in Ottawa, Ontario.

At the close of the proposed transaction, the new board of directors will consist of Mr. Ian C. Bliss, Dr. Neil W. Bliss, Mr. Bernard Kelly, Mr. William Kiff and possibly up to three additional nominees of Northern Shield.

Mr. Ian C. Bliss is an independent geologist who has been providing geological services on a consulting basis in Canada, Greenland and Norway through his sole proprietorship company, ICB Exploration Services, since 1996. He has 12 years experience in the mineral exploration industry and since Northern Shield’s incorporation has served as its President, a director and Chairman of the Board.

Since 1997, Dr. Neil W. Bliss has been an independent geological consultant who has been providing geological services to the aluminum industry. Prior to that activity, he was the Chief Geologist for Alcan Aluminum Ltd. from 1978 to 1997. Dr. Bliss has a Ph.D in Geology from McGill University and has over 42 years experience in geology, mineral exploration and mining. Dr. Bliss has been a director of Northern Shield since 1999.

Mr. Bernard Kelly is an independent businessman. Mr. Kelly has owned and operated a number of diverse private businesses over the past forty years.

Mr. William Kiff is the President of Foothills Oil & Gas Ltd., a publicly traded oil and gas exploration company listed on the Canadian Venture Exchange. He has been President of Foothills since 1996. Mr. Kiff has over 25 years experience in the oil and gas industry at the senior executive level with several public companies.

Since its incorporation, Northern Shield has spent over $300,000 exploring for and developing its properties. Presently, the company has approximately $125,000 cash in its treasury. These amounts are cited from unaudited sources.

The following is a list of Northern Shields’ current mineral properties which are subject to various Net Smelter Return and Gross Overriding Royalty burdens and other terms and conditions:

Faint Hope, Pipe Dream and Trapper: The company holds a 100% interest in 14 claim blocks consisting of 316 claim units in these prospective diamond-bearing properties in northern Ontario.
Waxatike River: The company holds a 100% interest in seven claim blocks consisting of 555 claim units on this prospective diamond-bearing property in northern Ontario.
Friday Creek: The company holds a 100% interest in seven claim blocks consisting of 58 claim units in northern Ontario on this prospective diamond-bearing property.
Vermillion River: The company has entered into a 50% joint venture agreement with a junior mining company for an interest in four claim blocks consisting of 29 claim units on this prospective diamond-bearing property near Sudbury, Ontario.
Highbank Lake: The company holds a 100% interest in one claim block totaling 499 claim units in this prospective platinum-palladium-bearing property north of Nakina, Ontario.
Ringavassoya: The company has entered into an option agreement with a Norwegian mining company for an interest in six claim blocks covering 13 square kilometers in Norway on this prospective gold-bearing property.
Bigfour Creek: The property consists of 2 claim blocks of 58 individual claims near Sudbury, Ontario. Northern Shield has a conditional agreement to earn a 100% interest in this property.
Robb Creek Property: This prospective nickel-copper property consists of 1 claim block made up of 6 individual claims near Timmins, Ontario. The company has a conditional agreement to earn a 100% interest in this prospective nickel-copper bearing property.

Conditions

The proposed transaction is subject to a number of conditions, including obtaining a satisfactory geological report from a qualified and independent geologist or engineer, the possible raising of funds, satisfactory due diligence, board of directors approval, completion of a formal agreement, and shareholder and regulatory approval.

Qualifying Transaction

The transaction will be a reverse takeover of First Canadian by the shareholders of Northern Shield and will constitute First Canadian’s Qualifying Tranaction under the policies of the Canadian Venture Exchange (the “Exchange”) that govern Capital Pool Companies.

Upon completion of the transaction, the founding shareholders of First Canadian will transfer within escrow 1,000,000 issued and outstanding shares of First Canadian at $0.10 per share to a shareholder of Northern Shield.

A financing may be required by Northern Shield prior to the close of the transaction in order for Northern Shield on a post closing basis to meet the minimum listing requirements of the Exchange. The necessity and terms of such a financing are yet to be determined.

The common shares of First Canadian previously traded on the Exchange under the symbol FCN but were delisted on May 16, 2001 because the company had not entered into a Qualifying Transaction within the time period prescribed by the Exchange. It is First Canadian's intent to become relisted on the Exchange following closing subject to the transaction receiving the necessary acceptance and approvals.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance, majority of the minority shareholder approval, and the engagement of an investment dealer who is a member of the Exchange to act as sponsor for the transaction. Such engagement has not yet been finalized. The transaction also cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The Canadian Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

For further information, please contact Mr. Raymond Siwiec, President of First Canadian, at (403) 289-5341 or Mr. Ian Bliss, President of Northern Shield, at (613) 745-6751.

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