Press Release - March 4, 2003

PRESS RELEASE FIRST CANADIAN ENERGY LTD.

For Immediate Release
Calgary, Alberta Ð March 4, 2003
TSX Venture Exchange Symbol: FCN
3,400,000 Shares Outstanding

FIRST CANADIAN ENERGY ANNOUNCES THAT ITS QUALIFYING TRANSACTION HAS BEEN CONDITIONALLY ACCEPTED

First Canadian Energy Ltd. (“First Canadian”) announces that it has received conditional acceptance from the TSX Venture Exchange (“Exchange”) to amalgamate with Northern Shield Resources Inc. (“Northern Shield”). The amalgamation represents First Canadian’s proposed Qualifying Transaction under the policies of the Exchange.

Northern Shield is a mineral exploration company primarily engaged in the pursuit of diamondiferous kimberlites. Northern Shield presently controls seven prospective mineral-bearing properties in northern Ontario, Canada.

If this transaction is completed and receives shareholder and final regulatory acceptance, the common shares of the amalgamated company will be listed on the Exchange under the name Northern Shield Resources Inc. A condition of closing the Qualifying Transaction is that Northern Shield completes a private placement to raise $305,000 Cdn at no less than $0.17 per common share. This private placement is currently underway.

The information circular on this Qualifying Transaction has been filed on the System for Electronic Document and Analysis and Retrieval (SEDAR) at www.sedar.com and is currently available for viewing.

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) 232-0459 Ext 1001.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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