Press Release - June 23, 2003FIRST CANADIAN ENERGY COMPLETES AMALGAMATION WITH NORTHERN SHIELD CALGARY, AB.First Canadian Energy Ltd. (“First Canadian”) announced today that effective May 30, 2003 it completed its previously announced amalgamation (“Amalgamation”) with Northern Shield Resources Inc. (“Northern Shield”), a diamond and precious metals exploration company with properties located in Northern Ontario, Canada. The Amalgamation constitutes First Canadian’s Qualifying Transaction, within the meaning of the TSX Venture Exchange policies. Completion of the Qualifying Transaction received the final acceptance of the TSX Venture Exchange following the close of markets on Friday. Following the mailing of the Joint Information Circular dated February 15, 2003 of First Canadian and Northern Shield in respect of the Amalgamation (the “Joint Circular”) and prior to the completion of the Amalgamation, Northern Shield raised aggregate gross proceeds of $422,700 and added an additional 56 shareholders through the private placement of units consisting of one common share and one-half of one share purchase warrant at a price of $0.20 per unit. The warrants are each exercisable for one common share at a price of $0.32 per common share for a period of one year from the date of their issuance. Common shares of Northern Shield Resources Inc., the continuing issuer, will trade on the TSX Venture Exchange under the symbol “NRN”. Trading will commence at the opening of the markets on Tuesday, June 24, 2003. As of the date hereof Northern Shield Resources Inc. has outstanding 24,721,096 common shares and warrants to acquire 1,119,636 common shares. Northern Shield Resources Inc. also has outstanding options held by directors, officers and consultants to acquire an aggregate of 1,500,000 common shares at a price of $0.10 per common share. Immediately following the commencement of trading an additional 304,000 common shares will be issued for which TSX Venture Exchange approval has already been received. Shareholders of Northern Shield and First Canadian will receive a letter of transmittal in the near future which will enable them to exchange their Northern Shield or First Canadian share certificates for share certificates of Northern Shield Resources Inc. Details of the Amalgamation and information concerning the properties of Northern Shield Resources Inc. are contained in the Joint Circular which is available on SEDAR at www.sedar.com. The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. For further information please contact: Ian C. Bliss |