Cap-Ex Iron Ore Ltd.: Corporate Update

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/02/13 -- Cap-Ex Iron Ore Ltd. (TSX VENTURE: CEV)(OTCQX: CPXVF)(FRANKFURT: XOV) ("Cap-Ex" or the "Company") is pleased to provide an update on changes to its executive team and corporate offices.

The Company and Forbes and Manhattan, Inc. (F&M) have mutually agreed to terminate the management services agreement between the Company and F&M as of April 30, 2013.

The following changes will occur:

--  The corporate office will be relocated back to Suite 2000 - 1177 West
    Hastings Street, Vancouver, BC V6E 2K3 from its present location in
    Toronto, ON.
--  Ms. Valery Zamuner will resign as Chief Legal Officer and as the
    Corporate Secretary.
--  Mr. Paul Bozoki will resign as Chief Financial Officer of the Company.
--  Ms. Jasvir Kaloti, former CFO of the Company, will assume the position
    of Chief Financial Officer and Corporate Secretary.

Mr. Francois Laurin, Director, President and CEO will maintain his position to ensure the orderly transition of the Company and its business.

Mr. Mark Morabito, Special Advisor to the CEO, will remain in such capacity.

As a result of the Company's operations being relocated to Vancouver and the downsizing of its activities in Eastern Canada, it is expected that a reduction in expenses will allow the Company to continue its business plans while decreasing capital requirements and dilution to current shareholders. Consequently, the private placement announced April 15th, 2013 is being reduced in size.

Cap-Ex is currently completing a Preliminary Economic Assessment, on its NI 43-101 inferred resource of 7.2 billion tonnes at 29.2% total iron at its Block 103 Property in the Labrador Trough. It is expected that the Company will publish its PEA by the end of June, 2013, this year.

Cap-Ex is currently seeking a strategic partner for its Block 103 Project and to date has received considerable expressions of interest from various parties.

About Cap-Ex Iron Ore Ltd.

Cap-Ex is a Canadian listed company, focused on the development of its Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Block 103 Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east.

For additional information please visit the Company's website at www.cap-ex.ca.

CAP-EX IRON ORE LTD.

On behalf of the Board

Andrew Bowering, Chairman

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company's Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Cautionary Note Concerning Reserve and Resource Estimates

This press release uses the terms "reserves", "resources", "proven reserves", "probable reserves", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred Resources are in addition to Measured and Indicated Resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report "resources" as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates referred to in this press release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43-101 may not qualify as reserves under the SEC's standards.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts:

Cap-Ex Iron Ore Ltd.

Investor Relations

604-669-2279
info@cap-ex.ca
www.cap-ex.ca