Cap-Ex Receives Approval for 2012 Exploration Program for Its Block 103 Property
MONTREAL, QUEBEC -- (Marketwire) -- 04/26/12 -- Cap-Ex Ventures Ltd. (TSX VENTURE: CEV)(FRANKFURT: X0V)(OTCQX: CPXVF) ("Cap-Ex" or the "Company") is pleased to announce that the Newfoundland and Labrador Department of Natural Resources (Mineral Lands Division) has granted approval for the Company's 2012 Application for Exploration Approval and Notice of Planned Mineral Exploration Work for the Block 103 Property in Newfoundland and Labrador, approximately 30 km northwest of Schefferville, Quebec.
Based on the exploration work completed to date-including over 6,000 metres of drilling in 2011-the Company has revealed two primary zones of magnetite mineralization on its wholly owned Block 103 Property: the Northwest Zone and the Greenbush Zone (refer to "Block 103 Map" in Figure 1). Both zones exhibited excellent drilling and assay results and have high potential to identify additional mineralization as several holes terminated in mineralization and, in most holes, mineralization started near surface and was open in all directions. Now with the required permits in place, the Company can continue explorations efforts at these important zones.
The 2012 exploration program has been designed to include a minimum of 15,000 metres of diamond drilling and additional surface sampling primarily focused on the continued investigation and definition of mineralization in the Greenbush Zone. Drilling is expected to commence by the end of April and will be completed using four diamond drills over an estimated four month period.
The results of the 2012 program will be used to support a NI 43-101-compliant resource estimate currently planned to be released by the end of December 2012, and a preliminary economic assessment, planned to be released by March 2013.
Mr. Francois Laurin, President and CEO of Cap-Ex, stated: "Receipt of these permits is both an important and last milestone required for us to start our aggressive 2012 exploration program. The crews and equipment are ready to begin the drill program, as the company previously announced this year. We are confident that the Company will execute on our 2012 Plan in time for our 43-101 compliant maiden mineral resource reports."
QUALIFIED PERSON
The samples from drilling were processed and assayed by SGS Canada Lab based in Lakefield, ON. The samples were assayed using XRF, Satmagan and Davis tube techniques.
Alex Walus, P.Geo., an employee of the Company and a qualified person pursuant to National Instrument 43-101, has reviewed and approved the technical and scientific information in this news release.
ABOUT CAP-EX VENTURES LTD.
Cap-Ex Ventures Ltd. is a TSX Venture Exchange-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 existing railway to shipping port, and is adjacent to New Millennium Iron Corp's LabMag and KeMag deposits and the New Millenium-Tata oxide deposits to the east.
For additional information about Cap-Ex visit the company website at www.cap-ex.ca.
CAP-EX VENTURES LTD.
Francois Laurin, President and CEO
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 future exploration plans. 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.
To view Figure 1 "Block 103 Map," please visit the following link: http://media3.marketwire.com/docs/capex_block103.pdf
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 Ventures Ltd.
Rob Hopkins
Manager, Investor Relations
416-861-5899
investor@cap-ex.ca
www.cap-ex.ca