Cap-Ex Ventures Ltd.: Preliminary Metallurgical Testwork Results Indicate Marketable Pellet Feed Product From Block 103 Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/26/13 -- Cap-Ex Ventures Ltd. (TSX VENTURE: CEV)(OTCQX: CPXVF)(FRANKFURT: XOV) ("Cap-Ex" or the "Company") is pleased to announce preliminary metallurgical results based on analysis and interpretation by BBA Inc. of testwork available to date on the 100% owned Block 103 Iron Ore Project in the Labrador trough. These results are based on the northern and eastern sectors of the deposit and are deemed to reasonably represent the first thirty years of operation according to the mine development plan envisioned at this time. These results will be further updated with the filing of the NI 43-101 compliant Preliminary Economic Analysis (PEA), which is planned for end of June 2013. Furthermore, preliminary metallurgical results for the western portion of the deposit will also be presented in the aforementioned filing.
The Block 103 deposit is composed predominantly of magnetite and a process flowsheet based on progressive particle size reduction and magnetic separation, which is conventional and proven for this type of mineralization, is being developed. Based on laboratory test results, metallurgical performance for the operation has been projected as follows:
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Magnetite Recovery 93.7%
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Concentrate Iron Grade 70.0%
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Concentrate Silica Grade 3.4%
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Concentrate Liberation 75
Size P100 micrometre
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Ore Hardness
SMC (Axb) 37
BWi (kWh/t at p80-32um) 15.5
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These aforementioned results are in line with similar deposits in the region.
Results to date suggest that the concentrate that will be produced and that will feed the pelletizing plant will have the following chemical composition:
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Fe SiO2 Al2O3 MgO CaO Na2O K2O Ti Mn P Cr
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70% 3.40% 0.08% 0.10% 0.11% 0.07% 0.01% 0.02% 0.046% 0.006% 0.02%
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"We are very pleased with these preliminary metallurgical results as they clearly demonstrate the viability of the product that should be produced from the Block 103 Project," says Francois Laurin, President and CEO of Cap-Ex. "We look forward to including these results into our upcoming PEA, which we expect to have completed by the end of June 2013."
Metallurgical Testwork
The testwork was performed over a range of particle sizes and included dry and wet Low Intensity Magnetic Separation (LIMS) bench tests and Davis Tube (DT) tests. Composite samples representing the northern and eastern sectors of the deposit were prepared from 78 drill core samples obtained from 22 drill holes. The testwork was performed by COREM in Quebec City, Quebec and by SGS Mineral Services in Lakefield, Ontario, both independent laboratories.
Stock Option Grant
Cap-Ex announces that it has granted Mr. Francois Laurin, Mr. Brian Penney and Mr. Paul Bozoki, under the terms of its stock option plan, options to purchase an aggregate of 625,000 common shares of Cap-Ex at an exercise price of $0.41 per share. The options are subject to vesting over a two year period and have an expiry date of February 5, 2018.
About CAP-EX Ventures Ltd.
Cap-Ex Ventures Ltd. 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 VENTURES LTD.
On behalf of the Board
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 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.
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.
Konstantine Tsakumis
Investor Relations
1-866-683-8030 ext. 232
info@cap-ex.ca
www.cap-ex.ca