May 07, 2012
Montreal, Quebec: Cap-Ex Ventures Ltd (TSX-V: CEV)(Frankfurt: X0V)(OTCQX: CPXVF)("Cap-Ex" or the "Company") is pleased to announce that the 2012 drilling program has commenced at its 100% owned Block 103 Property in northwestern Labrador, approximately 35 km northwest of Schefferville, Quebec.
The fully-funded, $10 million (CAD) program has been designed to consist of four rigs drilling a minimum of 15,000 metres and is primarily focused on the continued investigation and definition of mineralization in the Greenbush Zone which covers an area of 26 square kilometres (Figure 1) and is part of the company's Block 103 property. In particular, the program will focus on the central portion of this zone, which Cap-Ex expects to host the targeted initial mineral resource estimate which represents approximately 4 square kilometres or 15% of the Greenbush Zone.
The current drill program will target an initial resource of approximately 800 million to 1 billion tonnes with an average grade between 29% and 32% iron. The potential tonnage and grade are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. These figures are reported as exploration targets based on the presence of mineralized drill holes, mineralized zones which are open in most directions, and geophysical anomalies from data received by Cap-Ex. The program will also focus on outlining the continuation of 259 metres of folded mineralization encountered in 2011 drill hole DDH103-44.
The 2012 exploration program has been designed to include a minimum of 15,000 metres of diamond drilling and additional surface sampling, focused primarily on the continued investigation and definition of mineralization in the Greenbush Zone. Drilling has commenced and will be completed using four diamond drills over an estimated five month period.
The results of the 2012 program will be used to support a National Instrument 43-101-compliant resource estimate on a portion of the Block 103 Property currently planned to be released by the end of 2012, and a preliminary economic assessment, planned to be released by the end of March, 2013.
Mr. François Laurin, President and CEO of Cap-Ex, stated: "Initiation of the 2012 exploration program is another major milestone achieved towards the publication of our initial mineral resource estimate by the end of 2012. We have the capacity, technical and financial resources to complete the drilling program required and we will soon move towards the engineering work required for the preliminary economic assessment analysis."
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.
Through its exploration efforts Cap-Ex has revealed two primary zones of magnetite mineralization on its wholly owned Block 103 Property: the Northwest Zone and the Greenbush Zone. 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
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 Ventures visit the company website at www.cap-ex.ca. Follow us on Facebook (Search Cap-Ex Ventures) or Twitter @CapExVentures
CAP-EX VENTURES LTD.
President and CEO
For further information, contact:
Manager, Investor Relations
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 Company's planned work programs and 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.
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.
FIGURE 1: MAP OF THE BLOCK 103 PROPERTY HIGHLIGHTING THE APPROXIMATE PLANNED DRILLING AREA FOR THE GREENBUSH ZONE