March 22nd, 2013
                                                                           
Cap-Ex Iron Ore Ltd. (TSX-V: CEV) (Frankfurt: X0V) (OTCQX: CPXVF) (“Cap-Ex” or the “Company”) is pleased to announce that with the release of the maiden resource and the metallurgical results on its Block 103 Iron Ore Project in the Labrador Trough, the Company is now actively seeking a strategic partner.

Key to the Company’s efforts in searching for a strategic partner is Mr. Mark Morabito, Special Advisor to the Chief Executive Officer of Cap-Ex.  Mr. Morabito was appointed to this role in June 2012 to assist the Company in advancing the Block 103 Project.  Mr. Morabito, as Executive Chairman of Alderon Iron Ore Corp., was instrumental in Alderon’s signing of an Off-take and Partnership Agreement with Hebei Iron and Steel Group (“Hebei”) last year, culminating in last week's announcement that Hebei had completed the remaining cash contribution of its initial $182.2 million investment.

François Laurin, President and CEO of Cap-Ex, stated, “We have made rapid progress, from completing a 22,300 metre drill program in 2012 to last month’s announcement of a 7.2 billion tonne inferred iron resource and positive metallurgical results.  With Mark’s success at Alderon, and the recent closing of their Hebei transaction, now is the time to leverage his expertise and experience to assist Cap-Ex in taking the next step forward in securing a strategic partner.”

The Block 103 Project hosts an initial NI 43-101 inferred resource estimate of 7.2 billion tonnes at 29.2% total iron.  Preliminary metallurgical results indicate marketable pellet feed product.

Private Placement

Cap-Ex also announces that it is undertaking a non-brokered private placement financing of up to 33,333,333 units (the “Units”) at a price of $0.15 per Unit for gross proceeds of up to $5.0 million (the “Offering”).  Each Unit will be comprised of one common share and one common share purchase warrant (a “Warrant”).  Each whole Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.20 for a period of 24 months from the date of issue.  Insiders will subscribe up to a maximum amount of $2.5 million.

At any time after four months and one day from the date of the closing of the Offering, if the volume weighted average trading price of the common shares of Cap-Ex on the TSX Venture Exchange is greater than $0.50 per share for 20 consecutive trading days, Cap-Ex may give written notice to warrant holders that the Warrants will expire 30 calendar days after the date of such notice.

The Company intends to use the net proceeds of the Offering to continue to advance its Block 103 Project with a 2013 drilling program and to seek a strategic partner.

The offering remains subject to certain conditions including, but not limited to, the approval of the TSX Venture Exchange.

The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or province in which such offer, solicitation or sale would be unlawful.

About Cap-Ex

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.

Edward Lyons, P.Geo., a consultant to the Company and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical information contained in this news release.

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

CAP-EX IRON ORE LTD.
On behalf of the Board

“François Laurin”
President and CEO

For Investor Relations, please contact:
1-866-683-8030
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www.cap-ex.ca

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.