June 22, 2011
Cap-Ex Ventures Ltd. (TSX-V: CEV) ("Cap-Ex" or the "Company") is pleased to announce it has received and interpreted the preliminary data from the recently completed Airborne FALCON Gravity Gradiometer and High Sensitivity Magnetometer survey, conducted by Fugro Airborne Surveys Corp. The survey was conducted over the Company's wholly owned Lac Connelly property located in the Labrador Trough.
Geophysical Consultant, Jean Hubert, has completed interpretation of the preliminary data, which has identified 17 hematite, Direct Shipping Ore ("DSO") and magnetite priority targets up to five kilometres long and one kilometre wide. For the most part, the anomalies coincide with the large iron ore occurrences shown on the geological map prepared by the Government of Quebec in 1977.
The iron ore occurrences at Lac Connelly are comprised of hematite and magnetite units. Cap-Ex's drill program will target the hematite units which can form DSO deposits. The interpretation reported that the hematite (DSO) could be encountered in all of the 17 targets.
Images of residual gravity and the first vertical derivative magnetic were used to select these priority targets, applying the following criteria:
- All targets fall within the Iron Formation
- Targets interpreted to be located in synclines are given higher priority
- Targets that occupy fault positions that may increase mineralized thickness were prioritized
- Areas of elevated gravity but low magnetic response indicate DSO targets
- Coincident magnetite and gravity highs reflect magnetite targets
Cap-Ex is now preparing to go on site at Lac Connelly to map and delineate these anomalies in preparation for commencement of drilling.
Edward Kruchkowski, P.Geo., a qualified person pursuant to National Instrument 43-101 and director of the Company, has reviewed and approved of the contents of this news release.
CAP-EX VENTURES LTD.
President and CEO
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"This news release may contain forward--looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."