August 17, 2011
Cap-Ex Ventures Ltd. (TSX-V: CEV) ("Cap-Ex" or the "Company") is pleased to announce that to date it has completed in excess of 3,000 metres of diamond drilling of the magnetite horizons on Block 103, located 35 kilometres northeast of Schefferville, Quebec.
Samples from the drill core have been sent to the SGS Canada Inc. (SGS) laboratory in Lakefield, Ontario for analysis. The first results for the total iron, magnetite content and magnetite recovery are expected in the coming weeks. The Company continues to drill test previously defined magnetite targets on Block 103 with two rigs running two shifts per day.
Concurrently with drilling Block 103, re-sampling of historical Direct Shipping Ore ("DSO") targets is taking place on the Company's Redmond property, located 10 kilometres southeast of Schefferville.
The DSO samples from Redmond were sent to Inspectorate Lab in Richmond, BC for rush assays. Drilling of the Redmond DSO targets is planned to commence in September.
Two reconnaissance field trips have now been conducted on the Company's Lac Connelly property, located 250 kilometres north of Schefferville. Investigation has identified a 3.7 kilometre long iron ore horizon, which was mentioned in a 1955 Natural Resources Department report (ref. GM03035). Mapping of the outcrop area was completed and samples collected of the iron formation along strike. Further investigation of the samples will include determining magnetite / hematite composition and grain size distribution. The results of this initial study will assist the Company in evaluation of the iron ore potential at Lac Connelly.
A field visit has now been conducted on the Company's Porky Lake property, located 50 kilometres northeast of Schefferville. During the visit samples were collected over a 750 metre strike length of the hematite bearing zone, which consists of layers of dense, blue hematite with an estimated total thickness of 91 metres. The samples were sent to the SGS laboratory in Lakefield, Ontario and results are expected next week.
The Company continues its efforts to consult and engage aboriginal groups having interests in the Schefferville area, with the goal of developing a long term working relationships.
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."