May 24, 2011
Cap-Ex Ventures Ltd. (TSX-V: CEV) ("Cap-Ex" or the "Company") is pleased to announce it has commissioned Fugro Airborne Surveys Corp. ("Fugro") to conduct an airborne FALCON Gravity Gradiometer and High Sensitivity Magnetometer survey over the Company's Lac Connelly property in Northern Quebec to delineate Direct Shipping Ore ("DSO") targets.
The Lac Connelly property, which includes five Quebec licenses, is 12,000 hectares located approximately 250 kilometres north of Schefferville.
A 1955 Natural Resources Department report on the mining activity in the Northern Quebec (ref. GM 03035) states that the Lac Connelly property owned by Great Iron Mountain contains a large hematite horizon (hematite constitutes the main component of what is referred to as "direct shipping ore -- DSO"). According to the report the horizon is 3,200 metres long, 200 metres wide and 60 metres deep. Historical surface sampling has returned grades ranging from 46% to 61% iron. The reported hematite horizon is located entirely within the present Cap-Ex mineral claims.
The Lac Connelly survey will cover 1,728 line kilometers on line spacing of 200 metres and will further define the extent of the hematite DSO and potential magnetite horizons.
The Quebec government recently announced the $80 billion "Plan Nord" infrastructure development project which includes a northern land link through the Labrador Trough and rail lines which will pass within close proximity to Lac Connelly (refer to Quebec government website "plannord.gouv.qc.ca").
Cap-Ex President and CEO Brett Matich comments "Quebec's positive decision on "Plan Nord" has greatly expedited our plans at Lac Connelly. We retained Fugro to commence the Lac Connelly survey immediately upon completion of the Block 103 and Redmond Gravity Gradiometer survey. The company is now focused on expanding it's current budget to drill test the large "DSO" and magnetite horizons contained within our 100% owed Lac Connelly property".
About Fugro Airborne Surveys Corp.
Fugro Airborne Surveys is an international airborne geophysical survey company providing industry leading technology offered with Fugro standards of project, quality and safety management.
FALCON is the world's first airborne gravity gradiometer (AGG) and is the only operating AGG technology developed specifically for airborne purposes. It measures minute changes in the earth's gravity to high accuracy and spatial resolution using both helicopter and fixed-wing platforms.
FALCON has flown over 1.5 million survey kilometres in 244 surveys over 17 countries.
Ed 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."