December 19, 2011
Cap-Ex Ventures Ltd. (TSX-V: CEV) ("Cap-Ex" or the "Company") is pleased to announce that it has entered into a management services agreement (the "Agreement") with Forbes & Manhattan, Inc. ("F&M"). F&M has had great success with Consolidated Thompson Iron Mines Limited developing the Bloom Lake project from grass roots exploration to production. The Bloom Lake project is located in the Labrador iron trough in Northern Quebec and Labrador, Canada, which is the location of Cap Ex's flagship properties.
The Company will become a member of the Forbes & Manhattan Group of Companies and receive all of the benefits of such membership, including access to a world class team of geologists and mining engineers, engineering and capital markets advice from Stan Bharti and other Forbes & Manhattan capital market professionals and strategic advice from the Forbes & Manhattan Board of Advisors.
The Company is also pleased to announce that François Laurin has agreed to become the President, Chief Executive Officer and a member of the Board of Directors of the Company. In addition, Brian Penney has agreed to join the Board of Directors and serve as the Chairman of the Operations Committee of the Board. The appointments of Francois Laurin and Brian Penney are to be effective upon closing of the first tranche of the Company's private placement announced in the Company's press releases of December 2, 2011 and December 5, 2011. Closing of the first tranche is expected this week.
François Laurin was the Chief Financial Officer of Consolidated Thompson Iron Mines Ltd., which was acquired by Cliffs Natural Resources earlier this year for $4.9 billion. Mr. Laurin also has extensive experience in the transportation, telecommunication, media and private equity industries. He is currently a member of the board of directors of several non profit organizations and has been a director and member of board committees of both public and private companies. Mr. Laurin is a Chartered Accountant and a Chartered Financial Analyst, and holds a graduate diploma in Public Accountancy and a Bachelor of Commerce degree from McGill University.
Brian Penney brings significant iron ore experience to the Company, having worked for the Iron Ore Company of Canada ("IOC"), a Rio Tinto subsidiary, for more than 15 years. During his tenure with IOC, Mr. Penney held many senior roles including: General Manager of all Processing Facilities, General Manager of Mining Operations and General Manager of Integrated Planning. In addition, Mr. Penney currently serves as the President and Chief Executive Officer of Ridgemont Iron Ore Corp. He is a professional engineer, graduating from Technical University of Nova Scotia with a degree in Metallurgy.
To facilitate these appointments, Brett Matich will resign as the President and Chief Executive Officer of the Company. Brett Matich will remain on the Board of Directors. Chris Farber and Edward Kruchkowski will resign from the Board.
The Company wishes to express its sincere gratitude to Messrs Matich, Farber and Kruchkowski who have contributed greatly to the Company and its successful 2011.
The Agreement further provides that, in the event that the Company meets its operational plans for 2012 (to be determined by an Operations Committee of the Board) F&M will search for and nominate another person to the Board of Directors.
Finally, in the event that the Company completes (after 2012 exploration) an NI 43-101 compliant report on its Block 103 property, F&M will search for and nominate another person to the Board of Directors.
Andrew Bowering, the Chairman of Cap-Ex, stated, "On behalf of the Board of Directors, I would like to welcome Francois Laurin, Brian Penney and Forbes & Manhattan to the Cap-Ex team. We believe that these appointments provide technical expertise and strategic knowledge to the Company that can only be obtained through past successes in the Labrador Trough. We would also like to thank Chris Farber and Edward Kruchkowski for their dedication and hard work during the transformation of the Company into one of the leading iron ore exploration companies in Canada."
The transactions disclosed herein may be subject to regulatory approval including Exchange approval.
CAP-EX VENTURES LTD.
NEITHER THE 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.
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 regarding the impact of the appointments on the Company, the timing and cost of future exploration activities and timing for closing of the financing. 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, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. 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.