July 07, 2011
Cap-Ex Ventures Ltd. (TSX-V: CEV) ("Cap-Ex" or the "Company") is pleased to announce that Sunrise Drilling Ltd ("Sunrise Drilling") has been awarded a contract to drill up to 15,000 metres at the Company's Block 103 and Redmond properties. Sunrise Drilling has mobilized drill rigs and personnel to site at Schefferville and will commence drilling immediately.
Geophysical consulting company Paterson, Grant and Watson Ltd. identified multiple highly magnetic linear anomalies from interpretation of the airborne magnetic survey conducted on Block 103 in May this year. These linear anomalies correspond with outcrop ridges of Sokoman Iron Formation previously mapped by Iron Ore Company of Canada ("IOC"). Prospecting and trenching completed by the Company on the property to date indicate that the large concentrations of magnetite are not restricted to the 5 magnetic horizons delineated on Block 103, but rather comprise a much larger area of 3km by 3km. The Company plans to drill test this entire magnetite bearing area, adapting and even expanding the drill program based on results from ongoing trenching and prospecting of more magnetic targets.
The recent airborne gravity survey identified thirty one hematite, Direct Shipping Ore ("DSO") priority targets at Block 103 and Redmond properties. These targets are currently being delineated by trenching, sampling and mapping. High priority targets will be selected for drill testing in a separate program later in the season.
The Company looks forward to the commencement of this season's drilling campaign.
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"