March 7, 2011
Cap-Ex Ventures Ltd. (TSX-V: CEV) ("Cap-Ex" or the "Company") is pleased to announce that it has acquired through staking, a 100% interest in six strategic iron ore properties in the Labrador Trough near Schefferville, Quebec (the "Additional Properties").
The Additional Properties, total 405 claims and cover an area of 10,125 hectares. The Company's land package in the Schefferville region now covers a total area of 21,975 hectares, strategically located close to iron ore plants. Please refer to the company's website at www.cap-ex.ca for a detailed map of the properties.
Three of the Additional Properties (018602M, 018603M, and 018610M) adjoin Block 103 and cover areas prospective for direct shipping iron ore (DSO). Block 103 has the Sokoman iron formation passing continuously through from northwest to the southwest. Along strike to Block 103, to the north, is New Millennium Capital Corp.'s resource of 66 million tonnes at 59% iron and its KeMag resource of 3.4 billion tonnes at 30% iron. Similarly along strike to the south of Block 103 is New Millennium's resource of 34 million tonnes of direct shipping ore grading 59% iron.
Two of the Additional Properties (018604M, 018609M) adjoin the Company's Redmond Properties. The Additional Properties cover significant amounts of the strategic ironstone stratigraphy of the Sokoman Formation and the probable southeast extension of the key stratigraphic horizon that contains the high-grade direct shipping ores hosted in the Sokoman Formation.
Cap-Ex's neighbor, Labrador Iron Mines Holdings Ltd., owns the main Redmond deposits, where approximately 35 million tonnes of DSO grading 52-54% Iron (Fe) was mined during the 1970s and early 1980s.
The remaining Additional Property (018604M) is several kilometers northwest and along strike with the Redmond direct shipping (DSO) iron ore deposits. The high grade shipping ores (DSO) hosted in the Sokoman formation runs directly through this Additional Property.
Cap-Ex is currently sourcing historical Iron Ore of Canada reports including historical drilling information on the Redmond Properties. This coming exploration season the Company will drill the high grade magnetite and direct shipping iron ore horizons.
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.
The Company also reports that it has, subject to regulatory approval, retained Peter Grandich ("Grandich") to provide investor relations services.
Grandich will receive a total compensation of USD$36,000 for an initial term of twelve months, payable in advance on a monthly basis of USD$2,000 per month starting March 2011. Grandich will also receive 150,000 incentive stock options of the Company at an exercise price of $1.17 per share, exercisable for term of five (5) years.
About Cap-Ex Ventures Ltd.
Cap-Ex Ventures Ltd. is a Canadian resource company focused on exploration and development of iron ore projects in the Labrador Trough near Schefferville, Quebec. The Company's Schefferville Properties now cover an area of 21,975 hectares and are strategically located close to Iron Ore Processing Plants. Block 103 is on strike to New Millennium's direct shipping ore ("DSO") deposits and KeMag magnetite deposits both to the north and New Millennium/Labrador Iron Mines DSO deposits to the south. In 2008, an airborne magnetic survey identified the most intense magnetic response in the iron belt within Cap-Ex's Block 103 property. The anticipated closing of the Company's Schefferville Properties is March 7, 2011, and the acquisition of the Redmond Properties is subject to the final approval of the TSX Venture Exchange.
CAP-EX VENTURES LTD.
President and CEO
"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."
"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."