March 24, 2011
Cap-Ex Ventures Ltd. (TSX-V: CEV) ("Cap-Ex" or the "Company") has now received the final interpretation of a 2008 airborne magnetic survey completed by MPX Geophysics Ltd. ("MPX"). The interpretation was completed by Paterson Grant & Watson Ltd ("PGW"), a well established geophysical consulting company based in Toronto.
In 2008, MPX conducted a magnetic survey over Cap-Ex's Block 103 mineral claims. Completed on line spacing of 100 metres and at a terrain clearance of 50 metres, the geophysics covered 666 line kilometres focusing on both the strongly and weakly magnetic horizons that lie on strike with known iron ore deposits of two types:
- Magnetite ore, such as the KeMag and LabMag deposits, on strike to the north and west, which together contain a 9 billion tonne resource grading 30%Fe.
- Hematite or direct shipping ore ("DSO") deposits , on strike to the north and south of Block 103, which together contain a 100 million tonne DSO Resource.
PGW processed and interpreted the raw data obtained by the helicopter-borne magnetic survey completed by MPX. In their interpretation report, PGW concluded that:
"Block 103 block covers some of the most intense positive magnetic responses in the iron ore belt. This is a good indication that the volume (and possibly concentration) of magnetite is higher than in most parts of the belt."
"Several magnetite horizons show positive responses in the 10,000 to 14,700 nT range, which bodes well for iron ore deposits"
PGW also conducted geophysical modeling of five separate zones with the highest magnetite content. The geophysical modelling indicates that magnetite rich zones are situated close to the surface with grades up to 41% magnetite. The digital elevation data also shows there is good correlation between the ridges and the magnetic horizons. This is likely due to the magnetic-bearing horizons being more resistant to erosion than other hematite DSO horizons.
In addition, it has been interpreted by PGW, that the weakly to non-magnetic horizons found on Block 103 may host iron ore in the form of hematite DSO .These DSO horizon's lie on strike with the DSO deposits and targets on the neighbouring New Millennium Capital Corp. ("New Millennium") property.
Brett Matich, President and CEO comments, "We are pleased with the interpretation provided by PGW which confirms that Block 103 hosts a series of high grade magnetite deposits. It also confirms the DSO potential of Block 103. Cap-Ex plans to follow up on the recommendations of PGW by immediately conducting a 3,000 line kilometre Airborne Gravity Gradiometer survey over our entire Schefferville land holdings, to identify additional DSO targets prior to commencing drilling in June."
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.
About Cap-Ex Ventures Ltd.
Cap-Ex Resources 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 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 Holdings Limited 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.
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."