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April 02, 2012

Montreal, Quebec--Cap-Ex Ventures Ltd (TSX-V: CEV) ("Cap-Ex" or the "Company") is pleased to provide an update on the metallurgical results from its 100% owned Redmond property (the "Property"), located 10 kilometers southeast of Schefferville, Quebec. The TSH railway runs through the southern portion of the Property and adjoins the QNS&L rail line continuing to the port of Sept-Iles, Quebec. 

Fourteen reverse circulation (RC) drill holes were completed on the Property in 2011. Eleven holes intersected hematite/limonite mineralization with intervals ranging from 10 to 73 meters in thickness over an area approximately 2 kilometers by 300 metres. All of the intersections were at or near surface. A series of metallurgical tests were performed on samples derived from drill core from these holes over the last 2 months.

A petrographic study comprised of microscopic and XRD (X-Ray Diffraction) analysis was completed on 21 samples collected from four of the drill holes. In eighteen of the samples, iron oxides accounted for 58.1% of the total sample with hematite being the most prominent iron bearing oxide at 95.2%. Heavy media separation testing was performed on coarse particle size samples (1.7mm-3.4mm) from the Property. The test work returned encouraging beneficiation results of up to 56.9% iron in part of the samples. This initial beneficiation test work of hematite samples collected from the Property, combined with the completion of the petrographic analysis , indicate strong potential to produce a saleable iron ore product from the Property.

The Company has now commenced more detailed gravity concentration testing, but at size fractions indicative of spiral concentrates. This test work aims to produce a saleable iron concentrate utilizing a simple spiral flowsheet. These preliminary evaluations indicate strong potential for success and final results should be available within the next four to six weeks.

Cap-Ex plans to complete an additional 5,000 metres of drilling on the Redmond property this coming season.

Cap-Ex President and CEO, Mr Francois Laurin comments "We are very pleased with this positive result from our 2011 exploration program. This further confirms our intention to continue drilling and advancing the Redmond property in 2012. Our goal at Redmond is to produce a saleable iron concentrate ahead of any potential future production in the Block 103 property.''

Quality Assurance/Quality Control

The microscopic study was done by Alex Walus, P.Geo., using a Nikon polarizing microscope. The quantitative XRD study was conducted by a team led by Mati Raudsepp, Ph.D., at the University of British Columbia. The XRD analyses determined mineral composition (with accuracy of +/-1%) of the same 21 RC samples which were used in the microscopic study. The X-ray diffractograms were analyzed using the International Centre for Diffraction Database PDF-4 and Search-Match software by Siemens (Bruker). X-ray powder-diffraction data of the samples were refined with Rietveld program Topas 4.2 (Bruker AXS).

The composite samples for the Redmond scoping study where processed and assayed by Inspectorate Exploration & Mining Services Ltd. based in Vancouver, BC. The Sink Float Test Metallurgical Balance method was used on 5 composite samples to evaluate heavy media separation for sized feed. This was done at -6+10mesh (2.0-3.4 mm) fraction using organic media methylene iodide and TBE at SG (Specific Gravity) of 3.3 and 2.96. The final concentrates were assayed by XRF (partial silicates) LiBO2 fusion followed by XRF analysis for major oxides and LOI. 

Alex Walus, PGeo., an employee of the Company and a qualified person pursuant to National Instrument 43-101, has reviewed and approved the technical and scientific information in this news release.

The ability to produce a saleable iron ore product from the Property does not imply that the Property features an economic deposit.

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