Cap-Ex Iron Ore Ltd (TSX-V: CEV) (“Cap-Ex” or the “Company”) has been notified by Tata Steel Minerals Canada Ltd. (TSMC) that the initial phase of a detailed ground gravity and magnetometer survey on the Block 103 Property has commenced. Based on reinterpretations of the 2011 Airborne Gravity and Magnetometer survey (see news release June 15, 2011), geophysical consultant, Jean Hubert, has identified over 20 separate DSO type anomalies for immediate detailed follow-up on the Block 103 property.
A Quebec-based geophysical consulting firm has been selected to carry out a series of ground gravity and magnetometer surveys, initial phase totaling 15 line-kilometers, over several main targets. The ground gravity survey will validate the location and extent of the airborne gravity anomalies that have not been tested to date and select targets for further exploration.
Graham Harris, the CEO of Cap-Ex, comments “We now have over 20 prospective targets giving the potential to identify DSO resources on the Block 103 property. We look forward to working with TSMC to delineate their potential.”
Cap-Ex is also pleased to announce that it has closed the first tranche (the “First Tranche”) of its private placement financing (the “Private Placement”) first announced on October 8, 2014. The First Tranche was comprised of 9,450,000 non flow-through units (the “Units”) for total gross proceeds of $472,500. The Company intends to use the proceeds of the Private Placement for further exploration and development and for general working capital purposes.
Each Unit was comprised of one common share (the “Shares”) and one share purchase warrant (the “Warrants”) exercisable for a period of two years at an exercise price of $0.05 per share. Each Unit was sold for $0.05 per Unit. The Shares and Warrants are subject to a statutory hold period and therefore cannot be traded or resold prior to February 28, 2015.
ABOUT CAP-EX IRON ORE LTD.
Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on the development of its Block 103 iron ore property in the Labrador trough, near the mining town of Schefferville, Quebec. The Block 103 property is strategically located close to existing railway to shipping port, and is adjacent the New Millennium-Tata oxide deposits to the east.
CAP-EX IRON ORE LTD.
“Graham Harris "
President & CEO
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 with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans and budgets and permitting. 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. 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.
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