Mr. Chad Ulansky reports

CANTEX ANNOUNCES CLOSING OF C$2.4 MILLION FINANCING

Cantex Mine Development Corp., further to its news release of June 29, 2011, has closed its non-brokered private placement financing. The company raised $2.4-million through the issuance of 36,923,077 flow-through shares at a price of 6.5 cents per share. Insiders of the company subscribed for a total of 7,248,077 shares.

There were no agents' commissions or other compensation paid in connection with the offering.

All securities issued pursuant to the offering are subject to a four-month hold period expiring Nov. 1, 2011.

The proceeds from the issuance of the flow-through shares shall be used to finance an exploration program focused the company's gold claims in the Yukon and will qualify as Canadian exploration expenses (as defined in the Income Tax Act) that will be renounced to the investors.