Mr. Charles Fipke reports

CANTEX YUKON UPDATE

Cantex Mine Development Corp. has received all analytical results with respect to follow-up sampling of its two gold claim groups in central Yukon as well as its approximately 2,500 heavy mineral samples collected from unstaked land extending over 30,000 square kilometres. These samples were collected from areas underlain by favourable geology for Carlin-style gold deposits.

CAR claim group

The CAR claim group is located 25 km east and upstrike of Atac Resources Ltd.'s Osiris Carlin-style gold discovery. Ninety-two bulk (plus or minus 10 kilograms) talus samples were collected within this claim group. Forty-nine of the bulk samples were analyzed after screening, crushing and pulverizing while the remaining 43 were analyzed using the heavy-mineral analysis procedures of CF Mineral Research Ltd. in Kelowna, B.C., for Carlin-style gold sampling.

Nineteen of the 49 pulverized talus samples were anomalous in key pathfinder elements for Yukon and Nevada Carlin-style gold mineralization such as arsenic, antimony and thallium. Thirty-seven of the 43 talus samples processed using heavy-mineral methods were found to be anomalous in key pathfinder elements. Three of the 37 samples anomalous in key pathfinder elements were also found to be weakly to strongly anomalous in gold.

LIN claim group

The LIN claim group is located 14 kilometres southeast of Atac's Tiger massive sulphide gold discovery. Four bulk (plus or minus 10 kg) heavy-mineral samples were collected from gravels of a major stream draining the claims. These were sent for heavy-mineral processing at CF Mineral Research Ltd. Three of the four samples contained anomalous (microgram) amounts of key pathfinder elements. Of the three samples anomalous in key pathfinder elements one sample's concentrate was moderately anomalous (4,720 parts per billion) in gold.

Regional exploration program

Cantex collected approximately 2,500 heavy-mineral samples from 30,000 square km of unstaked ground underlain by geology favourable for Carlin-style mineralization during the summer of 2011. Of these, 150 samples were anomalous in both parts per billion and micrograms of gold; 87 samples are anomalous in both ppb and micrograms of key pathfinder elements for Carlin-style gold mineralization. Forty-eight samples are anomalous in both parts per million and micrograms in all key pathfinders indicative of detecting Carlin-style mineralization both in Nevada and the Yukon.

Summary

Gold and key pathfinder elements for Carlin-style mineralization have been detected on both claim groups staked by Cantex in 2011. Additional sampling aimed at establishing drill targets on both sets of claims is being planned for this summer.

Eighty-seven gold anomalies accompanied by key pathfinder elements (such as arsenic, antimony and thallium) suggest that local rather than placer sources of gold have been detected. Forty-eight samples are anomalous in all key pathfinder elements indicative of detecting new local sources of Carlin-style gold mineralization within the 30,000 square km explored.

The technical information and results reported here have been reviewed by Chad Ulansky, PGeol, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.