Mr. Francois Laurin reports

CAP-EX DRILL RESULTS INDICATE "NORTHWEST ZONE" OPEN TO THE NORTH, SOUTH AND WEST

Cap-Ex Ventures Ltd. has released assay results for three holes from the 2011 diamond drilling of the Northwest zone on its wholly owned Block 103 iron property, which is located approximately 30 kilometres northwest of the mining town of Schefferville, Que.

All holes encountered significant iron mineralization as follows:

• DDH103-17 -- interval of 148.4 metres at 30.6 per cent total Fe from 48.2 metres;
• DDH103-16 -- interval of 118.9 metres at 31 per cent total Fe from 29.6 metres;
• DDH103-12 -- interval of 91.4 metres at 31.5 per cent total Fe from 4.9 metres.

Refer to the accompanying table for all the results.

The Northwest zone is located two kilometres west of the Greenbush zone, and was diamond drill tested by six holes over 5.3 kilometres of strike, with drill spacing ranging from 200 to 2,100 metres. All six holes intersected mineralization, with the average total iron grade above 31 per cent.

The Northwest zone strikes northwest to southeast, dips slightly northeast and is wide open to the south, where thickness increases from 90.6 to 148.4 metres. The northern strike extension is restricted by Block 103's north boundary. The presumed width is between 0.5 and 1.5 kilometres, contacting Kivivic Lake to the east and constrained by the western boundary of Block 103. The mineralization in hole DDH103-17 remains open at depth.

The Northwest zone is immediately on strike between the LabMag (five kilometres southeast of hole 17) and KeMag (nine kilometres northwest of hole 11) deposits on the adjacent properties owned by New Millenium Iron Corp. (NML). In its press release of Jan. 26, 2012, NML stated the proposition that these orebodies constitute one continuous zone of mineralization. The discovery of the mineralization from drilling by the company at the Northwest zone would support that concept. The company plans to drill test the four-kilometre-long southern strike extension of the Northwest zone up to the property boundary this coming season.

The company expects to soon receive additional 2011 drill assay results for the Greenbush zone at Block 103.

Francois Laurin, president and chief executive officer of Cap-Ex, commented: "The latest drill holes continue to deliver quality results from our Block 103 property. We have designed an aggressive exploration program with the objective of issuing an initial mineral resource estimate by the end of 2012 and a preliminary economic assessment by the end of the first quarter of 2013."

                              NORTHWEST ZONE

Hole              From       To    Core interval   Total Fe   True thickness
No.                 (m)      (m)              (m)        (%)              (m)

DDH103-12          4.9     96.3             91.4       31.5             90.9
DDH103-16         29.6    148.4            118.9       31.0            118.2
DDH103-17         48.2    196.6            148.4       30.6            147.6
Previously 
released                            
DDH103-11          1.2    109.1            107.9       31.8            107.3
DDH103-13          1.2     92.4             91.1       32.0             90.6
DDH103-15          1.5     96.6             95.1       31.1             94.6

Quality assurance/quality control

The samples from drilling were processed and assayed by SGS Canada Lab, based in Lakefield, Ont. The samples were assayed using XRF, Satmagan and Davis tube techniques.

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.

Stock option grant

The company also announces that it has granted a total of 1,325,000 stock options to various officers, directors, consultants and employees of the company. Each stock option shall entitle the holder thereof to acquire one common share at a price of 99 cents for a period of five years. The grant is subject to regulatory approval.

We seek Safe Harbor.