Mr. Rob Hopkins reports

CAP-EX TARGETS INITIAL RESOURCE OF 800 MILLION TO 1 BILLION TONNES GRADING BETWEEN 29% AND 32% IRON AT BLOCK 103 WITH 2012 DRILL PROGRAM LAUNCH

Cap-Ex Ventures Ltd.'s 2012 drilling program has commenced at its 100-per-cent-owned Block 103 property in northwestern Labrador, approximately 35 kilometres northwest of Schefferville, Que.

The fully financed, $10-million program has been designed to consist of four rigs drilling a minimum of 15,000 metres and is primarily focused on the continued investigation and definition of mineralization in the Greenbush zone, which covers an area of 26 square kilometres and is part of the company's Block 103 property. In particular, the program will focus on the central portion of this zone, which Cap-Ex expects to host the targeted initial mineral resource estimate which represents approximately four square kilometres or 15 per cent of the Greenbush zone.

The current drill program will target an initial resource of approximately 800 million to one billion tonnes with an average grade between 29 per cent and 32 per cent iron. The potential tonnage and grade are conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. These figures are reported as exploration targets based on the presence of mineralized drill holes, mineralized zones which are open in most directions and geophysical anomalies from data received by Cap-Ex. The program will also focus on outlining the continuation of 259 metres of folded mineralization encountered in 2011 drill hole DDH103-44.

Program details

The 2012 exploration program has been designed to include a minimum of 15,000 metres of diamond drilling and additional surface sampling, focused primarily on the continued investigation and definition of mineralization in the Greenbush zone. Drilling has commenced and will be completed using four diamond drills over an estimated five-month period.

The results of the 2012 program will be used to support a National Instrument 43-101-compliant resource estimate on a portion of the Block 103 property currently planned to be released by the end of 2012, and a preliminary economic assessment, planned to be released by the end of March, 2013.

Francois Laurin, president and chief executive officer of Cap-Ex, stated: "Initiation of the 2012 exploration program is another major milestone achieved towards the publication of our initial mineral resource estimate by the end of 2012. We have the capacity, technical and financial resources to complete the drilling program required and we will soon move towards the engineering work required for the preliminary economic assessment analysis."

Qualified person

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.

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