Mr. Charles Fipke, an investor, reports

ACQUISITION OF COMMON SHARES AND WARRANTS OF CANTEX MINE DEVELOPMENT CORP.

This news release is issued by Charles E. Fipke, pursuant to the early warning requirements of Multilateral Instrument 62-104 and National Instrument 62-103 with respect to common shares and warrants of Cantex Mine Development Corp.

On July 13, 2018, Mr. Fipke acquired control over 3,357,999 shares and 3,357,999 warrants of Cantex by way of private placement at a price of 15 cents per unit.

Immediately prior to the issuance of the common shares, Mr. Fipke, as the sole trustee of the discretionary trust fund that indirectly owns the shares and the warrants, held 6,220,971 shares and 160,333 stock options of Cantex (48.27 per cent of the outstanding shares of Cantex, assuming exercise of the options).

Following issuance of the common shares and warrants, Mr. Fipke has control over 9,800,970 shares, 3,579,999 warrants and 160,333 options, being 47.57 per cent of the outstanding shares of Cantex, assuming exercise of the warrants and the options.

Depending on economic or market conditions, or matters relating to Cantex, Mr. Fipke may, in the future, choose to either acquire control over additional securities of Cantex or dispose of securities of Cantex; however, he has no current plans to do either.

For further information and to obtain a copy of the early warning report filed under applicable securities legislation in connection with the transactions hereunder, please go to Cantex's profile on SEDAR or contact Keiven Bauer at 250-860-8582.