Mr. Charles Fipke reports

CANTEX CLOSES PRIVATE PLACEMENT

Further to earlier news releases, Cantex Mine Development Corp. has closed its fully subscribed unit private placement, resulting in gross proceeds of $1.75-million. The placement consisted of the issuance of 6,086,668 flow-through units and 5,579,999 non-flow-through units. Both sets of units were sold at a price of 15 cents per unit, and each unit comprised one share and one warrant, exercisable at 20 cents for a term of three years.

All securities issued in the placement are subject to a hold period expiring Nov. 14, 2018. Finders' fees of $4,200 were paid in connection with the placement.

Proceeds from the placement will be applied to drilling the Northern Gold area of the North Racla project in the Yukon as well as the massive sulphide zone of the North Racla claims.