Mr. Francois Laurin reports

CAP-EX INTERSECTS 291 METRES OF 29% IRON

Cap-Ex Ventures Ltd. has received the third set of assay results from its continuing drill program within the Greenbush zone, located on its wholly owned block 103 property in western Labrador. All eight holes drilled to date on this third, approximately 1,700-metre-long drill line (Section 8800N) intersected iron mineralization. Intervals ranged up to 291 metres in thickness with total iron content ranging from 27.7 per cent to 30.7 per cent. Five of the eight holes ended in iron mineralization. This third drill line trends northeast/southwest and is located parallel to and 600 metres south of the second drill line (Section 9400N). Assay results for the first and second drill lines were released in news releases dated Aug. 13, 2012, and Sept. 12, 2012, respectively.

        HIGHLIGHTS OF ASSAY RESULTS FROM THE THIRD DRILL LINE

Hole                        From          To      Length    Total Fe
No.                          (m)         (m)         (m)         (%)

DDH103-060                   8.5       292.0       283.5        28.7
DDH103-061                  45.1       188.4       143.3        29.3
and                        237.1       310.3        73.2        29.8
DDH103-062                   1.5       100.8        99.3        28.9
and                        124.4       212.8        88.4        29.7
and                        289.0       320.7        31.7        28.7
DDH103-086                   1.5       292.3       290.8        29.2
DDH103-087                   3.1       103.3       100.3        28.1
and                        128.2       200.9        72.7        30.3
and                        246.6       309.2        62.6        28.3
DDH103-134                 118.1       242.3       124.2        28.4
and                        272.8       300.2        27.4        30.7
DDH103-135                   5.2       134.2       129.0        29.6
and                        145.0       337.4       192.4        27.7
DDH103-136                  48.2       197.5       149.4        27.9
and                        218.3       267.6        49.3        29.6
and                        304.2       343.8        39.6        30.5

"We are very pleased with this third set of assay results as they continue to demonstrate substantial thickness and consistent grade as the drill program progresses to the south and north, expanding the zone of mineralization," says Francois Laurin, president and chief executive officer of Cap-Ex. "In addition to the publication of our initial resource estimate, we plan to complete a preliminary economic assessment early next year. It is very exciting to see the potential of this project."

To date, Cap-Ex has completed approximately 21,915 metres of the 22,000-metre drill program.

True widths of the reported intercepts vary depending on the angle of the individual drill holes and are estimated to be between 70 per cent and 100 per cent of the core interval as reported. All samples were prepared from split BTW-sized half-core sections on-site in Labrador. Split drill core samples have been sent to independent contractor Acme Analytical Laboratories in Vancouver, B.C., for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Iron oxide (FeO) titration analysis permits an estimation of hematite. Standards, blanks and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of a continuing quality assurance/quality control program.

Qualified person

Edward Lyons, PGeo, a consultant to the company and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release. Mr. Lyons has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Lyons has verified that the results were accurate from the official assay certificates provided to Cap-Ex.

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