Dr. Shane Ebert reports

CANEX MAKES NEW DRILL DISCOVERY AT WESTGOLD INTERSECTING 35 METRES OF 0.7 G/T GOLD INCLUDING 7.6 METRES OF 2.5 G/T GOLD

Canex Metals Inc. has released results from five reverse circulation drill holes from the maiden drill test of the WestGold target at the Gold Range project, Arizona.

Highlights:

• The first holes ever drilled into the WestGold target have resulted in a new drill discovery, with hole GR23-120 returning 0.7 gram per tonne gold over 35 metres, including 1.9 g/t gold over 10.67 metres and 2.5 g/t gold over 7.6 metres.
• Hole GR23-118 intersected 0.2 g/t gold over 54.9 metres, including 0.4 g/t gold over 15.2 metres, along with three additional mineralized intervals at depth.
• A flat-dipping structural control on the WestGold discovery, combined with significant mineralized intercepts in holes GR23-118 and GR23-120, indicates the potential for a large, near-surface zone of oxide gold mineralization at WestGold.
• WestGold is located 450 metres west of known mineralization at Eldorado, extending the known strike length of the main mineralized trend on the property to four kilometres.
• Results for 19 drill holes are pending, including holes testing the Shaft target, targets parallel to Excelsior, and the main Excelsior zone along strike and to depth.

Dr. Shane Ebert, president of the company, stated: "These significant drill intercepts at WestGold further highlight the prospectivity of the Gold Range project and our team's ability to identify and successfully drill test new targets. Recognizing a flat-dipping structural control at WestGold is key to understanding the size potential of the mineralized zone, which could extend over an area hundreds of metres by hundreds of metres sitting in an ideal setting close to surface near the top of a large hill. We look forward to further advancing the WestGold zone through focused exploration work, including drilling, to fully assess the scale and grade of the mineralized system."

Assay results from drill holes GR23-116, GR23-117, GR23-118 and GR23-120, all from the WestGold target on the Gold Range project, Arizona, have been received and are presented herein. All five holes successfully intersected gold mineralization, with holes GR23-118 and GR23-120 intersecting gold zones containing significant grades and widths. Significant gold intersections are shown in an attached table.

The WestGold mineralized zone contains mineralized quartz veins occurring along a flat-dipping shear zone that is surrounded by a wider halo of irregular quartz veins and veinlets, giving rise to a potential bulk-tonnage oxide gold target. The zone has the potential to extend over an area hundreds of metres by hundreds of metres, and its location near the top of a hill allows for evaluation by shallow surface drilling and provides a favourable open-pit geometry. WestGold is located 450 metres west of known mineralization at Eldorado, extending the known strike length of the main mineralized trend on the property to four kilometres from the previously outlined 3.5 kilometres.

Holes GR22-115 to GR22-117 tested the northern side of the WestGold target, and all three holes returned anomalous zones of gold mineralization. Holes GR23-118 and GR23-120 tested the southern part of the WestGold soil anomaly, and both holes intersected broad zones of gold mineralization. Hole GR23-120 intersected 0.7 g/t gold over 35.05 metres, including 0.9 g/t gold over 25.91 metres and 1.9 g/t gold over 10.67 metres. Hole GR23-118 intersected multiple parallel zones of gold mineralization, highlighted by 0.2 g/t gold over 54.86 metres, including 0.4 g/t gold over 15.24 metres.

Holes GR23-118 and GR23-120 are excellent initial results from a large zone that remains wide open for testing and expansion.

March-to-April drill program

The March-to-April reverse circulation drill program at Gold Range is now complete. A total of 24 holes were drilled for 3,150.9 metres of drilling. Five holes were drilled at the WestGold target, two holes at the Shaft target, seven holes tested targets parallel to Excelsior, and 10 holes tested the expansion potential of the Excelsior zone along strike and down dip.

Results for 19 holes are pending and will be released as they are received, validated and interpreted.

Quality assurance/quality control

Reverse circulation drill cuttings were collected in numbered cloth sample bags from five-foot (1.52 m) intervals during drilling and were picked up from site and analyzed by Skyline Assayers and Laboratories in Tucson, Ariz. (which is ISO/IEC 17025 accredited). A 280 g pulp was prepared and gold was assayed, using a 50 g fire assay with an atomic absorption finish (method FA-01-50g). Gold samples greater than five g/t are redone, using a 50 g fire assay method with a gravimetric finish (method FA-02 50g). The company included certified reference standards, blanks and duplicates in every sample batch and then checked to ensure proper quality assurance/quality control prior to releasing the data.

About Canex Metals Inc.

Canex Metals is a Canadian junior exploration company with a new gold discovery at the Gold Range project in northern Arizona, and high-grade silver and gold mineralization at the Gibson property in British Columbia. Canex is led by an experienced management team that has made three notable porphyry and bulk-tonnage discoveries in North America and is sponsored by Altius Minerals, a large shareholder of the company.

Dr. Shane Ebert, PGeo, the qualified person for Canex Metals, has approved the technical disclosure contained in this news release.

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