Dr. Charles Fipke reports

CANTEX ANNOUNCES STRATEGIC INVESTMENT BY CRESCAT CAPITAL AS PART OF A C$5 MILLION NON-BROKERED PRIVATE PLACEMENT

Crescat Capital LLC, in association with renowned geologist Dr. Quinton Hennigh, is committing to an investment of up to $1.5-million of Cantex Mine Development Corp.'s $5-million non-brokered private placement.

"We are delighted to welcome Crescat as a strategic shareholder," said Charles Fipke, chairman of Cantex. "Crescat's investment is a strong endorsement of our North Rackla project in the Yukon. The project hosts high-grade silver-lead-zinc-germanium over a drill tested 2.3-kilometre strike length down to a depth in excess of 700 metres."

Dr. Hennigh commented: "The Yukon is emerging as a major silver-zinc-lead province hosting a wide spectrum of different styles of deposits. Cantex Mine Development's North Rackla project hosts a particularly prospective mineralizing system that displays similarities to some large, famous, silver-zinc-lead deposits in Australia, notably Broken Hill, New South Wales. We are intrigued with the high-grade nature of drill intercepts to date, including very high contents of germanium, an increasingly critical metal. This is a project that needs advancing, even in a very tough market, and we are happy to become new shareholders in this exciting exploration story."

The offering

The offering will be composed of a combination of flow-through units (FT units) and non-flow-through units (non-FT units) for total gross proceeds of up to $5-million. The FT units will be priced at 30 cents per unit, with each FT unit composed of one flow-through share and one-half warrant. The non-FT units will be priced at 26 cents per unit, with each unit composed of one non-flow-through share and one-half warrant. Each whole warrant issued in connection with either the FT units or the non-FT units entitles the holder to acquire a non-flow-through share at a price of 39 cents for a term of two years.

The company may pay finder's fees in connection with the offering in accordance with the policies of the TSX Venture Exchange. Proceeds from the offering will be used to finance the coming drill program on the company's North Rackla project in the Yukon and for general working capital.

About Cantex Mine Development Corp.

Cantex is focused on its 100-per-cent-owned, 20,000-hectare North Rackla project located 150 kilometres northeast of the town of Mayo in Yukon, Canada, where significant massive sulphide mineralization has been discovered. Over 60,000 metres of drilling has defined high-grade silver-lead-zinc-germanium mineralization over 2.3 kilometres of strike length and 700 metres depth. The mineralization remains open along strike and to depth. The company is led by Dr. Fipke, the founder of Ekati, Canada's first diamond mine.

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