Apr. 7, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- Cap-Ex Ventures Ltd. ("Cap-Ex" or the "Company") (TSX VENTURE:CEV)(FRANKFURT:X0V) is pleased to announce that it has entered in to three separate agreements to acquire 100% interests in three strategic direct shipping ore ("DSO") iron properties near Schefferville, Quebec. Cap-Ex has also staked additional claims near these properties.
These properties, together with the staked claims, cover an area of approximately 10,000 hectares. The Company's land package in the Schefferville region now covers a total area exceeding 31,975 hectares, strategically positioned near railway and iron ore plants. Please refer to the Company's website at www.cap-ex.ca for a detailed map of the properties and the region.
The Company and Bedford Resource Partners Inc. have entered into an agreement (the "Porky Lake Agreement") dated the 4th day of April, 2011 whereby the Company will acquire a 100% right, title and interest in and to Newfoundland / Labrador Mineral Licence Number 018542M (the "Porky Lake Property"). Under the terms of the Porky Lake Agreement, the Company will pay $10,000 and issue 15,000 common shares (the "Porky Lake Shares"). On closing of the Porky Lake Agreement the Company will enter into a royalty agreement whereby Bedford (or its assignee) will retain a 1.5% royalty on the Porky Lake Property.
The Porky Lake Properties (018542M, 018897M, 018898M, 018899M) cover 6,400 hectares of the Sokoman Iron formation and lie 50 kilometres northeast of Schefferville. Historic reports by Iron Ore of Canada ("IOC") noted the Porky Lake Properties contain abundant dark blue heavy compact beds of hematite with no visible silica. There are two hematite beds about 90 metres thick with areas of over 30 metres of near massive-continuous blue hematite. Samples taken by IOC in 1954 averaged 56% iron and 19% insolubles. The hematite iron mineralization is fairly continuous over the entire 50 kilometre strike length.
The Company, Alexander Duffitt ("Duffitt") and Paul E Strong ("Strong") have entered into an agreement (the "Duffitt-Strong Agreement") dated the 4th day of April, 2011 whereby the Company will acquire a 100% right, title and interest in and to Newfoundland / Labrador Mineral Licence Number 017142M (the "Wishart Lake Claims"). Under the terms of the Duffitt-Strong Agreement, the Company will pay a total of $20,000 and issue, on escrow terms equivalent to those for Tier II Value Escrow Shares, a total of 100,000 shares. Consideration for the purchase will be split equally between the vendors with Duffitt and Strong each receiving $10,000 and 50,000 shares. On closing of the Duffitt-Strong Agreement, the Company will enter into a royalty agreement whereby Duffitt and Strong will retain, collectively, a 2.0% royalty on the Wishart Lake Claims.
The Wishart Lake Claims are adjacent to the Company's Redmond Property mineral claim number 18598M, which is 7 kilometres south of Schefferville. The Wishart Lake claims will herin be referred to as part of the Redmond Properties. The Redmond Properties cover strategic ironstone stratigraphy of the Sokoman Formation and the probable southeast extension of the key stratigraphic horizon that contains the high-grade shipping ores (DSO) hosted in the Sokoman Formation. Cap-Ex's northern neighbour, Labrador Iron Mines Holdings Ltd., owns the main Redmond deposits, 3 to 6 kilometers northwest along strike, where approximately 35 million tones of DSO grading 52-54% (Fe) was mined during the 1970's and early 1980's.
The Company and Darrin Hicks ("Hicks") have entered into an agreement (the "Hicks Agreement") dated the 3rd day of April, 2011 whereby the Company will acquire a 100% right, title and interest in and to Newfoundland / Labrador Mineral Licence Number 017130M (the "Elross Claims"). Under the terms of the Hicks Agreement, the Company will pay to Hicks $20,000 and issue to him, on escrow terms equivalent to those for Tier II Value Escrow Shares, 100,000 common shares. On closing of the Hicks Agreement the Company will enter into a royalty agreement whereby Hicks will retain a 2.0% royalty on the Elross Claims.
The Elross Claims are 30 kilometres northwest of Schefferville and are totally surrounded by claims held by Labrador Iron Mines Holdings Ltd. and New Millennium Capital Corp. Iron ore showings occur on the property along strike and about 1,100 metres southwest of the Timmins #1 deposit. Approximately 21 million tonnes grading 54-55% iron was produced from three of the Timmins deposits, which lie within a few kilometres of the Elross Claims.
All of the Porky Lake Agreement, the Duffitt-Strong Agreement and the Hicks Agreement are subject to their approval by the TSX-Venture Exchange.
Cap-Ex will continue to expand its iron ore land holdings in the Schefferville region.
For additional information please visit the Company's website at www.cap-ex.ca.
CAP-EX VENTURES LTD.
Brett Matich, President and CEO
"This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Cap-Ex Ventures Ltd.