Cap-Ex Iron Ore Ltd. (CEV: TSX-V) (Frankfurt: X0V) (OTCQX: CPXVF) (“Cap-Ex” or the “Company”) is pleased to announce that it has filed a National Instrument 43-101 Technical Report (the “Technical Report”) on SEDAR at www.sedar.com. The Technical Report is with respect to Cap-Ex’s Preliminary Economic Assessment (“PEA”) on the Block 103 Property.

The Technical Report is titled “Preliminary Economic Assessment of the Block 103 Iron Ore Property Newfoundland and Labrador” for Cap-Ex Iron Ore Ltd.” and dated effective June 27, 2013. 

Results of the Technical Report were announced in the news release dated June 27, 2013.  There is no material differences between the results announced in the press release dated June 27, 2013 and the final PEA.

For additional information please visit the Company’s website at www.cap-ex.ca. 

CAP-EX IRON ORE LTD.
On behalf of the Board

“Graham Harris”
CEO and Director

For Investor Relations, please contact:
604-669-2279
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans, future production, future operating and capital costs, the projected IRR, NPV and payback period, details about infrastructure and the expected timing for completion of a feasibility study. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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 Iron Ore Ltd (TSX-V: CEV) (Frankfurt: X0V) (OTCQX: CPXVF) (“Cap-Ex” or the “Company”) is pleased to announce the appointment of Martin Burian, CA, CBV as Chief Financial Officer and Jasvir Kaloti as Corporate Secretary of the Company.

Mr. Burian has over eighteen years of investment banking experience.  He brings wealth of knowledge and expertise in corporate finance and advisory services on M&A processes and consulting to growth companies, particularly within the mining sector.  Mr. Burian was most recently Managing Director of Investment Banking at Haywood Securities Inc. from 2010 until mid 2013, prior to which he served as President of Bolder Investment Partners from 2009 until its merger with Haywood Securities in 2010.  Mr. Burian obtained his Chartered Accountant and Chartered Business Valuator designation while at KPMG and obtained his Bachelor of Commerce from the University of British Columbia in 1986. 

The appointment of Mr. Martin Burian follows the resignation of Mr. Paul Bozoki as Chief Financial Officer.  The Company would like to thanks Mr. Bozoki for his contributions and wish him well in his future endeavors.

The Company also announces the re-appointment of Jasvir Kaloti as Corporate Secretary.  Ms Kaloti has over 15 years of experience in the finance industry and is an independent consultant for publically listed companies in the mining sector.  Ms. Kaloti has been working with Cap-Ex since inception.  She  completed her Bachelor of Business Administration from Simon Fraser University in 1993.

Graham Harris, CEO comments, “We welcome Mr. Burian and Ms. Kaloti to our management team.  We are confident that their professional experience, expertise and knowledge will prove to be very valuable as the Company searches for a strategic partner. ”

About Cap-Ex Iron Ore Ltd.
Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on the development of its wholly owned Block 103 Iron Ore Project in the Labrador Trough, near the mining town of Schefferville, Québec. The Block 103 property is strategically located close to an existing railway that can provide a direct link to a shipping port and is adjacent to Tata Steel-New Millenium Iron Corp.  LabMag and KeMag deposits and the Tata-New Millennium oxide deposits to the east.

For additional information please visit the Company’s website at www.cap-ex.ca. 

CAP-EX IRON ORE LTD.
On behalf of the Board
“Graham Harris”
CEO and Director

For Investor Relations, please contact:
604-669-2279
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans, future production, future operating and capital costs, the projected IRR, NPV and payback period, details about infrastructure and the expected timing for completion of a feasibility study. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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.

• Initial Capital disbursement of CAD$4.185 billion for the construction (leading to the start-up) of the first production line and required infrastructure and Total Capital costs of CAD$5.979 billion for the construction of the two production lines.  This includes CAD$2.275 billion for the Pellet Plant and excludes closure costs, sustaining capital and leased equipment and facilities.
• Commercial production for the first line commencing in 2018 and the second line commencing in 2019.
• Pellet production rate of 16.6 million tonnes per year of superior quality acid pellets from two production lines at a grade of 67.0% iron.
• Pre-tax IRR of 19.3%.
• NPV (discounted at 8%) of CAD$7.383 billion.
• Payback period of 7.0 years.
• Total Operating Costs (excluding royalties) of CAD$62.87 per pellet tonne freight on board at Port of Sept-Iles (averaged over the first thirty years of production).
• Assumes use of existing railway infrastructure, hydropower availability from Nalcor and current Port of Sept-Iles expansion infrastructure for shiploading services.

“We are exceptionally pleased with the results of our PEA, especially since we are basing it on only 25% of our currently defined mineral resource estimate,” says Graham Harris, CEO of Cap-Ex.  “We are now able to continue developing the Block 103 Property and further our discussions with potential strategic partners.”

The PEA is preliminary in nature and includes Inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Financial Analysis

Based on assumptions that commercial production would begin in Q1 2018 and would continue for 30 years, the following results were obtained:

The capital disbursement required to bring the first line into production is estimated at CAD$4.185. The total capital expenditure (including contingency) for the two production lines is estimated at CAD$5.979 billion. The capital costs estimate excludes closure costs and sustaining capital, which are expected to be in the order of CAD$80 million and CAD$818.4 million respectively over the first thirty years of operation.

Operating costs, including annual costs for leasing of equipment and facilities (valued at CAD$424.9 million, including interest, over the life of the leases), are estimated at CAD$62.87 per pellet tonne, averaged over the first thirty years of operation.

The PEA assumes an exchange rate of CAD$1 = US$1 and a constant pellet selling price over the first thirty years of operation of CAD$145 per tonne, based on Platts benchmark price for 62% Fe concentrate of $110 per tonne. The financial analysis also includes applicable royalties payable to 743584 Ontario Inc.  and Adriana Resources Inc.    

Metallurgical testing results indicate production of superior quality iron pellets, produced with projected concentrate chemical analysis of:

Pellet analysis was projected at 67.0% Fe and 3.5% SiO2 .

Project Summary

The Block 103 Property is located in western Labrador and is approximately 30 km northwest from the town of Schefferville, Québec. The Property consists of 14 contiguous map-staked licenses totalling 831 mineral claims of 20,775 ha. It is centred at approximately 54°58’N latitude and 67°14’W longitude. The proposed project at the Block 103 site, as stated in the PEA, includes the following components:

• The Block 103 ore deposit and waste disposal areas;
• Processing infrastructure including crushers, grinding and screening, magnetic concentration, pellet plant and tailings dewatering and pumping;
• The tailings management facility and water management installations;
• Ancillary infrastructure to support the mine and processing plant including mine equipment maintenance shop and wash bay, warehouse, offices, employee facilities, pumphouses, electrical substation, conveyors, load-out system, stockpiles, etc.;
• A 450-bed permanent camp;
• A rail loop, service track and railway connecting to a planned, new rail system (which in turn connects to the Tshiuetin Rail Transport system) that will be used by New Millennium.  

A preliminary site plan for the Block 103 Property, as prepared by BBA, can be viewed below or at:  http://www.cap-ex.ca/images/maps/Block103SitePlan.pdf


The following assumptions were also made for the PEA:

• Rail transportation will be provided by Tshiuetin Rail Transport (TRT) railway in Schefferville, Québec, Québec North Shore and Labrador (QNS&L) railway and the Chemin de Fer Arnaud (CFA), using existing infrastructure and leading to the Port of Sept-Îles at Pointe-Noire, Québec.
• Cap-Ex will not build any port terminal facilities, however, will pay a fee and share facilities to be built by others.
• Shiploading services will be provided by the Port of Sept-Îles using the common deepwater shiploading facility currently being built.

Technical Report

An NI 43-101 Technical Report will be filed on SEDAR and on the Cap-Ex website within 45 days of the date of this news release. The report will present a summary of the Preliminary Economic Analysis. The report is being prepared under the supervision of Mr. Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101, with contributions from Watts, Griffis and McOuat Ltd.

Qualified Person

The PEA was prepared under the supervision of Mr. Angelo Grandillo, P.Eng, with BBA. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and independent of Cap-Ex. Mr. Grandillo has reviewed and verified the technical information contained in this news release.

Additional information about the Cap-Ex Block 103 Project can be found in the technical report filed on SEDAR at www.sedar.com entitled "Technical Report and Mineral Resource Estimate on the Greenbush Zone, Block 103 Property, Newfoundland and Labrador for Cap-Ex Iron Ore Ltd." dated March 21, 2013.

About Cap-Ex Iron Ore Ltd.

Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on the development of its wholly owned Block 103 Iron Ore Project in the Labrador Trough, near the mining town of Schefferville, Québec. The Block 103 property is strategically located close to an existing railway that can provide a direct link to a shipping port and is adjacent to Tata Steel-New Millenium Iron Corp. LabMag and KeMag deposits and the Tata-New Millennium oxide deposits to the east.

For additional information please visit the Company’s website at www.cap-ex.ca.  

CAP-EX IRON ORE LTD.
On behalf of the Board

“Graham Harris”
CEO and Director

For Investor Relations, please contact:
604-669-2279
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans, future production, future operating and capital costs, the projected IRR, NPV and payback period, details about infrastructure and the expected timing for completion of a feasibility study. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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 Iron Ore Ltd. (TSX-V: CEV) (Frankfurt: X0V) (OTCQX: CPXVF) (“Cap-Ex” or the “Company”) announces that it has entered into two additional non-exclusive agreements to seek a strategic partner/investor for Cap-Ex’s Block 103 project. 

The Company entered into an agreement with Intercedent Limited (“Intercedent”).  Intercedent is a privately owned Canadian firm with offices in Beijing, Hong Kong and Singapore.

The Company also entered into an agreement with Pridolian Limited (“Pridolian”).  Pridolian is a boutique natural resources advisory firm based in Dublin, Ireland.

Both Intercedent and Pridolian (collectively, the “Finders”) are to provide services in finding an interested party or parties who wish to complete equity financing, debt financing, off-take or acquisition agreements (collectively, a “Transaction”) with the Company.

A fee will only be paid on a Transaction completed with a party that the individual Finder has been retained to negotiate with and only if the Transaction closes on or before 18 months of the Company terminating whichever agreement the fee relates toThe Agreements, and any Transaction, may be subject to acceptance for filing with the TSX-Venture Exchange.

Graham Harris, CEO comments, “Through these Agreements, we are establishing a network that allows us to introduce Cap-Ex to some of the largest and most strategic iron ore companies and investors worldwide. To date, we have received over 60 expressions of interest from parties who are awaiting the release of our preliminary economic assessment of the Block 103 project, expected shortly.”

The Company also wishes to announce that it has entered into an agreement (the "Agreement") with an arm's length party whereby it is settling a total of $135,000 in debts and obligations in exchange for the issuance of 1,000,000 shares (the "Shares"). The Shares will carry a four month Exchange hold period from their date of issue.  The Agreement is subject to its filing with the Exchange.

The Company also wishes to update investors and shareholders on the status of its Exploration Agreement dated April 24, 2012 and first announced on May 25, 2012.  The Company has met all outstanding cash and share issuance obligations under the Exploration Agreement save and except that: (i) it anticipates issuing 200,000 shares concurrently with the 1,000,000 shares referred to above and (ii) it still owes $25,000 which amount is to be paid April 24, 2014.  

In total, the Company anticipates issuing 1,200,000 common shares pursuant to the Exploration Agreement and the Agreement.

About Cap-Ex Iron Ore Ltd.

Cap-Ex is a Canadian listed company, focused on the development of its wholly owned Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to the Tata Steel-New Millennium Iron Corp LabMag and KeMag deposits and the Tata Steel-New Millennium oxide deposits to the east. Block 103 contains an initial (NI) 43-101 compliant inferred resource of 7.2 billion tonnes, grading 29.2% total iron (18.9 magnetic iron).

Please visit the Company’s website at  www.cap-ex.ca.

CAP-EX IRON ORE LTD.
On behalf of the Board
“Graham Harris”

For Investor Relations, please contact:
(604) 669-2279
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward- looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".   Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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 Iron Ore Ltd. (TSX-V: CEV) (Frankfurt: X0V) (OTCQX: CPXVF) (“Cap-Ex” or the “Company”) announces that it has entered into a non-exclusive finder’s fee agreement (the “Agreement”) with King & Bay West Management Corp., a company wholly owned by Mark Morabito (“King & Bay” or the “Finder”) whereby King & Bay is to provide services in finding an interested party or parties who wish to complete equity financing, debt financing, off-take or acquisition agreement (collectively, a “Transaction”) with the Company.  The finder’s fee (the “Fee”), when determined on the closing of a Transaction, is payable in cash.

The Agreement is for a term of 24 months from its effective date, unless renewed in writing by the Company and the Finder.  The Fee only applies to Transactions closed with a list, agreed between the Company and the Finder, of specific potential interested parties.  The Agreement, and any Transaction, may be subject to their acceptance for filing with the TSX-Venture Exchange.

Graham Harris, CEO comments, “We are pleased to be working with King & Bay West Management Corp.  Mark Morabito has a proven track record of introducing strategic partners to the iron ore potential of the Labrador Trough.  Block 103 represents one of the largest iron ore deposits in the world that is 100% independently owned by Cap-Ex Iron Ore Ltd. We remain on track to release the PEA this month.”

Stock Option Grant

The Company also announces that it has granted an aggregate of 3,600,000 stock options to various officers, directors, consultants and employees of the Company. Each stock option shall entitle the holder thereof to acquire one common share at a price of $0.125 for a period of five years. The grant is subject to regulatory approval.

About Cap-Ex Iron Ore Ltd.

Cap-Ex is a Canadian listed company, focused on the development of its Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east.  Block 103 contains an initial (NI) 43-101 compliant inferred resource of 7.2 billion tones, grading 29.2 % total iron (18.9 magnetic iron).

For additional information please visit the Company’s website at  www.cap-ex.ca.

CAP-EX IRON ORE LTD.
On behalf of the Board

“Graham Harris”

For Investor Relations, please contact:
(604) 669-2279
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward- looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".   Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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 IRON ORE LTD.
On behalf of the Board

“Brett Matich”
President

For Investor Relations, please contact:
(604) 669-2279
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward- looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".   Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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.

The holders of the Shares and any Warrant Shares issued may not engage in the sale of Shares or Warrant Shares until September 25, 2013.

The Warrants contain certain accelerated exercise clauses. At any time after four months and one day from the date of the closing of the Offering, if the volume weighted average trading price of the common shares of the Company on the TSXV Exchange is greater than $0.50 per share for 20 consecutive trading days, the Company may give written notice to warrant holders that the Warrants will expire 30 calendar days after the dates of such notice.

The Offering was first announced on March 22, 2013 and the terms of the Offering were later amended on April 15, 2013.

The Company intends to use the net proceeds of the Offering to continue to advance its Block 103 Project with a 2013 drilling program, to seek a strategic partner and to apply towards general working capital purposes.

No bonuses, finder’s fees or commissions were paid by the Company in connection with the Offering.

Insiders of the Company participated in 45% of the Offering for a total of $940,000.

About Cap-Ex Iron Ore Ltd.

Cap-Ex is a Canadian listed company, focused on the development of its Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Block 103 Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east.

For additional information please visit the Company’s website at www.cap-ex.ca.

CAP-EX IRON ORE LTD.
On behalf of the Board

“François Laurin”
President and CEO

For Investor Relations, please contact:
(604) 669-2279
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information

_{This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward- looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.}

NEITHER 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.

The Company and Forbes and Manhattan, Inc. (F&M) have mutually agreed to terminate the management services agreement between the Company and F&M as of April 30, 2013.

The following changes will occur:

• The corporate office will be relocated back to Suite 2000 – 1177 West Hastings Street, Vancouver, BC V6E 2K3 from its present location in Toronto, ON.
• Ms. Valery Zamuner will resign as Chief Legal Officer and as the Corporate Secretary.
• Mr. Paul Bozoki will resign as Chief Financial Officer of the Company.  
• Ms. Jasvir Kaloti, former CFO of the Company, will assume the position of Chief Financial Officer and Corporate Secretary.

Mr. Francois Laurin, Director, President and CEO will maintain his position to ensure the orderly transition of the Company and its business.  

Mr. Mark Morabito, Special Advisor to the CEO, will remain in such capacity.

As a result of the Company’s operations being relocated to Vancouver and the downsizing of its activities in Eastern Canada, it is expected that a reduction in expenses will allow the Company to continue its business plans while decreasing capital requirements and dilution to current shareholders. Consequently, the private placement announced April 15th, 2013 is being reduced in size.

Cap-Ex is currently completing a Preliminary Economic Assessment, on its NI 43-101 inferred resource of 7.2 billion tonnes at 29.2% total iron at its Block 103 Property in the Labrador Trough. It is expected that the Company will publish its PEA by the end of June, 2013, this year.

Cap-Ex is currently seeking a strategic partner for its Block 103 Project and to date has received considerable expressions of interest from various parties.

About Cap-Ex Iron Ore Ltd.

Cap-Ex is a Canadian listed company, focused on the development of its Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Block 103 Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east.

For additional information please visit the Company’s website at www.cap-ex.ca.  

CAP-EX IRON ORE LTD.
On behalf of the Board

“Andrew Bowering”
Chairman

For Investor Relations, please contact:
604-669-2279
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Cautionary Note Concerning Reserve and Resource Estimates
This press release uses the terms “reserves”, “resources”, “proven reserves”, “probable reserves”, “measured resources”, “indicated resources” and “inferred resources”.  United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them.  Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.  United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves.  Inferred Resources are in addition to Measured and Indicated Resources.  Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically.  It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category.  Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.  Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures.  Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43 101”) is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.  Unless otherwise indicated, all reserve and resource estimates referred to in this press release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.  The requirements of NI 43 101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43 101 may not qualify as reserves under the SEC’s standards.


NEITHER 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.

Montreal, Quebec - Cap-Ex Iron Ore Ltd. (TSX-V: CEV) (OTCQX: CPXVF) (Frankfurt: X0V) ("Cap-Ex" or the "Company") announces that it has agreed to reprice the brokered private placement ("the Offering") from $0.15 per Unit of Cap-Ex ("the Unit") as previously announced on March 22nd, 2013 to $0.10 per Unit, subject to the approval of the TSX Venture Exchange ("TSXV"). The maximum of $5,000,000 has been reduced to $3,000,000. Each Unit will be comprised of one common share and one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.20 for a period of 24 months from the date of issue. Insiders will subscribe up to a maximum amount of $1.3 million.

At any time after four months and one day from the date of the closing of the Offering, if the volume weighted average trading price of the common shares of Cap-Ex on the TSXV Exchange is greater than $.50 per share for 20 consecutive trading days, Cap-Ex may give written notice to warrant holders that the Warrants will expire 30 calendar days after the dates of such notice.

The Company intends to use the net proceeds of the Offering to continue to advance its Block 103 Project with a 2013 drilling program and to seek a strategic partner.

The securities being offered hereby have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state or province in which such offer, solicitation or sale would be unlawful.

About Cap-Ex

Cap-Ex is a Canadian listed company, focused on the development of its Block 103 Iron Ore Property in the Labrador Trough, near the mining town of Schefferville, Quebec. The Block 103 Property is strategically located close to an existing railway, which can provide a direct link to a shipping port, and is adjacent to New Millennium Iron Corp-Tata Steel LabMag and KeMag deposits and the New Millennium-Tata oxide deposits to the east.
For additional information please visit the Company's website at www.cap-ex.ca.

CAP-EX IRON ORE LTD.
On behalf of the Board
François Laurin,
President and CEO

For Investor Relations, please contact:
1-866-683-8030
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company's Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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 IRON ORE LTD.
On behalf of the Board

“François Laurin”
President and CEO

For Investor Relations, please contact:
1-866-683-8030
[email protected]
www.cap-ex.ca

Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the development potential of the Company’s Block 103 iron ore property, future exploration plans and the expected timing for completion of an NI 43-101 mineral resource estimate and a preliminary economic assessment. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Cautionary Note Concerning Reserve and Resource Estimates
This press release uses the terms “reserves”, “resources”, “proven reserves”, “probable reserves”, “measured resources”, “indicated resources” and “inferred resources”.  United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them.  Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.  United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves.  Inferred Resources are in addition to Measured and Indicated Resources.  Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically.  It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category.  Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.  Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures.  Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43 101”) is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.  Unless otherwise indicated, all reserve and resource estimates referred to in this press release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.  The requirements of NI 43 101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43 101 may not qualify as reserves under the SEC’s standards.

NEITHER 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.