Drilling Resumes At Gold Range

CALGARY, AB - CANEX Metals Inc. reported on 10 reverse circulation drill holes from the Eldorado Zone at the Gold Range Project located in northern Arizona.  These holes were all step outs, mostly on the north and west side of Eldorado, and are starting to define a higher-grade central zone surrounded by lower grade material with the total zone now identified over an area 300 meters by 200 meters that remains open. Results from the Eldorado zone have exceeded expectations with 9 of the 10 step out holes intersecting gold mineralization and the majority of holes showing indications of multiple stacked mineralized horizons.

Holes GR21-73 tested the northwest side of the Eldorado zone and returned 0.6 g/t gold over 30.48 meters from 12.2 meters depth, including 1.8 g/t gold over 6.1 meters. Hole GR21-73 intersected a second zone of mineralization at depth that returned 0.7 g/t Au over 3.05 meters from 57.9 meters depth. Overall the zone appears to be getting thicker and perhaps stronger to the northwest where it remains open for expansion.

Hole GR21-69 was a 220 meter step out on the north side of the Eldorado zone. The hole intersected 3 mineralized horizons, supporting the Company's interpretation that the Eldorado zone has potential for multiple stacked sub horizontal mineralized zones and demonstrating significant room to expand the zone. Hole GR21-71 was located 130 meters south of hole GR21-69 and 100 meters north of the Eldorado zone. This hole also intersected 3 mineralized horizons, with the upper horizon also including a few meters of historic leach pad material. Holes GR21-69 and 71 support potential for significant expansion of the Eldorado mineralized zone to the northeast.

Shane Ebert, President of the Company stated, "We are very pleased to resume drilling at Gold Range and continue to test and understand this significant mineralized system which we have successfully expanded with each exploration program. Drilling will start at the Excelsior zone which is proving to be a higher-grade part of the system and will then expand outwards to test the large-scale potential of the project. The results from the Eldorado zone confirm multiple mineralized horizons over a sizable area and we look forward to additional results from the Malco and Excelsior zones which occur along strike, to better understand the potential to expand and possibly join the 3 zones into one larger deposit."

A reverse circulation drill rig has been mobilized to Gold Range and will continue to expand known zones and test new targets within the existing permit areas. A new exploration permit amendment is in progress and once received will allow systematic drill testing of the larger scale exploration potential recently defined over a strike length exceeding 3.2 kilometers and over widths up to 500 meters.