Cap-Ex Iron Ore Ltd.: Corporate Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/02/13 -- Cap-Ex
Iron Ore Ltd. (TSX VENTURE:CEV)(OTCQX:CPXVF)(FRANKFURT:XOV) ("Cap-Ex"
or the "Company") is pleased to provide an update on changes to its
executive team and corporate offices.
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
-- Ms. Valery Zamuner will resign as Chief Legal Officer and as the
-- 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
Mr. Mark Morabito, Special Advisor to the CEO, will remain in such
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
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
CAP-EX IRON ORE LTD.
On behalf of the Board
Andrew Bowering, Chairman
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.
Cap-Ex Iron Ore Ltd.
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