Cap-Ex Ventures Ltd. Closes Acquisition of Redmond Properties
18.03.2011 | Marketwire
VANCOUVER, March 18, 2011 - Cap-Ex Ventures Ltd. ("Cap-Ex" or the "Company") (TSX VENTURE: CEV) (FRANKFURT: X0V) is pleased to announce the closing of the option agreement between the Company and Kal Malhi to acquire a 100% interest in the Redmond Properties (the "Redmond Properties") as described in the Company's news release of January 23, 2011.The Redmond Properties consist of four contiguous iron ore properties in the Labrador Trough twelve kilometres south-southeast of Schefferville, Quebec.
The Redmond Properties, totaling 112 claims and covering an area of 2,800 hectares, cover strategic ironstone stratigraphy of the Sokoman Formation and the probable southeast extension of the key stratigraphic horizon that contains the high-grade direct 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 kilometres northwest along strike, where approximately 35 million tonnes of DSO grading 52-54% Iron (Fe) was mined during the 1970s and early 1980s. Many millions of tonnes of varying grade iron ore remain.
There are numerous iron zones/showings known within the Cap-Ex Redmond Properties. The most prospective all occur within the favourable horizon of the Sokoman Formation on the western claims of the Redmond Properties.
The Redmond Properties cover some 6.5 kilometres of strike of historical iron ore occurrences all within 3 to 12 kilometres of the past producing Redmond DSO iron ore deposits.
The Company also announces that in order to focus on its newly acquired iron ore properties, the Company has terminated its option agreement with Canarc Resources Corp. on the TAY-LP Property.
About Cap-Ex Ventures Ltd.
Cap-Ex Ventures Ltd. is a Canadian resource company focused on exploration and development of iron ore projects in the Labrador Trough near Schefferville, Quebec. The Company's Schefferville Properties cover an area of 21,975 hectares and are strategically located close to Iron Ore Processing Plants. Block 103 is on strike to New Millennium's direct shipping ore ("DSO") deposits and KeMag magnetite deposits both to the north and New Millennium/Labrador Iron Mines DSO deposits to the south. In 2008, an airborne magnetic survey identified the most intense magnetic response in the iron belt within Cap-Ex's Block 103 property.
CAP-EX VENTURES LTD.
Andrew Bowering
Chairman
"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."
For more information, please contact
Cap-Ex Ventures Ltd.
Investor Relations
604-669-2279
604-602-1606 (FAX)
info@cap-ex.ca
www.cap-ex.ca