Cap-Ex Signs Agreement with CN
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/10/12 -- Cap-Ex Ventures Ltd (TSX VENTURE: CEV)(OTCQX: CPXVF)(FRANKFURT: X0V) ("Cap-Ex" or the "Company") is pleased to announce that it has signed a Collaboration Framework Agreement (the "Agreement") with Canadian National Railway Company ("CN") to participate in the feasibility study of CN's proposed rail line to serve the Quebec and Labrador Iron Ore Trough. This proposed rail line is expected to include a fully operational, continuous, multi-user railroad network, as well as a multi-user material handling facility located in the Pointe-Noire region in Sept-Iles, QC. This Agreement also establishes and secures the parameters and process of a Transportation Agreement and a Storage and Handling Services Agreement if and when the rail line project goes forward.
The feasibility study, which will examine the cost and engineering parameters of the proposed rail network and associated infrastructure, will be undertaken by CN, its partner in the venture, La Caisse de depot et placement du Quebec (the "Caisse"), along with a number of iron ore exploration and mining companies, such as Cap-Ex, that would form the customer base for the proposed rail line. Being part of this feasibility study is significant for Cap-Ex as it should shorten the scope of the Company's Preliminary Economic Assessment, which is expected to be completed by the end of the first quarter of 2013. It should also allow for a reduction in capital expenditures required for the Block 103 Iron Ore Project as Cap-Ex would not be required to develop such extensive infrastructure on its own.
"It is extremely encouraging to see CN, as well as its partner, the Caisse, and other industry players in the iron ore mining sector, acting in such a pro-active manner to address the infrastructure requirements in northern Quebec and Labrador," stated Francois Laurin, President and CEO of Cap-Ex. "As we work to advance our Block 103 Iron Ore Project, the execution of this Agreement is another step towards ensuring that the infrastructure necessary to bring the project to fruition are underway."
Under the terms of the Agreement, Cap-Ex will commit to fund $1.75 million over the next twelve months for the completion of the feasibility study and to secure capacity on the new rail line. The funds would be refunded to Cap-Ex under certain circumstances.
About CAP-EX Ventures Ltd.
Cap-Ex Ventures Ltd. is a Canadian listed company, focused on the development of its Block 103 Iron Ore Project 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 VENTURES LTD.
On behalf of the Board
Francois Laurin, President and CEO
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 impact of the proposed rail network and associated infrastructure on the Company and the expected timing for completion of 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", "should", "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.
Contacts:
Cap-Ex Ventures Ltd.
Konstantine Tsakumis
Investor Relations
1-866-683-8030 ext. 232
info@cap-ex.ca
www.cap-ex.ca