CANEX Metals Inc. (CANEX or the Company) announced that exploration drilling at the Gold Range Project, Arizona, will commence this week focusing on new exploration targets with excellent discovery potential. New surface exploration results supporting these targets is also presented. Highlights - Reverse circulation drilling will resume at Gold Range this week, focusing on testing 3 new target areas, WestGold, zones parallel to Excelsior, and the new Shaft discovery - The WestGold Soil anomaly has been extended and covers an area 425 metres by 150 metres and contains the strongest gold in soil anomaly identified to date on the Gold Range Property.

This is significant as soil geochemistry has been an effective tool for finding gold mineralization across the property - Assay results from January mapping and sampling have been received and confirm both high grade veins and lower grade bulk tonnage style halos at the WestGold Target, with samples returning up to 57.5 g/t gold over 0.4 metres and 1.44 g/t gold over 4 metres - A permit amendment has been received allowing the Company to drill the new WestGold target and 4 holes are planned as an initial test of the zone - New mineralized vein zones have been mapped parallel to Excelsior and have returned grades up to 21.5 g/t gold over 0.5 metres. At least 3 of these zones have been defined and traced for up to 600 metres along strike, significantly increasing the size potential of the Excelsior area.