CANEX Metals Inc. announced the results from 11 reverse circulation drill holes from the Gold Range Project, Arizona, and the commencement of a surface exploration program. Shaft Target ­ New Discovery A new drill hole discovery has been made at the Shaft Target where hole GR22-110 has intersected 1.1 g/t gold over 27.4 metres from 33.54 metres downhole, including 1.7 g/t over 15.24 metres. This discovery is located 1.5 kilometres northeast of the Central Zone and 2.4 kilometres north of the Excelsior Zone and appears to be part of a new gold zone with a northeast trend and near vertical dip.

The Shaft Target is best exposed by a historic shaft containing a strongly deformed northeast trending shear zone and quartz vein system that is covered by stream- wash gravels to the southwest. A zone of historic placer mining occurred along the trend, 200 metres southwest of the discovery hole, suggesting continuity and size potential for the target. Seventeen claims have been staked to cover the area surrounding the target and field crews are currently on site conducting additional surface exploration.

Results from Excelsior, Central, Adit and Tin Cabin Holes GR22-104 to 106 tested the Central Zone, holes GR22-107 and 108 tested the Adit Zone, hole GR22-109 tested the Tin Cabin Zone, and holes GR22-111 to 114 tested the southeast side of the Excelsior Zone. Section B-B' below shows holes GR22-112 and 114 from the southern end of the Excelsior Zone. Holes 112 and 114 have extended the width of the Excelsior Zone by 75 metres to the east, and mineralization remains open in that direction.

In the southern area the Excelsior zone is 25 to 50 metres thick, 150 metres wide and open, and has been traced for 400 metres along a northeast trending strike and remains open in both directions along strike. The bulk tonnage oxide gold target is showing a favorable open pit geometry with mineralization starting at surface and having a flat to moderate west dip. The next phase of drill testing at Excelsior will include tracing the zone along strike and testing for additional parallel mineralized zones within a 500-metre-wide corridor containing anomalous gold-in-soils and known mineralized quartz veins at surface.

Holes GR22-104 to 106 tested the Central Zone with hole GR22-104 returning 0.4 g/t gold over 6.1 metres and hole GR22-106 intersected 3 mineralized zones ranging from 4.57 to 15.21 metres thick. Holes GR22-107 and 108 tested the Adit Zone and did not intersect significant mineralization. Near Term Plans ­ Gold Range: The Company anticipates a busy year at Gold Range following up recent discoveries and new target areas in addition to defining and expanding established zones of gold mineralization.

Field crews are currently on site defining and expanding multiple gold targets in preparation for drill testing. These targets include the new Shaft discovery and the large WestGold Target, with fieldwork including grid soil sampling, rock chip sampling, and detailed surface mapping. The Company is working to expedite fieldwork and assay results so drill targeting and permit amendments can be completed as expeditiously as possible.

CANEX is fully financed to complete the next round of drilling at Gold Range, and planning is underway to resume reverse circulation drilling at the project. The timing and magnitude of the next round of drilling will be announced once finalized. The Company is fully permitted to resume drilling along strike at Excelsior and test the larger potential of the 3.2 kilometre long by 0.5 kilometre-wide Excelsior-Malco-Eldorado trend.