Mr. Chad Ulansky reports

CANTEX TO COMPLETE FINANCING INVOLVING CRESCAT CAPITAL TO DRILL SILVER-LEAD-ZINC-GERMANIUM MASSIVE SULPHIDE, COPPER AND GOLD ON ITS NORTH RACKLA CLAIMS, YUKON

Cantex Mine Development Corp. will undertake a non-brokered private placement to raise gross proceeds of up to $3-million for drilling under way on its 100-per-cent-owned North Rackla project.

Cantex is pleased to announce that Crescat Capital is increasing its investment in Cantex through this placement.

The offering

The offering will comprise a combination of charity flow-through units (CFT units), flow-through shares (FT shares) and hard units for total gross proceeds of up to $3-million. The CFT units will be priced at 36.25 cents per unit, with each CFT unit comprising one flow through share and one-half of a non-flow through warrant. Units will be priced at 25 cents per unit, with each unit comprising one common share and one-half of a non-flow-through warrant. FT shares will be priced at 30 cents per FT shares, with no warrants attached to them. Each whole warrant issued in connection with either a CFT unit or a unit entitles the holder to acquire a non-flow-through share at a price of 40 cents for a term of two years.

The company may pay finders' fees in connection with the offering in accordance with the policies of the TSX Venture Exchange. Proceeds from the offering will be used to finance qualified critical mineral exploration expenditures on the Company's North Rackla project in Yukon and to finance general operating costs. The offering remains subject to the acceptance of the TSX Venture Exchange.

About Cantex Mine Development Corp.

Cantex is focused on its 100-per-cent-owned, 14,000-hectare North Rackla Project located 150 kilometers northeast of the town of Mayo in the Yukon Territory, Canada, where high-grade massive sulphide mineralization has been discovered. Over 100,000 metres of drilling has defined high-grade silver-lead-zinc-germanium mineralization over 2.8 kilometres of strike length and at least 700 metres depth. The mineralization remains open along strike and to depth. The company is led by Dr. Charles Fipke, CM, the founder of Ekati, Canada's first diamond mine.

The technical information and results reported here have been approved by Chad Ulansky, PGeol, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release. Mr. Ulansky is the company's president and chief executive officer.