Dr. Shane Ebert reports

CANEX INCREASES EQUITY FINANCING TO C$9 MILLION

Due to strong shareholder demand, Canex Metals Inc. has increased its previously announced non-brokered private placement and will offer up to 21,428,571 common shares at a price of 35 cents per common share for proceeds of up to $7.5-million and up to 2,777,778 charity flow-through shares at a price of 54 cents per FT share for gross flow through proceeds of up to $1.5-million. Combined common and FT share proceeds from the financing will be up to $9-million.

The shares will be offered on a non-brokered basis by way of private placement to accredited investors, and any securities issued will be subject to a hold period of four months plus one day from the date of closing. The financing is subject to TSX Venture Exchange and regulatory approval. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the financing does not exceed 25 per cent of the market capitalization of the company as calculated in accordance with MI 61-101. Proceeds of the financing will be used for exploration and predevelopment work at the company's Gold Basin/Gold Range and Louise projects, for remaining obligations relating to the 100-per-cent acquisition of Gold Basin Resources Corp., and for general working capital.

About Canex Metals Inc.

Canex Metals is a Canadian junior exploration company and owns 100 per cent of Gold Basin Resources. Canex is advancing the contiguous Gold Basin and Gold Range properties in Mohave county, Arizona. The combined properties contain numerous drill-defined gold deposit ranging up to 1.7 kilometres in length and have seen over 950 historic and current drill holes.

Canex is also advancing the Louise copper-gold porphyry project in British Columbia. Louise contains a large historic copper-gold resource with drill-ready targets below and lateral to historic mineralization offering investors copper and gold discovery potential. Canex is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America.

Dr. Shane Ebert PGeo, is the qualified person for Canex Metals and has approved the technical disclosure contained in this news release.

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