Dr. Shane Ebert reports

CANEX RECEIVES EXPLORATION PERMIT FOR GOLD BASIN PROPERTY, SIGNS DRILL CONTRACT AND INITIATES FIELD EXPLORATIO

Canex Metals Inc. has received an exploration permit from the Bureau of Land Management to conduct drilling and other exploration activities at the company's Gold basin property in Arizona. A drill contract has been signed, and the company is looking to start a minimum 50-hole reverse circulation drill program in the second half of November.

Highlights:

• An exploration permit for the Gold basin property has been received, allowing for the construction of up to 86 new drill pads along with exploration access and trenching.
• A reverse circulation drill contract has been signed with drilling scheduled to start in the second half of November.
• Field activities will commence shortly to prepare for drilling.

Dr. Shane Ebert, president and chief executive officer of Canex, stated: "Over the past year, Canex has achieved multiple major milestones in value creation for our shareholders. With the successful acquisition of Gold Basin Resources, we have consolidated a major underexplored oxide gold district in Arizona. With a favourable British Columbia Supreme Court ruling declaring Helix Resource Ltd. has no interest in the district, shareholder rights have been upheld. With the recent closing of a $9.5-million financing backed by strong support from exceptional investors, the company is now fully funded for aggressive and sustained exploration. With these major milestones complete and with drill permits in hand and a drill contractor lined up, Canex can now focus on expansion and discovery through multiphased surface exploration work and drilling."

Field program and drilling

Fieldwork at the Gold basin and Gold range properties will commence next week, led by a team of experienced geologists, and will initially focus on documenting controls on mineralization to optimize drill hole orientation, followed by planning and prioritizing drill sites. Drill pad construction will commence in early November. The reverse circulation drill program is anticipated to start during the second half of November with the drill operating 24 hours per day utilizing two shifts. A minimum of 50 drill holes are anticipated for the program; however, the program will likely be extended significantly subject to satisfactory performance. Drilling will focus on defining, extending and maximizing resource potential at known mineralized zones and testing new exploration targets across the consolidated Arizona district.

Exploration permit

A notice-level exploration permit has been submitted and accepted by the Bureau of Land Management Kingman field office, allowing the company to conduct exploration drilling, trenching and other exploration activities on federal land within the Gold basin property. The permit has a two-year duration and is extendable for a further two years. In addition, Canex holds an existing notice-level exploration permit covering the Gold range property on the eastern side of the consolidated district. Permits in hand now allow for exploration drilling across the known eight-kilometre trend of mineralization.

About Canex Metals Inc.

Canex Metals is a Canadian junior exploration company and owns 100 per cent of Gold Basin Resources Corp. Canex is advancing the contiguous Gold basin and Gold range properties in Mohave county, Arizona. The combined properties contain numerous drill-defined gold deposits 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. Ebert, PGeo, is the qualified person for Canex Metals and has approved the technical disclosure contained in this news release.

We seek Safe Harbor.