Cap-Ex Announces Private Placement and Name Change

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 19, 2016) - Cap-Ex Iron Ore Ltd. (TSX VENTURE:CEV) ("Cap-Ex" or the "Company") announces that it will proceed with a non-brokered private placement (the "Private Placement"), of up to 18,000,000 units of the Company (the "Units") at a price of $0.12 per unit. Each unit will be comprised of one common share and one half of one common share purchase warrant (a "Warrant). Each such Warrant will entitle the holder to purchase one common share of the Company for a period of 2 years from the closing date at a price of $0.20 per common share.

Proceeds from the financing will be used for exploration and general working capital.

The Company also announces that upon receiving regulatory approval it intends to change its name to ML Gold Corp.

ABOUT CAP-EX IRON ORE LTD.

Cap-Ex Iron Ore Ltd. is a Canadian listed company, focused on creating shareholder value through discoveries and strategic development of mineral properties in Canada and the United States.

For additional information please visit the Company's website at www.cap-ex.ca.

CAP-EX IRON ORE LTD.

Andrew Bowering, Chairman

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."