Micrex Development Corp.

Micrex Development Corp.

April 24, 2012 11:52 ET

Micrex Development Corp.: Deadwood Gold/Silver Mine Update

CALGARY, ALBERTA--(Marketwire - April 24, 2012) - Micrex Development Corp. (TSX VENTURE:MIX) announces results from analysis of a hole drilled on the Deadwood property in 2007. These results were recently obtained by Micrex during negotiations that followed the expiration of an option agreement with a joint venture partner.

The Deadwood-Sunburst Property consists of two patented mining claims encompassing approximately 14 ha within west-central New Mexico. The property is located in the Mogollon Mining District, Catron County, New Mexico, about 14 miles from the Arizona border and 75 miles north of Silver City. The property is located approximately 1.4 km southwest of Mogollon, NM, and can be accessed directly from a paved highway leading from Highway 180 to the historic town site of Mogollon. The property benefits from excellent infrastructure, including direct road access and easy access to power and water in the town of Mogollon.

The Deadwood-Sunburst Property encompasses the Deadwood Mine, which has not seen significant production since the late 1930s. Records indicate that mining production was halted due to the breakout of the Second World War, rather than any resource/grade concerns at the mine. Historical reports claim the mine yielded average grades of 0.127 oz/ton gold and 6.96 oz/ton silver. Production numbers from the late 1930s report that 82,914 tons of ore were milled, yielding 10,524 oz gold and 577,129 oz silver. Records on file with the State of New Mexico show stope widths of over 20 feet in some places. Historical data indicates that two other parallel vein systems were intersected during mining, but were never developed. Micrex cautions that the above grade and tonnage numbers are not NI43-101 compliant, but believe they provide a realistic overview of historic mining activity.

The property lies within the Mogollon Mining District, known for its extensive Early to Middle Miocene Ag-Au-Cu epithermal veins. On the Deadwood/Sunburst Property, two major veins, the Deadwood-Last Chance Vein and the Queen Vein, trend approximately north-south through the area and may merge in the south. The Deadwood-Last Chance Vein is an east-west vein that swings to a southerly direction as it enters the Deadwood Claim; this vein has been the target of all mining to date.

Recent exploration has consisted of detailed mapping and sampling programs of the Deadwood-Sunburst claims and surrounding area in 2006 and 2007, and the completion of one diamond drill hole near the historic Deadwood Mine in September, 2007.

Surface samples collected in 2006 and 2007 indicate the presence of low-grade Ag-Au mineralization in quartz veins in the Deadwood Claim and the potential for Cu-Ag-Au mineralization in silicified fracture/fault zones in the Sunburst Claim. The 2007 diamond drilling intersected visible mineralization consisting of fine-grained, disseminated pyrite, argentite/acanthite, pyrrhotite, chalcopyrite, and galena within silicified and/or brecciated volcanic rocks. Quartz/calcite veins ranging from a few centimetres to several metres in size were common throughout the mineralized interval.

Mineralized Intervals in DW07-01

Interval From (m ) To (m ) Apparent Thickness (m ) True Thickness (m ) Average Ag (g/t ) Average Au (g/t )
1 122.83 123.75 0.92 0.49 121.02 2.60
2 126.49 127.41 0.92 0.49 53.87 1.43
3 134.11 135.03 0.92 0.49 34.87 0.67
4 138.02 140.36 2.34 1.25 21.32 0.26
5 142.04 153.92 11.88 6.36 44.24 0.88
6 157.58 167.03 9.45 5.06 33.59 0.60
7 171.30 178.00 6.70 3.59 42.95 0.78
8 182.73 183.64 0.91 0.49 97.67 0.78
9 185.83 188.21 2.38 1.27 89.97 1.12
Summary 122.83 188.21 65.38 35.00 28.19 0.49

The results of DW07-01, located near the Deadwood Mine, are considered encouraging. Three vein systems were identified in historic activities on the Deadwood Claim. A single, yet unexpectedly thick, mineralized interval was encountered in the 2007 drill program; it is unknown at this time how it relates to the three vein systems historically identified. The hole was terminated at 189.28 m due to mechanical difficulties; hence, the zone is possibly wider than 35 metres. In addition, the high-grade, multi-element showing in the Sunburst Claim has not yet been tested by drilling. Given the grades and thicknesses intercepted in the first hole, the system appears to have the potential for a large tonnage low-grade Au-Ag-(Cu) epithermal or vein-hosted deposit.

A helicopter-borne magnetic/EM survey was conducted over the property during the first quarter of 2012. Micrex has engaged Géophysique Camille St-Hilaire Inc. of Rouyn-Noranda, Quebec to review the data collected. Results are expected within the next month. Future exploration will consist of an eight-hole, 2,400 m diamond drill program.

Patrick Kluczny, P.Geol., a qualified person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

Micrex Development Corp. (TSX VENTURE:MIX) is a mineral exploration company based in Alberta, Canada with mining properties in North America.

Visit www.mixcorp.com for further details.


Burmis Magnetite/Titanium Property • St. Charles de Bourget Magnetite/Titanium/Rare Earth Property • Fort Steele Placer Property • Bighorn Gold Mine • Mount Royal Gold Mine • Deadwood Gold Mine • Sunburst Gold Property


Certain statements in this news release are "forward-looking statements", which reflect management's expectations regarding its property and business operations. All statements other than statements of historical fact contained in this news release are forward-looking statements. Such forward-looking statements involve risks and uncertainties, as they reflect management's current beliefs and are based on information currently available to management. Actual results may differ materially from those anticipated in the statements made. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Micrex assumes no obligation to update or revise them to reflect new events or circumstances except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by Micrex with the securities regulatory authorities, available at www.sedar.com.


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