Micrex Development Corp.
TSX VENTURE : MIX

Micrex Development Corp.

February 07, 2012 09:45 ET

Micrex Development Corp.: General Update on the Québec Magnetite Apatite Deposit

CALGARY, ALBERTA--(Marketwire - Feb. 7, 2012) - Micrex Development Corp. (TSX VENTURE:MIX) announces that the drilling program on the St. Charles property is continuing at a slow rate due to inclement weather. However, Micrex is very pleased with the results so far.

Exploration on the newly found deposit extensions is continuing to show a very high apatite content of up to 28%. This represents up to 15% P205, a very important fertilizer feedstock.

Corem Laboratory's first stage analysis is now complete and validates all previous testing carried out by Micrex. It has proven that the St. Charles deposit's ilmenite grains are readily separated from the magnetite grains. This will enable Micrex to produce magnetite required for the water purification industry in Québec and the US eastern seaboard, which market it estimates to be at 150,000 tons annually. Currently this is all being shipped from northern Europe at a landed cost of over $200.00 per ton. Micrex estimates its cost to produce this product at significantly less than half of that amount. Micrex has been advised that there is world wide demand for fine ilmenite (titanium) powder.

There have also been delays in the grinding equipment test program in Newcastle, England, but these tests are now scheduled for the week of Feb 20.

An update on the Deadwood gold and silver mine in New Mexico will follow shortly.

This press release has been reviewed by M. Réjean Girard, geologist and head director of IOS Services Géoscientifiques Inc. and the Company's Qualified Person for this project under the meaning of NI 43-101.

Micrex Development Corp. (TSX VENTURE:MIX) is a mineral exploration company based in Alberta, Canada with mining properties in North America. Current focus is on the St. Charles de Bourget magnetite / titanium / apatite property in Québec.

Visit www.mixcorp.com for further details.

MICREX DEVELOPMENT CORP.

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

A mineral exploration and development company operating in Canada and the United States

SEC 12 g (3) Exemption 82-4281

FORWARD LOOKING STATEMENTS

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.

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

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