Micrex Development Corp.
TSX VENTURE : MIX

Micrex Development Corp.

August 15, 2011 13:40 ET

Micrex Development Corp.: Update on the St. Charles Quebec Magnetite/Rare Earth Property

CALGARY, ALBERTA--(Marketwire - Aug. 15, 2011) - Micrex Development Corp. (TSX VENTURE:MIX) is pleased to announce that the Company has issued tenders for an immediate drilling and exploration program for the St. Charles Magnetite property in Quebec.

This phase of the drill campaign will be for approximately 2700 metres (8000 feet) at a cost of approximately $700,000. This drilling will allow a resource calculation for St. Charles under the current guidelines.

Previous historical drilling of 72 holes hit magnetite in every hole. The currently known size of the deposit is about 1200 feet (400 metres) wide and one mile (1600 metres) long. The total depth of the deposit is largely unknown although some holes did not bottom out at 125 feet.

Micrex is also negotiating with a large international company to finance the plant and has reached an agreement in principal that will be finalized shortly. The plant is expected to produce a heavy media product of 320 mesh which can be readily used in coal production, iron sulphate production and for water purification plants.

The local Quebec and Atlantic seaboard market for magnetite required for water purification is estimated at approximately 80,000 tons annually. Depending on the purity, such magnetite concentrate is quoted at $150.00 to $200.00 per ton. Initially this will be the focus for Micrex in the coming months.

To satisfy end users request, Micrex will commission Corem, a metturgical facility in Quebec City known for its expertise with iron ore, to produce a pilot plan test in order to produce about 100 tons of magnetite concentrate suitable as material for heavy media applications and iron ore chemical composition.

Highlight Of Infrastructure Located At St. Charles:

The St. Charles property is located 25 km west of the city of Saguenay, Quebec (population 144,000) in a rural farming area. Important infrastructure and amenities already in place includes:

  1. Paved road to within 1 km of the property, all-weather gravel roads on the property itself.
  2. Electricity already supplied to existing residences on the property.
  3. High voltage line from the Shipshaw hydroelectric dam runs across the property.
  4. CN Railway yard located 25 km east of the property in the city of Saguenay.
  5. Deep water port located only 60 km east of the property at port of Grand-Anse with direct access to the St Lawrence Seaway.
  6. Established contractors and experienced work force available in local area.

This press release has been reviewed by Rejean Girard, the qualified person for the project. The 43-101 compliant report on the St Charles Property is currently under revision and final version is expected in the near future.

Due to the nature of iron ore projects in Quebec, Micrex would like to thank its consultants for the work done to date while operating during this unprecedented boom in mining activity.

MICREX DEVELOPMENT CORP.

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

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. Specific risks to putting this deposit into production include geological risks, production risks, the inability of the company to raise sufficient capital to carry out its plans, the risk that market prices for one or more of he planned minerals makes the production uneconomic and the inability of the company to find qualified employees or consultants to design and implement the production plan. 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.

SEC 12 g (3) Exemption 82-4281

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