CANEX Metals Completes Trenching Program at Gibson, Several New Fault Zones and Veins Discovered

CANEX Metals (TSX VENTURE:CANX) (“CANEX” or the “Company”) is pleased to announce the Company has successfully completed trenching and surface sampling at the Gibson gold-silver project in British Columbia.  The field program lasted just over two weeks and was conducted by a 4 person exploration team.

During the program an access trail into the historic area of known mineralization was constructed, 8 trenches were excavated, and 157 surface rock samples and 445 soil samples were collected.  Rock samples have been shipped for assay with results expected in 3 to 4 weeks.

The program successfully uncovered numerous faults and veins in multiple orientations, ranging from less than 1 metre to 6 metres in width.  Most of the zones uncovered are highly oxidized at surface and contain variable amounts of clay alteration, fault gouge, breccia, fractured quartz fragments, and quartz sulfide or oxide veins.  Veins and altered fault zones have been exposed within an area 450 metres long by 200 metres wide, and the zones remain open for expansion in all directions.

The Gibson Prospect

Gibson contains mesothermal gold-silver mineralization hosted in highly altered volcanic rocks adjacent to the Hogem Batholith.  The zone was discovered and explored by Noranda Exploration Company from 1989 to 1991.

Following soil sampling and induced polarization geophysical surveys Noranda exposed precious metal mineralization in hand trenches with surface samples returning 12.86 g/t gold and 144.7 g/t silver over 1.5 metres and 5.35 g/t gold and 2136 g/t silver over 1.7 metres.

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