Cap-Ex Iron Ore Ltd.

Drilling Update on the Later Gold - Copper Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2016) - Cap-Ex Iron Ore Ltd. (TSX VENTURE:CEV) ("Cap-Ex" or the "Company") is pleased to report results from the Company's recent drill program on the Later Property in Central British Columbia. The Later Property is an early stage gold copper prospect located 50 kilometres (km) northwest of the Mt. Milligan Copper-Gold mine in British Columbia's porphyry belt. To date, Cap-Ex has completed 3 holes totaling 1,107 metres, focused on one of two "blind" massive (2-3 kilometre wide) chargeability anomalies.

Highlights of assay results from the first two holes are as follows:

Hole ID	Easting	Northing	Azimuth	Dip	From (m)	To (m)	Int. (m)	Gold (g/t)
	UTM NAD 83 Z10
DD16ELB007	382381	6129397	180	-60	18.71	60.05	41.3	0.42
including					29.6	32.6	3	2.88
DD16ELB005	382790	6129380	045	-70	194.2	297.8	103.6	0.14

Assay results from the third hole of the summer program are pending.

The results from this initial phase of drilling confirm the presence of a large hydrothermal system with elevated gold over significant distances. Elevated gold has now been identified over a distance of 1,600m and appears to be directly related to the massive 3 kilometre wide chargeability anomaly, related hydrothermal system, and associated porphyry style alteration. This wide chargeability anomaly is still open to the north and west.