Micrex Development Corp.: Rare Earth Mineral Results from St. Charles Ore Body

Micrex Development Corp. (TSX VENTURE:MIX) ("Micrex" or the "Company") announces
that it has received new analyses from core samples from its St. Charles
magnetite deposit that were drilled several years ago. The new analyses were
conducted by Loring Laboratories in Calgary, and this time the samples were
tested for several rare earth elements in addition to the more common major and
trace elements that were previously tested. The analyses confirm the presence of
total rare earth elements averaging 22,910 parts per million (ppm) or 2.29
weight percent (wt%) from hole 99- 04 over its length of 105 meters, and 15,396
ppm (1.54wt%) from hole 99-06 over its length of 82.7 meters.


The concentrations of total rare earth elements were primarily comprised of
erbium oxide (Er2O3), which averaged 20,284 ppm (2.03wt%) from hole 99-04 and
13,346 ppm (1.33wt%) from hole 99-06, along with lesser but anomalous amounts of
cerium oxide (CeO2) and neodymium oxide (Nd2O3). Tests for erbium and the other
rare earth elements had not been conducted during previous analyses, so this is
a new addition to the Company's interest in the value of the deposit. Erbium is
used primarily in metallurgical applications, coloured glass and communication
lasers.


It should be noted that concentrations of uranium and thorium are very low in
most of the samples (less than 1 ppm), which is much less than most other rare
earth deposits. Full details of the analyses can be viewed on the Micrex web
site at www.mixcorp.com.


A total of 6 holes were drilled in 1999, and Micrex will be analyzing the other
4 for rare earths and vanadium in the near future.


Micrex also plans to conduct a program of surface sampling to determine the
distribution and concentration of vanadium and rare earth minerals in other
areas of the deposit.


Although the Company considers these test results to be reliable, readers are
cautioned that no report on such has been done that would meet current NI 43-101
standards.


This press release has been reviewed by Mr. Michael Dufresne, M.Sc., P.Geol. a
principal of APEX Geoscience Ltd. and the Company's Qualified Person for this
project under the meaning of NI 43-101.


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.


TSX Venture Exchange symbol "MIX" SEC 12 g (3) Exemption 82-4281