Micrex Development Corp.: Update on the St. Charles Québec Deposit

Micrex Development Corp. (TSX VENTURE:MIX)

The deposit on this property is primarily magnetite, but it also contains
substantial amounts of other important minerals. Average concentrations are
magnetite (50%), titanium oxide (15%) and apatite (10%). The apatite percentage
increases to 45% in the non-magnetic fraction, which makes separation very
simple. Tests done on the concentrated apatite yielded rare earths in
concentrations totaling 2.6%. Also, recent tests conducted by the in-house lab
of a large international mining conglomerate yielded vanadium concentrations of
0.4%.


It is important to note that the titanium oxide is discrete and not
intergrowthed in the magnetite, which makes it significantly easier to separate.
Recent core analyses confirm the magnetite / titanium ratio to be constant
throughout the length of the cores, and the same continuity applies to the
various other elements.


Micrex has also commissioned a NI 43-101 report to bring the project current to
this standard. Micrex expects the NI 43-101 report to be completed by mid March.


In view of this, Micrex has hired McGill University in Montreal to test for the
Bond Index of magnetite. They are currently running grinding tests to -325 mesh
to determine the power consumption and time required to do this. This is
essential to finalize the design of the plant to make heavy media for use in the
water purification and metallurgical coal industries. Micrex intends to build
this plant commencing early this year. In addition to the production of heavy
media, concentrates of rare earths, titanium oxide, vanadium and apatite will
also be produced.


The Micrex Magnetite projects will offer a secure, high quality source of supply
to the wide range of industrial users desperate for magnetite produced locally. 


What sets this property apart? 

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 include:




1.  Paved road to within 1km 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 Ports of
    Grande-Anse, with direct access to the St. Lawrence Seaway. 
6.  Established contractors and experienced work force available in the
    local area. 



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


MICREX DEVELOPMENT CORP. 

Burmis Magnetite/Titanium Property - St. Charles de Bourget Magnetite/Titanium
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. 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