Canex Samples Widespread High-Grade GOLD at the Pit Zone ON the GOLD Range Property, Arizona

CANEX METALS INC.

SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA, T2P 3E8

PH: 403.233.2636 FAX: 403.266.2606

NEWS RELEASE: 19-17 DECEMBER 16, 2019

Trading Symbol: TSX Venture-CANX

For Further Information Contact: Shane Ebert at 1.250.964.2699 or

Jean Pierre Jutras at 1.403.233.2636

Web: http://www.canexmetals.ca

CANEX SAMPLES WIDESPREAD HIGH-GRADE GOLD AT THE PIT ZONE

ON THE GOLD RANGE PROPERTY, ARIZONA

Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce assay

results for 14 rock samples from the Pit Zone at the Company’s Gold Range Property in Arizona.

In October the Company collected 14 grab and chip samples from the Pit Zone as part of a property

wide prospecting and mapping program. All of the samples from the Pit Zone have returned high

grade gold, highlighted by 11 grab samples over a 500 metre by 70 metre area that have returned

between 8.8 and 48.1 g/t gold, averaging 25.5 g/t gold. In addition, a 0.5 metre chip sample returned

26.7 g/t gold, and chip samples across the northern face of the open pit have returned 2.3 g/t Au over 8

metres, with the zone remaining open in all directions. Photographs of the Pit Zone and select sample

locations are available here.

Samples from the Pit Zone - Gold Range Property

Sample Zone Type* Au g/t Ag g/t Cu %

547169 Pit Grab 38.3 15.7 0.28

547170 Pit Grab 31.9 8.5 0.17

547171 Pit Grab 30.1 14.8 0.39

547172 Pit Grab 21.9 4.9 0.65

547177 Pit 3.5m Chip 2.53 0.7 0.01

547178 Pit 4.5m Chip 2.19 6.1 0.02

177 & 178 Pit 8m Chip 2.34 3.7 0.02

547179 Pit Grab 48.1 10.4 0.59

547180 Pit grab 23.5 3.5 0.14

547181 Pit grab 8.87 0.9 0.01

547182 Pit Composite Grab 8.8 1.8 0.01

547183 Pit Grab 14.5 3.1 -

547184 Pit Grab 25.3 6.7 0.12

547185 Pit Grab 29.3 4.8 0.01

547186 Pit 0.5m Chip 26.7 5.4 -

*All grab and chip samples r eported here were taken by CANEX personnel with all chip samples taken perpendicular to the

strike of the structures sampled. Grab samples are selective in nature and are not necessarily representative of mineralization

on the property

Page 2 – December 16, 2019

The Pit Zone contains a 150- metre-long by 40- metre wide open pit along with a northeast trending

quartz vein with multiple historic workings along it that extends several hundred metres from the pit .

Limited historical records indicate the pit was mined around 1981 by Houston Kingman Mining

Company. Exposed in the pit is a sericite altered and quartz veined intrusive dike as well as quartz

veining cutting and following foliation in the surrounding metamorphic rocks. At least 5 sub parallel

mineralized quartz veins 0.5 to over 1 metre wide are exposed in the pit. Mineralized q uartz veins

contain copper oxide staining and locally minor amounts of chalcopyrite and galena. Current exposures

indicate the quartz veined and altered zone is 30 metres w ide or more. Fine v isible gold within quartz

was observed in 2 of the samples taken from the zone.

Dr. Shane Ebert, President of the Company stated, “Preliminary sampling from the Pit Zone is showing

excellent potential for multiple zones of high- grade g old mineralization grading over 30 g/t gold

associated with a wider mineralized halo as demonstrated by chip sampling which returned 2.3 g/t gold

over 8 metres and only covered a portion of the potential width of the system . Mineralization is

associated with elevated copper values and a wider zone of intensely altered and mineralized intrusive

dikes than has been observed elsewhere on the property. These could be important clues to a district

scale zonation that could help ongoing evaluation and targeting in the district. A field crew has just

completed additional detailed mapping and sampling of the Pit Zone , which is a priority in our ongoing

target evaluation program.”

Exploration Update - A high-resolution airborne drone magnetic survey has recent ly been completed

at Gold Range with final results expected near the end of the year. A CANEX field team has just

completed a 10 day program of detailed geologic mapping and sampling on multiple new targets.

Assay results from this program should be expe cted early in the new year. A soil sampling program

consisting of over 400 samples over select targets will commence this week.

Quality Control - All samples were taken by CANEX representatives and shipped to American Assay

Laboratories in Reno, Nevada ( which is ISO/IEC 17025 accredited) for analyses. Gold was assayed

using a 30g fire assay (method FA-PB30-ICP) with all gold samples greater than 10 g/t redone using a

30g fire assay method with a gravimetric finish (method GRAVAu30). Duplicates, blanks, and certified

standards are analyzed with every sample batch and then checked to ensure proper quality assurance

and quality control.

About the Gold Range Property - The Gold Range Property is located in Northern Arizona within a n

area that has seen historic lode and placer gold production but limited systematic modern lode gold

exploration. Fieldwork by CANEX has identified numerous gold exploration targets on the property

with grab samples from outcropping quartz veins returning multiple values in t he 20 to 40 g/t gold

range, and chip sampling returning values of 28.1 g/t gold over 1 metre and 8.47 g/t gold over 5.6

metres.

Dr. Shane Ebert P.Geo. , is the Qualified Person for CANEX Metals and has approved the technical

disclosure contained in this news release.

“Shane Ebert”

Shane Ebert, President/Director

Neither the TSX Venture E xchange nor its regulation services provider (as that term is defined in the policies of

the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as

“expects”, “projects”, “plans”, “anticipates” and similar expressions, are forward-looking information that represents management of CANEX

Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components

thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward- looking statements

necessarily involve known and unknown risks and uncertainties, which may cause CANEX’s actual performance and financial results in future

periods to differ materially from any projections of future performance or results expressed or implied by such forward- looking statements.

These risks and uncertainties include, among other things, those described in CANEX’s filings with the Canadian securities authorities.

Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ

materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.