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

CANEX METALS INC.

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

PH: 403.233.2636 FAX: 403.266.2606

NEWS RELEASE: 19-7 AUGUST 20, 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 8.47 G/T GOLD OVER 5.6 METRES INCLUDING 28.1 G/T GOLD OVER

1 METRE AT THE GOLD RANGE PROPERTY, ARIZONA

Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company” ) is pleased to announce it’s latest

high grade gold surface sampling results from the Gold Range property, Arizona.

Early stage exploration work at Gold Range ha s identified g old bearing quartz veins within an area

1300 metres by 500 metres with multiple zones emerging as exploration targets. The most advanced

target to date is the Adit Shear Zone, a shear zone hosted quartz vein system that has been traced

intermittently for over 1 kilometre of strike length and includes 2 adits referred to as the Adit Zone,

along with several small surface workings and 2 inclined shafts . The h istoric workings presumabl y

date from the 1880’s. Recent chip sampling of a quartz vein at the Upper Adit within the Adit Zone has

returned 8.47 g/t gold over 5.6 metres, including a higher-grade section at the east margin of the vein

returning 28.1 g/t Au over 1 metre . Sampling at the Lower Adit has returned 26.5 g/t gold over 0.2

metres from the margin of a 1 metre wide quartz vein. Limited exposures between the Upper and

Lower Adits ha ve returned results including 6.82 g/t gold over 1 metre and 6.20 g/t gold over 1

metre confirming the continuity of mineralization between the 2 adits . At the Adit Zone gold grades

appear to be highest along the margins of the quartz veins, and at the Upper Adit the intersection of 2

mineralized structures appears to be a controlling factor for increased width and grade in the system.

Photographs from the Adit Zone showing sample locations and mineralization are available here.

Where exposed, t he Adit Shear Zone contains quartz veining occurring over widths from 1 to over 30

metres. At the northwest end of the zone a grab sample of dump material beside a n inclined shaft

returned 14.87 g/t gold. A grab sample from another inclined shaft located 1 kilometre to the southeast

along the same structure returned 3.17 g/t gol d, suggesting a significant and persistent mineralized

structure. A corporate presentation showing additional details of the Gold Range property is available

here.

Dr. Shane Ebert, President of the Company stated , “To date the Gold Range Property has exceeded

our expectations. We started this project in late May with a high-grade exploration target but without

any detailed geologic data and no assay samples. Within a short time frame, and for very low cost, the

basic geologic framework has been worked out , numerous high grade gold targets identified, and a

significant shear zone hosted gold vein system identified. Chip sample results of 8.47 g/t gold over 5.6

metres is a great starting point and indicates a significant mineralized system could be present . The

next step at Gold Range will be to expose multiple targets by trenching to allow systematic sampling

across and along the zones and to further evaluate the width, grade, continuity, and controls on

mineralization. It was a new discovery of a gold rich quartz vein found under shallow cover that initially

attracted CANEX to the property and it is exciting to know that shortly we be on the ground with

equipment that will allow us to expose, evaluate, and potentially expand that discovery.”

Page 2 – August 20, 2019

Proposed Trenching Program

A t renching program is anticipated to start in late September to early October once all exploration

permits have been received. The permitting process is proceeding smoothly and the Arizona Bureau

of Land Management has been very supportive and helpful in the permitting process. CANEX has

submitted a reclamation bond for the proposed work, and our Notice of Exploration Work is advancing

through the permitting process.

Summary of Surface Rock Sampling Results

A total of 78 surface chip and grab samples have been taken by CANEX on the property , the samples

range in gold values from trace to 31.2 g/t, with an un-capped average for all 78 samples of 3.1 g/t

gold. Highlights of surface sampling from the property are summarized in the Table below.

Highlights of 2019 surface rock sampling at Gold Range

Sample Number Type* Gold g/t Description

5678333

composite

grab 31.20

Quartz from Lower Adit dump pile (previously

released)

5678336 grab 24.50 Quartz from Upper Adit face (previously released)

5678338 grab 5.52 Quartz from small prospect pit, NW area

5678339 grab 14.87 Dump beside inclined shaft, N area

5677515 grab 4.27 0.7m float boulder

5677524 0.2m chip 26.50 Lower Adit, footwall edge of vein with 1-2% galena

5677525 1m chip 3.20 Lower Adit, across main vein

5677527 0.2m chip 5.95 Lower Adit, footwall edge of main vein

5677528 0.5m chip 5.33 Surface, 50cm quartz vein partially covered

5677529 1m chip 6.82 Surface, 1m wide quartz vein

5677530 1m chip 3.03 Surface, 1m wide quartz vein

5677533 1m chip 5.91 Across face of small pit

5677535 0.7m chip 6.20 Across face of small pit

5677536 to

5677542 5.6m chip 8.47 Across entire width of Upper Adit quartz vein

5677539 1m chip 28.10 Upper Adit across east side of quartz vein

5677540 0.8m chip 6.50 Consecutive with 5677539

5677549 grab 3.25 Quartz boulder beside prospect pit

5677556 grab 3.17 Quartz boulder beside inclined shaft

37761

composite

grab 26.00 Quartz from upper adit dump piles

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

strike of the structures sampled.

Quality Control

All sa mples 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.

Page 3 – August 20, 2019

About the Gold Range Property

The Gold Range Property occurs in Northern Arizona within a larger district that has seen historic lode

and placer gold production but limited modern lode gold exploration . Earlier this year a prospector

using a hand-held metal detector discovered a quartz vein containing abundant visible gold concealed

under shallow soil cover on the property. Fieldwork by CANEX has identified multiple gold exploration

targets, including the Adit Shear Zone which has been trace d for 1 km along strike and has returned

chip sample results of 8.47 g/t gold over 5.6 metres. CANEX has an option to earn a 100% interest in

the property by making staged cash payments over 4 years totaling US$90,000 and completing

exploration expenditures of US$80,000. The Vendor will retain a 2% net smelter royalty, half of which

can be bought back by CANEX for US$500,000, and the remaining half can be bought back for an

additional US$1,000,000.

Please visit our website at www.canexmetals.ca for additionnel information.

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 Exchange 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 i nformation 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 co uld cause results to differ

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