MICREX DEVELOPMENT CORP.

A mineral exploration and development company operating in Canada and the United States

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

For immediate release

January 17, 2011

Update on St. Charles Magnetite/Rare Earth Property

Micrex Development Corp. (TSX.V: MIX) is pleased to announce the hiring of M. Rejean Girard of IOS Services Geoscientifiques Inc., a Qualified Person to produce a NI 43-101 report on the St. Charles magnetite / rare earth property. This report is part of the regulatory requirements but will also be very important in determining costs for plant design in the production of magnetite concentrates to be used as heavy media, having concentrates of rare earths, titanium oxide, vanadium oxide and apatite as by-products. The company is pushing ahead with a plan to bring the St. Charles deposit from an exploration and development property to a production scenario in near future.

Results from core testing and Bond index measurements were just received from McGill University in Montreal. Grinding cost to -325 mesh are critical in the economics of dense media production.

The deposit at St. Charles is primarily magnetite (about 46%) but drilling has also identified other valuable minerals. It also contain about 15% of titanium oxide, dominated by granular ilmenite. This ilmenite is expected to be recoverable and sellable as by-product. Finally, the deposit contains about 10% apatite, representing 45% in the non-magnetic fraction. This apatite is suitable for phosphate production, and contain about 2.6% total rare earths.

The St. Charles deposit was the subject of a recent test for vanadium oxide conducted by a large international mining conglomerate. Vanadium oxide concentrations of 0.4% were reported in these tests.

The Company is encouraged by the interest shown by other mining companies in the rare earth component of the property, and is looking forward to the completion of the NI 43-101 report. This report will enable the company to commission a scoping study and a prefeasibility report on the St. Charles deposit.

Proximity to infrastructure sets this property apart

The St. Charles property is located in a rural farming area 25 km west of the city of Saguenay, Quebec (population 144,000), an important metallurgical center. Important infrastructure and amenities already in place include:

  1. Paved road to within 1 km 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.
Micrex Development Corp. (TSX.V: MIX) is a mineral exploration company based in Alberta, Canada with mining properties in North America. Current focus is on the St. Charles de Bourget magnetite / rare earth property in Quebec.

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.

Further information may be obtained from Perry Meszaros or S.E. Marshall at (780) 448-0922
or email at mixinfo-1@mixcorp.com

Web site address: www.mixcorp.com

MICREX DEVELOPMENT CORP.

Burmis Magnetite/Titanium Property - St. Charles de Bourget Magnetite/Titanium/Rare Earth Property - Fort Steel Placer Property - Bighorn Gold Mine - Banks Gold Mine - Mount Royal Gold Mine - Deadwood Gold Mine - Sunburst Gold Property

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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