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

February 28, 2011

Update on St. Charles Magnetite/Rare Earth Property

Micrex Development Corp. (TSX.V: MIX) announces an update on the St. Charles Quebec Magnetite/Rare Earth/Titanium/Apatite/Vanadium deposit.

As previously reported on February 15th, 2011, Micrex has retained lab services at McGill University, Montreal, Quebec, to test for the Bond Index of Magnetite. The lab has since completed a Bond Index grinding test on samples from the St. Charles property and has yielded very satisfactory results. This test will aid in the completion of the Company's 43-101 report, which is in the process of being prepared.

Micrex has requested the McGill lab do a series of processes to make a pure form of magnetite, referred to as heavy media, for primary usage in the water purification and metallurgical coal industries. Micrex estimates the market for these two applications alone at 150,000 tons per year. Currently all of this domestic magnetite demand is being met with imports from Europe and South America.

Micrex is in discussions with a large international company and has been asked to deliver the material that has been processed by McGill for independent testing at their laboratory in the USA. This material has been delivered and results are pending.

Micrex has also received expressions of interest in its secondary minerals such as rare earths, titanium, vanadium and apatite, from multiple international mining conglomerates. The McGill lab will test further and assay the remaining fractions to confirm concentrations levels of: rare earths, titanium, vanadium and apatite. Test results will be announced soon after completion.

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.