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

October 20, 2011

St. Charles, Québec Magnetite Project

Micrex Development Corp. (TSX.V: MIX) announces that the helicopter-borne high resolution aeromagnetic survey for the St. Charles project has been completed and interpreted.

Additional magnetic anomalies were identified, which likely correspond to magnetite bearing rock not yet discovered. Known magnetite occurrences are indicated as more continuous than anticipated, a situation highly beneficial to the development of the project. The prominent anomaly, corresponding to the formerly known Grand Saguenay Mine, is about 600 metres in length, up to 300 metres in width, with an excellent downward propagation, and is going to be the focus of the new drilling program that is about to begin.

A second salient anomaly, similar in size and intensity, corresponds to the former Javelin deposit. At least 3 other second order anomalies are present, which were basically unknown from previous work.

During the past weekend the geologist and local residents helped to wash and clean up some of the new outcroppings, which are to be drilled and blasted in order to collect a 65 ton bulk sample. This material includes a 12 ton sample to be shipped immediately to England for testing and design of the crushing equipment. An additional 2 tons will be shipped to Corem, a world renowned metallurgical laboratory in Québec City, for bench scale testing of the magnetite recovery process. A subsequent pilot plant test at Corem, requiring a 50 ton sample, is planned for this winter.

Definition drilling of the deposit is expected to start in November.

The Québec project is now all in place and Micrex only needs to wait for the results to make the final decisions.

Micrex is also evaluating its gold projects, namely the Bighorn mine in the Atlin, BC area, and is expecting to commission an exploration program this year.

The recent receipt of additional Deadwood mine data has encouraged Micrex to go ahead with an exploration program on the Deadwood and Sunburst properties in New Mexico. This work will comprise a detailed magnetic survey and results will be reported.

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

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 / titanium / apatite property in Québec.

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/Apatite 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