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 26, 2012

Update of drilling program on the Québec Magnetite Apatite Deposit

Micrex Development Corp. (TSX.V: MIX) is pleased to announce the progression of the resource definition drilling program on its St. Charles magnetite deposit in Québec.

The aeromagnetic survey completed earlier showed at least a 30% increase in the size of the deposit. All holes were drilled at 45º, while the ore body dips steeply 80º to the east. Holes are oriented perpendicular to the magnetite trend.

The drilling has been completed for three holes (SB-11-01 to SB-11-03) and work is in progress on hole SB-11-04. Preliminary logging of the core suggests encouraging results. All holes intercepted significant mineralized intersection of massive magnetite, which is accompanied by abundant apatite. This type of ore is usually referred as “cumberlandite” in the literature, and is very similar to the ilmenite bearing counterpart “nelsonite”.

Holes SB-11-01 and SB-11-02 were drilled along a profile perpendicular to the elongated 3 kilometre long magnetic anomaly delineated by the 2011 aeromagnetic survey. Hole SB-11-01 intersected 28.1 metres (from 66.0m to 94.1m) of continuous massive magnetite at a core-angle of about 45°. Hole SB-11-02 intersected two intervals of near massive magnetite of 33.9 metres (from 0m to 33.9m) and 18.75 metres (from 58.5m to 77.25m), with a core-angle of 45°. These intersections suggest a cumulative thickness of at least 20 metres of near massive magnetite-apatite ore.

Hole SB-11-03 was drilled on a section 75 metres to the south of the previous drill holes. Preliminary logging indicates an interval of 6.6 metres of semi-massive magnetite between 63.4m to 70m, followed by more than 10 metres of apatite-rich massive magnetite from 72.25m to 83.5m. Apatite, in the last interval, ranges between 25 to 30% in apparent volume with grains of 1-2mm. Several other metre thick intervals of magnetite ore were also intercepted from 87.5-88.7m, 89.5-91.2m, 104-108.48m, 111.5-112.5m, 120-121.7m and 149-149.5m.

The progression of the program follows the initial plan with each hole 100 metres long and drill pads spaced 100 metres apart.

Micrex is very pleased with the preliminary results of the drilling program showing the massive magnetite and the significant apatite deposits.

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.

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 - 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