VAX Vantex Resources Ltd

Vantex Resources Ltd. ("Vantex" or the "company") (TSX
VENTURE:VAX)(FRANKFURT:UD7A) is pleased to announce the conclusion of an
agreement with Golden Share Mining Corporation allowing Vantex to purchase a 100
% interest in the Lac Fortune West property located in the Dasserat Township, in
Abitibi.


Adjacent to the east border of the Galloway project, the Lac Fortune West
property comprises 17 claims covering an area of 390 hectares and is
strategically located on the Cadillac Fault. It is also interlinked within a
block of claims and cells owned by Richmont Mines Inc. ("Richmont") and located
very near the Francoeur mine.


Location Map: http://media3.marketwire.com/docs/lac-fortune2.pdf

"This new acquisition fits very well into our corporate development philosophy
since it allows us to significantly increase our presence along the Cadillac
Fault as well as positioning ourselves strategically within the geological
environment of the Francoeur and Wasamac mines as well as other gold deposits
known in this area. Also with this acquisition, Vantex will benefit from 1.8
millions$ of previous exploration expenses registered at the Quebec Ministry of
Natural Resources. This will provide us with a reasonable guarantee that our
claims will stay in good standing for the next decade or so while allowing us to
increase the value of our Galloway project." commented Mr. Guy Morissette, CEO
of the company. 


Richmont has announced its intention to restart production at the underground
Francoeur gold mine in 2012-2013. The Francoeur gold mine owned by Richmont
Mines ("Richmont") is part of a group of 11 similar deposits located within the
Francoeur-Wasa shear zone, a very important east-north-east trending regional
gold bearing structure which transects the northeast corner of the Lac Fortune
West project. The principal deposits located in the Francoeur-Wasa shear zone
have produced over 500,000 ounces of gold from approximately 2.6 million tonnes
of ore with a recovered grade of 6.07 g/t of gold (Richmont Mines Inc. press
release dated August 7th 2009).


The Lac Fortune West project hosts the South King Zone, an east-west trending
gold zone recognized by drilling over a strike length of 780 m and located 500 m
south of the Francoeur-Wasa shear zone. It displays several geological
similarities with the Francoeur-Wasa shear zone orebodies, notably
mineralization hosted at an andesite - gabbro lithological contact in close
spatial association with an hematite - altered felsic intrusive showing some
local breccia textures. The best diamond drilling by previous operators yielded
the following mineralized intercepts (i) :


Drilling by SearchGold Resources Inc. in 2004 - 2005 : 



--  855.58 g/t Au over 0.35 m from 29.83 to 30.18 m 
--  60.43 g/t Au over 0.27 m from 69.18 to 69.45 m 
--  16.81 g/t Au over 0.50 m from 42.23 to 42.73 m 
--  1.02 g/t Au over 11.43 m from 73.90 to 85.33 m 
--  1.83 g/t Au over 10.94 m from 72.50 to 83.44 m (including 11.42 g/t Au
    over 1.50 m) 
--  1.21 g/t Au over 11.37 m from 52.73 to 64.10 m 
--  1.74 g/t Au over 6.20 m from 40.82 to 47.02 m 
--  1.48 g/t Au over 7.32 m from 32.39 to 39.71 m



Drilling by Forbex Resources Inc. in 2001 : 



--  10.30 g/t Au over 2.75 m from 57.10 to 59.85 m 
--  1.13 g/t Au over 12.40 m from 44.40 to 56.80 m



(i) This information was taken from a Golden Share press release dated September
19, 2009.


The presence of both higher grade intercepts and mineralization over broad
intervals clearly demonstrate the potential of the South King Zone.
Additionally, the geological setting of the mineralization, which is associated
with shearing in a felsic intrusive hosted in a gabbro along with the presence
of hematite and fuchsite alteration, shows key positive indicators for the
sector.


Vantex will finalise the transaction by paying $100 000 in cash and issuing 1
million common shares of the company to Golden Share. Golden Share will retain a
1% NSR and Vantex will also pay a $5 000 annual advance royalty (1.5% NSR) to
the original owner of the property.


This agreement is subject to the approval of regulatory authorities and transfer
of the claims to Vantex.


Exploration Update

A 90-kilometre ground geophysical Mag survey was completed on the Hurd and
Renault Bay blocks as well as on the north section of the Perron block, west of
the Moriss zone. This survey was necessary to better outline the anomalous
magnetic zones detected in the previous airborne survey that took place last
summer. 


Also, management of the company obtained all the required permits to start the
drilling campaign in the north-east section of the GP showing, as previously
mentionned in the October 2 press release. This campaign is starting this week. 


Finallly, in order to test geophysical targets that are possibly located in the
same geological environment of the Moriss zone, the company is planning another
drilling program for 1 000 metres on a claim located 400 metres west of this
important gold showing. This drilling program will start as soon as the required
permits are delivered, around December 2012. 


Financing

Vantex management completed a $263 400 private placement. The company sold 219.5
flow-through units (the "FT Unit") at a cost of $1 200 per FT Unit, for a total
of $263 400. Each FT Unit comprises 8 000 flow through common shares and 2 000
common shares at a price of $0.12 per share as well as 5 000 share purchase
warrants. Each warrant allows its holder to purchase one additional common share
of Vantex at a price of $0.15 for a period of 12 months following TSX approval. 


In connection with this financing, Avenue Capital Markets Inc. will receive a
cash commission of $19 440 and 166 000 Broker warrants. Each Broker warrant will
allow its holder to purchase one additional common share of Vantex at a price of
$0.12 for a period of 12 months following TSX approval. Canaccord Genuity Corp.
will also receive a $480 cash commission. 


The securities issued as part of this financing are subject to a minimum hold
period of 4 months and one day and to the approval of the TSX Venture Exchange. 


About Vantex

Vantex' primary asset is the Galloway gold project in the Abitibi-Temiscamingue
region of Quebec. The property can be accessed easily by road, from Trans-Canada
Highway 117 and is 30 kilometers west of Rouyn-Noranda. The company is focusing
on its three main gold zones known as: GP, Hendrick and Moriss. These three gold
zones, referred to as the golden triangle, are in close geographic proximity.
Vantex recently drilled 59.51 g/t gold over 6.2 metres at Moriss, along the
hole. For more information on the Golden Triangle visit www.vantexressources.com
or view current drill holes on the on www.corebox.net.


The drilling on the Moriss showing will resume as soon as the government
agencies issue the claims extension permit to Vantex. Management has reasonable
expectations that it will be delivered this fall but cannot guarantee it.


Vantex has approximately 65 million shares issued and outstanding. As of July
31, 2012 the company has $1.7 million in cash and $410 thousand in 2011
exploration tax credits due from the Government of Quebec.


Mr. Daniel Kelly, a Qualified Person under NI 43-101, has read and approved this
news release.



FOR FURTHER INFORMATION PLEASE CONTACT: 
Source:
Guy Morissette
CEO
www.vantexressources.com


For information :
Wayne Carlon
VP Business Development
902-857-1043
waynecarlon@eastlink.ca

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