Fission 3.0 and Canex Energy Revise Option Agreement

CANEX ENERGY CORP. Suite 702-595 Howe Street VANCOUVER, BC V6C2T5 www.canexenergy.com

TSX VENTURE SYMBOL: CSC April 5, 2016

Fission 3.0 and Canex Energy Revise Option Agreement

CANEX ENERGY CORP. ("Canex" or “the Company") announces and its joint venture (JV) partner, Fission 3.0 Corp. (“Fission 3”) (TSX VENTURE:FUU) have revised the terms of the option agreement on the Clearwater West property which is adjacent to Fission Uranium’s PLS property in Saskatchewan's Athabasca Basin. Canex may now earn into the property in three stages by completing: the first stage program of $1,700,000 by April 30, 2016 to earn an initial 15% interest; the second stage program of $1,300,000 by April 30, 2017 to earn an additional 15% and the third stage program of $2,000,000 by April 30, 2018 to hold a 50% interest in the property. The expenditures required for Canex to obtain a 50% interest remains the same however the staging has been adjusted to reflect market conditions.

Summary of the Clearwater West Project

Fission 3's experienced and successful management and technical team, with a track record of two major high-grade uranium discoveries in the Athabasca Basin region (Waterbury Lake project and the PLS project), operates and manages Clearwater West. Fission 3 currently holds a 100% interest in Clearwater West.

The Athabasca Basin region hosts the world's richest uranium deposits, with a well-established and politically stable, uranium exploration and mining sector. Fission 3 and Canex consider the recent discovery of high-grade uranium in the southwestern region of the Athabasca Basin to demonstrate the prospective merit of this under-explored area.

Clearwater West lies adjacent to the south of Fission Uranium's Patterson Lake South (PLS) property, host to a high-grade, shallow depth uranium discovery along a 2.58km mineralized trend. PLS includes the award-winning, high-grade Triple R deposit, in which a 2015 Preliminary Economic Assessment (PEA) study showed a large resource estimate and compelling preliminary economics. Fission Uranium has just ended its winter drill program at PLS and recently completed an $82 million subscription agreement, as well as an off take agreement, with China’s CGN Mining, which now owns 19.99% of the company.

Clearwater West is an early stage exploration project prospective for hosting high-grade uranium mineralization. Such mineralization is structurally controlled and typically associated with basement graphitic shear zones within clay altered metasedimentary basement lithologies. These features have unique characteristics that can be identified by various geophysical surveys. The property covers historic airborne EM anomalies, which could be the extensions of the EM conductors identified on the PLS property immediately to the north.

Harrison Cookenboo, Consultant, Ph.D., P.Geo. and a qualified person has reviewed the technical information in this news release in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. The technical information was reported to the Company by Fission 3.0 Corp., the operator of the project.

About Canex Energy

Canex Energy Corp. is a Canadian-based resource company focused on uranium in Saskatchewan's Athabasca Basin, the world's largest source of high-grade uranium. The company has a joint venture with Fission 3.0 Corp. to explore Fission’s Clearwater West property at which Fission’s award-winning technical team is the Operator.

ON BEHALF OF THE BOARD Contact:

Peter Wilson, CEO & Director Ph: 604 484 8989 Peter G Wilson, CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable securities law, including without limitation, statements that address the expenditure of funds by the Company and future drilling and exploitation activities and developments. Forwardlooking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary for any future drilling or other exploration or expenditure, and the ability of the Company to raise the funds necessary to fund the option earn-in on the Clearwater West property, which may not occur as described herein or at all. In particular, there is no guarantee that the Offering will be completed or if completed, will be completed up to a certain amount. Furthermore, the anticipated amount of expenditures may differ from actual expenditures when made. Accordingly actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions, and fees charged by service providers. Readers are referred to the Company’s filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.