Cantex announces option agreement with Vale

    KELOWNA, BC, Nov. 20 /CNW/ - Cantex Mine Development Corp. (CD: TSX
Venture Exchange) ("Cantex", the "Company") is pleased to announce that Vale
International SA ("Vale"), a wholly-owned subsidiary of Companhia Vale do Rio
Doce (NYSE: RIO, Vale), has signed a letter agreement for the Company's Suwar,
Wadi Qutabah nickel, copper, cobalt and platinum group element projects in
Yemen.
    Vale's minimum exploration commitment under the agreement is US $2
million to be spent prior to August 31, 2009. Vale has the right to acquire up
to a 60% interest in the mineral exploration licenses for Suwar and Wadi
Qutabah through a series of progressive expenditure and activity thresholds.
    Vale earns a 40% participating interest in the Suwar upon completing a
prefeasibility study on or before July 31, 2010, expending US $3 million on
the Suwar project and making a US $1 million option payment in favour of
Cantex. An additional 11% is earned by completing a feasibility study and a
further 9% interest is earned by financing mine development and achieving
commercial production. If Cantex's share of mine development costs are carried
through to production by Vale, they are recouped by Vale as a development loan
from 80% of Cantex's share of profits.
    The agreement also allows Vale to enter into a joint venture with Cantex
on any other nickel, copper or cobalt bearing property, including the
Company's Al Masna'a deposit, in Yemen. The obligations are similar for each
individual property.
    The agreement remains subject to acceptance by the TSX Venture Exchange.
    The parties met with the Vice President of Yemen who was most pleased to
invite Vale's participation. The Yemen government's stated aim is to promote
foreign investment in the mining sector to the current level of investment
that has been attained by the petroleum sector in that country.
    Cantex is extremely pleased with the agreement as Vale has the technical
and financial capacity to develop the Suwar and Wadi Qutabah deposits.

    Vale is the world's largest producer of iron ore and iron ore pellets,
the world's second-largest producer of nickel and one of the world's largest
producers of manganese ore and ferroalloys. Vale also produces bauxite,
alumina, aluminum, copper, coal, cobalt, precious metals, potash and other
products. To support its growth strategy, Vale is actively engaged in mineral
exploration efforts in 21 countries around the globe. Vale operates large
logistics systems in Brazil, including railroads, maritime terminals and a
port, which are integrated with its mining operations.

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    This press release has been prepared by Chad Ulansky, a Qualified Person.

    Signed,

    Charles Fipke

    Charles Fipke
    Chairman and Geologist

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    >>

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For further information: Cantex Mine Development Corp., 203-1634 Harvey
Ave., Kelowna, BC, V1Y 6G2, Tel (250) 860-8582, Fax (250) 860-1362, email:
cantex@shaw.ca, www.cantex.ca