PCP GB Minerals Ltd.

Warnex Inc. (TSX:WNX) ("Warnex") wishes to provide the following update
regarding its operations.


Financial Situation

Warnex announces that it has reached an agreement with Persistence Capital
Partners LP ("PCP"), the holder of its outstanding debentures (the
"Debentures"), regarding the conversion of a portion of the Debentures and the
repayment of the remaining balance. The conversion of CDN$725,000 in principal
amount of the Debentures into an aggregate of 46,178,344 common shares of Warnex
("Common Shares") pursuant to a notice of conversion received by Warnex on March
16, 2012, will be effected on or about April 5, 2012. As a result, PCP will own
approximately 51.56% of the outstanding Common Shares of Warnex.


Furthermore, PCP has agreed to allow Warnex until April 13, 2012 to repay the
remaining balance of approximately $959,420 owing under the Debentures, with the
expectation that by such time, Warnex will be able to put into place an
operating line of credit with a financial institution for up to CDN$2,000,000 in
order to provide Warnex with the funds necessary to repay such outstanding
balance and to support future working capital requirements. While Warnex is well
advanced towards putting this credit facility into place, no assurances can be
given that Warnex will be successful in this regard.


Appointment of Interim Chief Executive Officer

Warnex also announces that Marc Lebel has been appointed as the Interim Chief
Executive Officer of the company. Mr. Lebel is the co-founder of Anapharm, a
Phase I contract research organization that employed as many as 1,200 personnel.
Mr. Lebel was Executive Vice-President of Pharmanet from 2005 to 2007, following
its acquisition of Anapharm. Mr. Lebel is currently a director of Acasti Pharma
Inc. and Nuchem Inc. His primary role within Warnex will be to ensure the
integrity of the company's operations as the Board of Directors continues its
assessment of the strategic alternatives available for the company.


Exchange Listing

As a result of the new developments described above, the Toronto Stock Exchange
has agreed to extend the deadline for the delisting of the Common Shares to
April 16, 2012. Warnex continues to explore its various options in light of this
scheduled delisting.


About Warnex

Warnex (www.warnex.ca) is a life sciences company devoted to protecting public
health by providing laboratory services to the pharmaceutical sector. Warnex
Analytical Services provides pharmaceutical and biotechnology companies with a
variety of quality control services, including chemistry, chromatography,
microbiology, method development and validation, and stability studies. Warnex
Bioanalytical Services specializes in bioequivalence and bioavailability studies
for clinical trials. Warnex has two facilities located in Laval and Blainville,
Quebec.


CAUTION REGARDING FORWARD-LOOKING STATEMENTS 

Certain statements contained in this news release are forward-looking and are
subject to numerous risks and uncertainties, known and unknown. For further
information identifying known risks and uncertainties, relating to financial
resources, liquidity risk, key customers and business partners, credit risk,
foreign currency risk, government regulations, laboratory facilities, volatility
of share price, employees, suppliers, and other important factors that could
cause actual results to differ materially from those anticipated in the
forward-looking statements, please refer to the heading Risks and Uncertainties
in Warnex's most recent Management's Discussion and Analysis, which can be found
at www.sedar.com. Consequently, actual results may differ materially from the
anticipated results expressed in these forward-looking statements.

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