PCP GB Minerals Ltd.

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


Refinancing of Operations

Warnex has completed a new credit facility with Accord Financial Inc. pursuant
to which Warnex is to be extended credit on the basis of its outstanding
accounts receivable. Upon the closing of this credit facility, Warnex received
initial funding in an amount which was sufficient to allow it to repay in their
entirety the $975,947 in principal amount of debentures held by Persistence
Capital Partners LP ("PCP").


"This credit facility allows Warnex to replace its convertible debentures with
new non-dilutive financing and serves to demonstrate a continued commitment
towards restructuring the company's balance sheet and providing the company with
access to capital in order to pursue its objectives," remarked Michael Singer,
the newly appointed Chairman of the Board of Directors of Warnex. "Warnex thanks
PCP for their support and looks forward to their continued interest in the
company as its majority shareholder." 


Exchange Listing

As previously announced, the common shares of Warnex (the "Common Shares") will
be delisted from TSX at the close of market on April 23, 2012. Effective April
24, 2012, the Common Shares will start trading on the TSX Venture Exchange
("TSXV"). In order to meet the listing requirements of the TSXV, certain
modifications to the capital structure of Warnex as described below have been
agreed to.


PCP has agreed to modify the terms of the Common Share purchase warrants
expiring on November 25, 2012 (the "Purchase Warrants") held by it such that
their exercise price has been increased to $0.10, after giving effect to the
proposed Common Share consolidation referred to below. Further, PCP has agreed
not to exercise any of the Purchase Warrants until such consolidation has been
implemented.


In addition, Warnex has agreed to present to its shareholders for approval at
its next shareholders' meeting a proposal for a one-for-four consolidation of
its outstanding Common Shares. PCP has undertaken to support such proposal.
Further information regarding this proposed share consolidation will be provided
by Warnex at a later date.


As a result of the listing of the Common Shares on the TSXV, restrictions
previously contained in the Purchase Warrants held by PCP pertaining to
limitations on the amounts of certain specified payments that could be made to
PCP and on the number of Common Shares that could be issued to PCP upon
conversion without the prior consent of the shareholders of Warnex have been
removed. The corresponding compensatory payments that were payable to PCP in the
event that the requisite shareholder approval was not obtained have similarly
been removed.


Changes to the Board of Directors

Having completed their oversight of the refinancing of the company, Richard
Laferriere and Michel Lassonde have resigned as directors of Warnex. Richard
Laferriere has served as the Chairman of the Board of Warnex since 1996. Michel
Lassonde has served as a Board member since 2009. Warnex thanks them for their
longstanding service.


In light of the vacancies created by these resignations, Warnex and PCP are in
discussions regarding the nomination of two new directors to serve on the Board
of Directors. All nominees will be subject to Warnex's normal governance review
process.


Further, the Board of Directors has resolved to dissolve the Executive Committee
of independent directors previously established to oversee and review strategic
alternatives and has appointed Michael Singer to serve as the new Chairman of
the Board.


Strategic Review

Warnex continues to evaluate all of its options for maximizing the value of both
its Analytical Services division and its Bioanalytical Services division. In
this regard, as previously announced, Warnex continues to pursue discussions
regarding potential transactions involving each of these divisions. However,
Warnex cautions that there can be no assurance that any transaction will occur,
or if a transaction is in fact undertaken, as to its terms or timing. Warnex's
immediate priority continues to be to ensure that each of these divisions
continues to maintain the highest standards of service delivery for the benefit
of its customers, its employees and its other stakeholders.


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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