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Press release from Marketwire

CFI Announces Assay Results on Trench #4 and Trench #5, Including a Structure of High Grade Fluorspar Over 2.1 Metres Grading 81.3% CaF2

Tuesday, April 24, 2012

CFI Announces Assay Results on Trench #4 and Trench #5, Including a Structure of High Grade Fluorspar Over 2.1 Metres Grading 81.3% CaF208:47 EDT Tuesday, April 24, 2012ST. JOHN'S, NEWFOUNDLAND and LABRADOR--(Marketwire - April 24, 2012) - Canada Fluorspar Inc. (TSX VENTURE:CFI) ("CFI" or the "Company") is pleased to announce additional progress on its trenching program along the southern extension of the Director Vein with current assays showing high grade fluorspar mineralization.Assay ResultsCFI has received assay results for samples collected from Trench #4 and #5 along the interpreted trace of the Director Vein structure; which trends north-northwest and is sub-vertical. The two trenches are 100 m apart and 100 m and 200 m south of the previously reported Trench #3, respectively (See Figure 1 below). The excavations at the two sites exposed significant fluorspar (or fluorite) mineralization in Trench #4 and, together with previously reported trench results, extended the Director Vein structure at least 750 m along strike.To view "Figure 1 St Lawrence Area Major Mineralized Veins and 2012 Trenching", please visit the following link: http://media3.marketwire.com/docs/Figure1CFI.pdf. The mineralized fault zone in Trench #4 and #5 is as follows:Trench #4: 33.3% CaF2 over 3.1 m of gouge and 81.3% CaF2 over 2.9 m of massive CaF2. The combined grade over 6.0 m is 56.49% CaF2.Trench #5: Contains fault gouge with a grade of 2.66% CaF2 over a width of 7.2 m. The trenching successfully identified the southern extension of the Director Vein structure in an area that was previously not tested. Diamond drilling will be required to evaluate the resource potential of the structure at depth.Detailed results are presented in table below, with sampling done east to west along the trenches.2012 Trench Assay ResultsCanada Fluorspar Inc. - St. Lawrence, NLTrench # 4Sample No.From (m)To (m)Length (m)% CaF26501001.01.04.39650111.04.13.133.31650124.17.02.981.27650137.010.93.913.70Trench #5Sample No.From (m)To (m)Length (m)% CaF26501405.05.02.90650155.012.27.22.666501612.215.53.30.506501715.518.53.01.366501818.520.53.00.646501920.522.62.11.126502022.624.01.42.51Assays on samples, from these and other trenches collected during the 2012 trench sampling program, are carried out at SGS Minerals Inc. (SGS) laboratory of Lakefield, Ontario, using the Ion Selective Electrode (ISE) method to determine the fluorite content in the low-grade samples, and the Dual Calcium method for high-grade values. Routine internal check assay work is done at SGS, and results are reviewed and verified by CFI personnel.Material results of the Director Vein exploration program, including initial exploration information regarding these trenches was included in the Company's press releases dated March 1, 13 and 30 2012, and April 16, 2012.Assay results from samples collected in the additional trench work completed on this mineralized structure are pending.The current exploration program is designed to assess the southern extension of the structure hosting the Director Vein by surface trenching. Seven trenches have been completed to date. The trenching has successfully traced the Director Vein structure over a distance of 700 m.Historic mining operations by Aluminum Company of Canada Limited (Alcan) on the property produced in excess of 4.2 million tonnes of fluorite during a 44 year continuous production from 1942 to 1977. At the time of the mine closure, however, the Director vein Structure still contained a certain amount of mineralized material. Production resumed in 1986 and continued until 1991 when St. Lawrence Fluorspar Limited reopened the nearby Blue Beach North Mine and processed 440,000 tonnes of mineralized material from a small open pit.Historic exploration data indicate that there are more than forty mineralized veins within the CFI property. The three prominent vein structures, however, are the Director Vein, Blue Beach North Vein, and the Tarefare Vein. Probable Reserves of the Blue Beach North and Tarefare veins total approximately 5.4 million tonnes at an average grade of 39.8% CaF2. These Mineral Reserves have been outlined to a vertical depth of 300 m below the surface, but fluorspar mineralization extends further at depth. The key assumptions, parameters and methods used to estimate the Mineral Resources and Mineral Reserves, as well as other relevant information, including data verification, with respect to the Blue Beach North and Tarefare veins can be found in a NI 43-101 Technical Report prepared by the Roscoe Postle Associates Inc. (RPA) dated April 29 2011, which has been filed by the Company with SEDAR (www.sedar.com).About the CompanyCFI is a specialty mineral resource company engaged in the development of fluorspar deposits located in the St. Lawrence area of Newfoundland, Canada. Currently, it is in the process of:Reactivating the existing Blue Beach North and Tarefare underground fluorspar mines. Expanding the existing mill. Constructing a new, environmentally-sound Tailings Management Facility through Newspar, which is a 50/50 joint venture with Arkema. Building a new deep-water marine terminal in the outer St. Lawrence Harbour for the export of fluorspar concentrate product.Mr. James H. Reeves, Senior Geologist with CFI, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Properties, reviewed and approved the technical content of this news release. The information regarding historic production has not been verified by the Company and is provided for reference only.For more information please see: www.canadafluorspar.com.FOR FURTHER INFORMATION PLEASE CONTACT: Lindsay GorrillCanada Fluorspar Inc.President and CEO1-800-823-8095lgorrill@canadafluorspar.comwww.canadafluorspar.comNeither 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.