Amseco Exploration Ltd.
TSX VENTURE : AEL

Amseco Exploration Ltd.

December 14, 2009 17:58 ET

Amendment to Amseco's Joint Venture Option Agreement on Malartic Property Announcement

MONTREAL, QUEBEC--(Marketwire - Dec. 14, 2009) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") broadcasted earlier today a press release where some information was missing. The missing statements were the description of existing NSRs and NPIs as well as the absence of standard Safe Harbour and Forward Looking Statements.

Amseco is pleased to announce that it has signed a Letter of Intent leading to the signature of a formal Option and Joint-Venture Agreement with Les Mines JAG Ltee. (TSX VENTURE:JML) for twenty (20) mining claims, covering a total area of 720 hectares located within the northern section of the Cadillac Tectonic Fault Structure.This highly prolific tectonic structural feature hosts several major gold deposits and mines which can be traced from Val d'Or to Rouyn, QC. The property is located along highway 117, approximately 7 km north of town of Malartic and a few kilometres east of Agnico Eagle's Lapa gold deposit.

In order to acquire a fifty-percent (50%) interest in the property the transaction calls for Amseco to pay $50,000 in cash and shares according to the following schedule:



- $10,000 and 300,000 common shares of Amseco upon receipt of
regulatory approvals;

- $10,000 and 300,000 additional Amseco shares once $250,000 of
exploration work has been invested on the property; and

- $30,000 and 400,000 additional shares of Amseco once $750,000 of
cumulative exploration work has been invested on the property.


A 1.5% net Smelter Royalty ("NSR") is payable on thirteen (13) claims, a separate NSR is payable on five (5) other claims and a ten percent (10%) Net Profit Interest is payable on the last two (2) claims.

The initial work as well as all subsequent exploration work to be completed under the terms established by the Joint-Venture Agreement will be managed by Amseco under the guidance of a Joint-Venture management committee up until the point where a 50% interest has been earned. The exploration work to be undertaken on the property shall be completed in accordance to the following schedule:

- $250,000 prior to December 31, 2010;

- $750,000 of cumulative work to be done prior to December 31, 2011, and

- $1,500,000 of cumulative work to be completed prior to December 31, 2012.

Once the 50% interest earned threshold has been achieved, the property will be managed under a standard mineral exploration/mining joint venture agreement where each party's initial interest will be deemed to be worth $1.5 million and any dilution will be calculated from this base. Under this agreement each party included in the Joint-Venture Agreement, meaning both JAG and Amseco will need to participate on an equal 50/50 basis in any additional exploration work, as well as any other property related expenses.

The property is underlain by rocks belonging to six different lithological units.These units have been identified as being part of the Cadillac Group(sediments), Blake River Group(volcanics), Kewagama Group(sediments), Piche Group(volcanics),Malartic Group(volcanics) and the Pontiac Group(sediments).

Located approximately 15km to 25km west of the property, the highly prolific Blake River Group volcanic belt is host to several highly productive gold mines of the Abitibi Mining District. These are as the Doyon, Bousquet, Dumagami and LaRonde mines.The gold mineralization found within these deposits is all located in the Bousquet Formation located in the upper portion of the Blake River Group.

Historical exploration work completed on the JAG property has indentified the existence of gold mineralization located along the northern contact of the lower Blake River volcanics with the Kewagama Group sediments. Previous exploration work completed on the property has also identified anomalous gold values and associated alteration located within the upper portion of the Blake River Group volcanics. Therefore, both the upper Bousquet Formation felsic volcanic unit and the lower Bousquet Formation mafic to felsic volcanic unit within the property have been identified as two high priority gold targets during the 2010 exploration campaign.

The Malrobic shaft is an old exploration shaft which is located at the far western boundary of the JAG property. Previous exploration work completed by JAG in the area of the Malrobic shaft within the property and also west, outside the JAG property encountered high grade but erratic gold values. These gold values were traced over a strike length of approximately 1,300 meters. The gold values are associated with an important gold bearing structure identified as the Malrobic. Exploration work conducted along the Malrobic structure identified eight (8) gold zones ranging in average length of 30 to 76 meters and between 1.2 to 5 meters in thickness and previous work indicates that these zones remain open at depth.



Historical Diamond drill holes returned the following values:

Hole # Depth (m) Width(m) Au-(g/t)

JM-85-01 45.72-49.07 3.35 3.85

JM-85-07 24.90-26.37 1.47 8.50

JM-85-18 57.15-58.55 1.4 7.50

JM-85-43 29.20-30.42 1.22 7.59

JM-85-45 193.67-198.73 5.06 2.89


A historic non 43-101-compliant resource estimate has been published on the property. This non 43-101-compliant resource estimate was based on diamond drilling completed during the 1980's and the historical probable and possible reserve reported as a result of this work was a resource containing 125,725 tonnes grading 5.37 g/t-Au. Historical exploration diamond drilling has tested the gold potential to a maximum depth of 200 meters within limited areas or sections of the property.

Luciano Vendittelli, P. Geo. (Quebec), consultant geologist is the Qualified Person (under National Instrument NI-43-101) on the Malartic Property and is responsible for the preparation of this news release.

We Seek Safe Harbour

Readers are cautioned that the term mineral resource within this news release are not economic mineral reserves and that their economic viability has not been established with regards to the terms of legislation under National Instrument NI-43-101. Historical statements contained within the news release are provided on a best effort basis by the company based on a review of publically available documents relative to the property.

Forward Looking Statements

This news release may contain certain forward looking statements within the meaning of the Canadian securities legislation. These forward looking statements relate to the company's future exploration plans, activities and expenditures with regards to the property. The forward looking statements within this news release represent the company's management best knowledge and judgment based on the current facts available at the time of this news release. Forward looking statements involve a certain amount of known and unknown risks and factors which may cause the actual results and achievements of the company to be materially different from the company's expectations, objectives and projections.

The TSX does not accept any responsibility for the adequacy and accuracy of the information provided in this news release.

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