Amera Resources Corporation
OTC Bulletin Board : AJRSF

Amera Resources Corporation

January 18, 2007 09:30 ET

Amera Signs Letter of Intent for Laguna Gold Project, Peru

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 18, 2007) - Amera Resources Corporation (TSX VENTURE:AMS)(OTCBB:AJRSF)(FWB:OAY)(WKNA0B54E)) is pleased to announce that it has signed a letter of intent with Chancadora Centauro S.A.C. to enter into an option agreement to acquire up to a 90% interest in the 11,184 hectare Laguna Gold Project in the Pasco Department of west central Peru. The Project surrounds the currently producing Quicay gold mine. In addition, Amera has filed applications for additional claims covering 8,800 hectares in adjacent areas bringing the project total to 19,984 hectares.

With the takeover of Placer Dome Inc. by Barrick Gold Corporation, Placer Dome's option on the Laguna Gold Project terminated, allowing Amera to acquire the option. Amera has also been able to acquire a sizable exploration database covering the project that would cost several million dollars to re-produce today. To date, 6 high-priority drill targets that have similar geological characteristics to the Quicay gold deposit have been identified on the Laguna Gold Project and they will be systematically reviewed by Amera's technical team to prioritize drill targets.

"Amera's Exploration team in Peru, which includes former Placer Dome professionals, has been able to acquire this very exciting project. Our objective is to move the Laguna Gold Project to the drill stage as quickly as possible and commence testing the targets as recommended by our technical team. This project is an excellent addition to our already significant land package in Peru," stated Nikolaos Cacos, President and CEO of Amera Resources Corporation.

The Laguna Gold Project is located in the prolific Cerro de Pasco district and is immediately west of the mineral belt that includes the Cerro de Pasco and Colquijirca area polymetallic deposits. The Laguna Gold Project surrounds the Quicay high sulphidation epithermal gold deposit operated by Chancadora Centauro S.A.C. Amera's primary target on the Laguna Gold Project is buried high sulphidation gold or polymetallic deposits.

In 2001, Anglo American Exploration Peru S.A. carried out a large Spectrum airborne survey with 200m line spacing identifying 37 targets in the Laguna Gold Project area. The Spectrum system measures conductivity/resistivity and included a magnetometer. Placer Dome acquired an option on the property in 2005 and carried out property-wide geochemical survey, reviewed the Anglo Spectrum data and anomalies and conducted a review of surface geology and structure. The result of Placer Dome's work was the identification of 6 high priority drill targets selected for testing in 2006. With the takeover of Placer Dome by Barrick Gold Corporation the Laguna Gold Project option was terminated and the targets have yet to be tested. Amera has acquired the sizable exploration database and will be using it to confirm the previously-identified targets.

Much of the area within the Laguna Gold Project lies within an intermountain basin and is covered with transported alluvium, colluvium, and possibly glacial drift deposits. While the cover thickness is believed to locally exceed 100m, the target Miocene-aged siliceous alteration systems form topographic highs where exposed and likely are present under reduced thicknesses of transported cover sequences. Mineralized Miocene intrusives and erosion-resistant silicified domains occur within the project area, specifically at the Quicay mine site, a siliceous topographic high resulting from high sulphidation epithermal gold mineralization.

The Cerro de Pasco deposit constitutes one of the largest polymetallic resources in the world with post-1950 production plus known resources amounting more than 175 Mt grading 7% zinc and 2% lead as well 103 g/t silver. In addition, prior to 1950, 1200 Moz silver, 2 Moz of gold, and around 50 Mt grading 2% copper were mined(1). To the south lie Colquijirca (25 Mt grading 7% zinc(2)), San Gregorio (70 Mt grading 7.3% zinc and 2.18% lead and 19.54 g/t silver(3)) and Marcapunta with a sulphide indicated resource of 143 Mt grading 1.63% copper, 0.64 g/t gold and 22.0 g/t silver(5) and an oxide indicated resource of 14 Mt grading 0.03% copper, 2.1 g/t gold and 65.2 g/t silver(4).

Under the terms of the letter of intent, Amera may earn up to a 90% interest in the Laguna Property. An initial 51% interest may be earned by incurring US$1.4 million in work expenditures and US$900,000 in option payments over 3 years. Amera may then elect to earn an additional 39% interest, by making a further US$4,000,000 in option payments and completing a bankable feasibility study, within seven years after the exercise of the initial option. The letter of intent provides for a 90 day legal and technical due diligence period.


Mr. Nikolaos Cacos, President & CEO

(1) Fluid inclusion and isotopic compositions of Corilleran polymetallic replacement bodies and veins at Cerro de Pasco, Peru, SEG Conference "Wealth Creation in the Minerals Industry", Keystone, May 14-16, 2006, p. 126-129.

(2) Peruvian Andes: Geology and Mineral Potential, Powerpoint Presentation to PDAC, 2006, Miguel Cardozo.

(3) The carbonate-hosted Zn-Pb San Gregario deposit, Colquijirca District, central Peru, as part of a high sulphidation epithermal system, Mineral Deposits: Processes to Processing, Stanley et al (eds), 1999 Balkema, Rotterdam.

(4) Compania de Minas Buenaventura S.A.A. Results and Outlook, March 1, 2005

Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

2007 Number 1

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