Amerix Precious Metals Corporation
TSX VENTURE : APM
FRANKFURT : NJG

Amerix Precious Metals Corporation

October 24, 2007 00:01 ET

Amerix Reports That Core Drilling Continues at Ouro Roxo and Results of Additional Geologic Mapping

TORONTO, ONTARIO--(Marketwire - Oct. 24, 2007) - Amerix Precious Metals Corporation ("Amerix") (TSX VENTURE:APM)(FRANKFURT:NJG) today announced that Kluane International Drilling, Inc. ("Kluane") is now drilling at the Ouro Roxo deposit on Amerix's Vila Porto Rico Property ("VPR") in the Tapajos District, Brazil. Kluane has completed 623.6 metres of drilling in four holes within the northern extension of the Ouro Roxo deposits. Geologica e Sondagens Ltda. ("GEOSOL") commenced work in early September and has completed 647.5 metres of drilling in five holes. This season's Ouro Roxo program comprises up to 5,000 metres of drilling of which 1,271 metres is complete. The program is fully funded.

Geologic mapping along trend to the north of Ouro Roxo reveals an extension of the north-south shear zone for some 2 km to the Pacu River across older inactive garimpeiro excavations which contain mineralized veins of similar character, composition, and orientation to those in Ouro Roxo. Additional geologic mapping has identified a parallel north-trending gold-mineralized shear zone approximately 1.5 km to the west of the major Ouro Roxo zone.

More than 25 new drill sites are planned and pads have been cleared. The drilling program is designed to explore the northward extension of Ouro Roxo North towards the Pacu River and the sparsely drilled intermediate zone between Ouro Roxo North and Ouro Roxo South. In addition, the newly discovered mineralized shear zone 1.5 km west of the major Ouro Roxo zone will be drilled. The existing 69 drill holes have demonstrated the continuity of a gold-mineralized zone for more than 3 km from the Ouro Roxo North zone to the Ouro Roxo South zone through a relatively unexplored middle zone. It is anticipated that as drilling continues the main Ouro Roxo mineralized zone will extend another 2 km to the north for a total length of at least 5.5 km and the presence of at least one parallel mineralized shear zone to the west of the main zone will be established.

Management's Discussion and Analysis: The VPR Property is located in the Tapajos District, one of the largest gold-producing provinces in Brazil. Amerix owns 100% of the mining rights within the 670 km2 comprising the VPR property. Gold-rich zones are found within the one to 2 km wide, N-S trending Ouro Roxo fault zone. This fault zone has been traced along a strike length of more than 25 km. The Ouro Roxo mineralized zone occurs in the southern part of the major shear zone. Gold is present in a variety of structures throughout the property, but the best gold values at Ouro Roxo have been found within faults, shears, and brecciated zones that dip moderately to the east at 40 degrees to 50 degrees. The mineralized structures contain variable amounts of sulfides, and quartz-chalcopyrite-pyrite-gold veins, below a saprolite zone that extends to a depth of 50 metres or more. The Ouro Roxo Project includes exploring a 5.5-km-long segment of this structural zone. A total of 69 angle core holes have been drilled at Ouro Roxo; the results of assays for these holes have been previously reported.

QA/QC: The drilling operations are being conducted by GEOSOL and Kluane under the direct guidance and supervision of Amerix geologists and management. Both companies are well-established and have worked with Amerix in the past. Cores are being drilled at 50 degrees to 70 degrees angles at HQ or NQ diameter for up to 100 metres in depth after which diameter NQ or BQ will be used to depths that generally will be in the range 150 to 200 metres. Local geologic mapping and regional reconnaissance geologic mapping are being conducted in concert with the drilling program. All cores are split and described at the Amerix camps near the drill sites. Assays are being conducted at SGS Geosol Laboratorios Ltda.

About Amerix Precious Metals Corporation

Amerix Precious Metals Corporation is an Ontario company exploring for precious metals in Brazil. VPR is the Corporation's main project, covering over 67,000 hectares. VPR has multi-million ounce gold potential, as it contains historic and active gold mines that anecdotal evidence suggests have produced more than two million ounces from placer and weathered bedrock (saprolite) mining operations. Amerix's objective is to create value for shareholders through expansion of bedrock gold resources, and development of placer and tailings gold resources. Brazil has enormous gold potential and is a proven mining-friendly country. Amerix staff has more than 50 years of combined experience in Brazil, and the Corporation has been active for more than 10 years. The Corporation's shares trade on the TSX Venture Exchange under the symbol "APM" and on the Frankfurt Stock Exchange under the symbol "NJG."

The technical and scientific information in this release has been reviewed by Lawrence W. Snee, President of Amerix, a Qualified Person as described in NI 43-101, a geologist with more than 30 years of experience. Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Amerix. It is uncertain if further exploration will result in the discovery of an economic mineral resource on any of the properties. Actual results may differ materially from those currently anticipated in such statements.

If you would like to receive press releases via email, please contact valerie@chfir.com and specify "Amerix press releases" in the subject line.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. We seek safe harbour.

Contact Information

  • Amerix Precious Metals Corporation
    Lawrence W. Snee
    President
    (303) 668-7216
    or
    CHF Investor Relations
    Jeanny So
    Broker Relations Specialist
    (416) 868-1079, Ext. 225
    Email: jeanny@chfir.com
    or
    Studer Consulting
    Marlies E. Studer
    +41 44 215 28 03
    Email: consulting@studer-ir.ch