Amex Exploration Inc.

Amex Exploration Inc.

April 08, 2010 15:11 ET

Amex Grant to Bowmore Option to Acquire Up to 70% Interest in Its Natora-South Gold Property in Mexico

MONTREAL, QUEBEC, CANADA--(Marketwire - April 8, 2010) - AMEX Exploration Inc. ("AMEX") (TSX VENTURE:AMX) is pleased to announce that it has signed an Option Agreement with Bowmore Exploration Inc (BOW: TSX-V) in which Bowmore may acquire up to 70% interest in the Natora-South gold property from Amex subsidiary Minerales X-ORE S.A. de C.V. a Mexican mining corporation in the State of Sonora, Mexico. Minerales X-ORE S.A. de C.V. was acquired from Blue Note Mining Inc. as disclosed on press release dated March 18, 2010 by acquisition of all the outstanding shares of X-Ore International Inc.

The Natora-South property covers 24,841 hectares and is located on the Sierra Madre gold silver belt, with the same geological setting as that of "Minefinders" Dolores mine located 15 km East, "Alamos" Mulatos deposit 40 km south and "Gammon Gold" Ocampo deposit 80 km south. This property is in fact the southern part of the larger original Natora Property that covers close to 37,000 hectares that now is owned at 100% by Amex. The property has been the object of continuous sampling, geological mapping, trenching and some core drilling by Minerales X-Ore S.A. de CV during the last 4 years. This Mexican subsidiary holds in fact three properties that covers more than 42,000 hectares, all located in the prolific Sierra Madre Gold-Silver Belt.

In order to acquire an initial 50% in the Property, Bowmore shall make cash payments totaling $250,000 to Amex, issue a total of 150,000 of its common shares and incur expenditures in the aggregate amount of at least $1,250,000 within 24 months of the execution of the Agreement. In addition, Bowmore shall make an investment of $62,500 in the form of a private placement of securities of Amex. In order to obtain an additional 20% interest in the Property, Bowmore shall make additional cash payments totaling $200,000, issue a total of 100,000 of its common shares to Amex and incur expenditures in the aggregate amount of at least $750,000 within 24 months of the election to acquire an additional 20% in the Property.

During the option period, Amex will be the operator and a management committee formed by two representatives of each companies will be responsible for the planning of all exploration programs and budgets. After the option agreement has been completed, a joint venture will be formed according to each of the party interest.

Jacques Trottier, Ph.D., President and CEO of Amex, comments: 'We are very pleased and proud to associate ourselves with the Bowmore team that has demonstrated on a very short period of time their highly professional management skills, as demonstrated by the conclusion recently of a strategic partnership with Osisko Mining Corporation (OSK: TSX), along with a dynamic technical organization working in Mexico in the last few years. We are convinced that an advantageous synergy for both companies will be created by combining both geological expertise .This will definitely help to better and more efficiently fully develop the real potential of the Natora-South property'.

During the option period, Amex will be concentrating its exploration efforts on its 100% owned Natora-North property as well on a reevaluation of its two other Mexican projects, namely Nueva Escondida and El Jabali.

Amex Exploration Inc. is a junior mining exploration company listed of the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.

Neither 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.

Contact Information

  • AMEX Exploration Inc.
    Mr. Jacques Trottier
    President and Chief Executive Officer