Amseco Exploration Ltd.

Amseco Exploration Ltd.

February 02, 2010 15:30 ET

Amseco Acquires Central Timmins Gold Property

MONTREAL, QUEBEC--(Marketwire - Feb. 2, 2010) - Amseco Exploration Ltd. (TSX VENTURE:AEL) ("Amseco") is pleased to announce that it has signed an agreement to acquire from 6398651 Canada Inc. (50%) Moose Factory, ON, and from Ken Pye (25%), John Simon (12.5%) and Larry Simon (12.5%), all from Timmins, On, 100% of four (4) single unit mining claims, covering a total area of 57 hectares located immediately and contiguous to GoldCorp's Timmins Dome super pit mine, in the middle of the southern part of Tisdale Township, Ontario. The world renowned Timmins gold camp is Canada's most prolific gold producing area having produced more than 65 million ounces since the first gold discovery.

The acquisition calls for Amseco to pay to the owners $75,000: $25,000 upon receipt of regulatory approvals, $25,000 on or prior to July 31, 2010, and $25,000 on or prior to January 31, 2011. Amseco must also issue to the sellers 1.5 million shares of which 500,000 become free-trading 4 months and 1 day after the date of regulatory approval, 500,000 become free trading on July 31, 2010, and the last 500,000 shares on January 31, 2011. Both the cash and shares will be allocated proportionately to each seller according to their percentage participation.

A 2.3% Net Smelter Royalty ("NSR") is payable upon production of which 1% can be bought back by the Corporation in consideration of a payment of $1 million.

In the near future Amseco will broadcast a detailed press release describing the geology of the property and area.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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