Amerix Precious Metals Corporation

Amerix Precious Metals Corporation

October 19, 2006 09:29 ET

Amerix Precious Metals Reports on Drilling at Carumbe Target; Announces 18,000-hectare Expansion of Its Exploration Concessions at Vila Porto Rico and New Exploration Licenses for Limao

TORONTO, ONTARIO--(CCNMatthews - Oct. 19, 2006) - Amerix Precious Metals Corporation (TSX VENTURE:APM)(FWB:NJG) today reported progress on the second phase of diamond drilling which began in mid-September at the Carumbe prospect on the 40,000-hectare Vila Porto Rico (VPR) property. Also reported by the Corporation today is that new exploration concessions have been granted for the Limao and VPR properties in Para State, Brazil.

From April 25, 2006 through September 30, 2006, the drill contractor Kluane International Drilling completed 3,776.2 meters of diamond drilling in 22 holes. The first phase of the drill program focused on the Nova Brasilia shear zone target where 18 holes were completed and assay results are pending. Four holes have been completed at Carumbe and drilling is now active at the Inferno Verde target (See location map below).

In the second phase at the Carumbe prospect, 675.7m of diamond drilling in four holes has been completed along a north-trending shear zone where garimpeiros have been recovering gold from a steeply dipping mineralized interval that is rich in sulfides. Amerix Geologists report that hole ACR33 intercepted a 14.9m chalcopyrite zone (from 109.1m to 124.0m with a true thickness of approximately 9.6m) which could be indicate an important gold mineralized zone. The hydrothermally altered zone is rich in pyrite and chalcopyrite, ranging up to 40% sulfides. Holes ACR35 and ACR36, 90 meters NE of ACR33 and ACR34, intercepted a mineralized zone within the same horizon as the previous two holes with less pyrite and chalcopyrite but with added presence of lead sulfide. Also notable is that copper oxides, interpreted to have been weathered from chalcopyrite, occur in the garimpeiro tailings adjacent to the Carumbe pit. Elevated copper values have been found to be positively correlated to gold values on the VPR property.

Mineracao Vila Porto Rico (MVPR) has resumed sampling the garimpeiro tailings next to the Ouro Roxo pit. Anecdotal evidence provided by the garimpeiro cooperative suggests that perhaps as much as 20 tonnes of gold have been extracted from the Ouro Roxo North deposit using inefficient processing techniques which commonly recover less than 50% of the gold. This suggests to Amerix Geologists that a considerable amount of gold likely remains in the Ouro Roxo North tailings as well as in other tailings deposits abandoned on the VPR property. The economics of recovering gold from this material will be largely dependent upon the quantity of overburden waste, which has been mixed into the process tailings.

A total of 35 banka holes (ranging from 4 to 8m deep) are being drilled in the Ouro Roxo North tailings deposit. This drilling will generate in the order of 175 samples, which will enable Amerix to evaluate the possibility of secondary gold recovery from this material. All samples will be wire-screened to determine the distribution of the fine and coarse gold fractions. Amerix Geologists expect to have the assay results from this program by the end of this year.

On September 28, 2006, the DNPM (Departamento Nacional da Producao Mineral - Brazilian Government Mining Bureau) granted two exploration licenses (Numbers 9208 and 9209 pursuant to DNPM Processes 850.015/2006 and 850.017/2006) to MVPR. These licenses cover the properties contiguous with VPR on its northern and eastern boundaries and comprise 9,875.43 hectares and 8,361.07 hectares, respectively.

On October 5, 2006, MVPR filed an official memo with the DNPM advising that exploration activities had commenced in these properties. These additional exploration licenses allow MVPR to expand its exploration program into the northerly extension of the Vila Porto Rico shear zone. The eastern claim is adjacent to the Nova Brasilia and Inferno Verde targets and exhibits important and promising structures indicative of additional mineralized zones.

On October 16, 2006, the DNPM granted two exploration licenses for the Limao property (Numbers 9513 and 9576 pursuant to DNPM Process 850.263/2002 and 850.262/2002) to Matapi Pesquisa Mineral Ltda. These licenses will be transferred to MVPR through previous agreements with Matapi. MVPR has completed the field work required for an environmental license at Limao and expects to commence drilling on the property in early 2007.

The technical and scientific information contained in this press release has been reviewed by John Andrews, P.Eng. (Ontario), a Qualified Person within the meaning of National Instrument 43101. Mr. Andrews is President and Chief Executive Officer of Amerix.

About Amerix Precious Metals Corporation

Amerix Precious Metals Corporation is an Ontario Corporation exploring for precious metals in Brazil. Vila Porto Rico and Limao are gold projects in the Tapajos Gold Province in Brazil. The Corporation's shares trade on the TSX Venture Exchange under the symbol "APM" and at the Frankfurt Stock Exchange under the symbol "NJG". There are approximately 45.3 million shares outstanding and 52.8 million fully diluted.

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