Amerix Precious Metals Corporation
TSX VENTURE : APM
FRANKFURT : NJG

Amerix Precious Metals Corporation

August 08, 2006 09:00 ET

Amerix Precious Metals Reports on Further Progress on Vila Porto Rico Drilling Program; Completes Sale of Santo Domingo Property

TORONTO, ONTARIO--(CCNMatthews - Aug. 8, 2006) - Amerix Precious Metals Corporation ("Amerix") (TSX VENTURE:APM)(FWB:NJG) is pleased to announce progress on its drilling program at the Nova Brasilia (NBSB) target at its Vila Porto Rico (VPR) Property in Para State, Brazil.

Through July 31st, 2006, the drill contractor Kluane International Drilling has completed 2,469.9 meters of diamond drilling in fourteen holes. The initial phase of the drill program, which commenced on April 25th, 2006, is designed to test and confirm the NBSB target along strike and at depth.

Results from the logging of the first four holes has enabled Amerix geologists to upgrade the interpretation of the geological environment at Nova Brasilia, as an intrusive with an apparently younger granite cutting though the mineralized zone - along strike. These results indicate that the mineralization is situated throughout the contact zone and within the granites themselves.
These findings enhance the potential scale of the mineralized zone at the Nova Brasilia target with respect to extensions of the mineralization and its behavior within the granites. Amerix geologists and consultants are analyzing these issues and intend to intensify the exploration program on this particular target. In addition to the current drill program, an auger program based on a 25 meter grid is to be conducted to determine the aerial distribution of the greisenized granite.

The term greisenization means hydrothermal alteration in which feldspar and muscovite are altered to quartz, mica, and topaz. Mica is commonly, but not always, lepidolite (purple in color) and the rock may contain fluorite, rutile, cassiterite (tin), wolframite (tungsten). This kind of rock is common in the Rondonia tin district, where the outer zones of granite bodies are strongly altered in the late phase of the emplacement of a granite. The granite body cools slowly and crystallizes leaving a gaseous/aqueous residue that escapes very late in the process and alters the rind of the body which can be very productive for a variety of metals.

Geochem summary

During the last 12 months, Amerix geologists have completed 168.3 kilometres of geochem traverse covering an area of 150 square kilometres on the two easterly concessions at the VPR property. During July 2006, a total of 31.5 kilometres of lines (100m x 800m spacing) were opened on the westerly concessions of the VPR property. MVPR expects to cover an additional 20,000 hectares with soil geochem by October 2006 (800 x 100 metre spacing).

In the field, Amerix geologists have sampled and mapped garimpeiro workings at Nova Brasilia, Carumbe, Samauma, Araujo, Mercedes and Inferno Verde. In addition to the Nova Brasilia target, this work has identified the following targets which are drill ready:

Carumbe

The Carumbe target is formed by sulfides and carbonates associated with quartz veins (pyrite, chalcopyrite and bornite). Carumbe is similar to the Nova Brasilia target, associated with acid schistosed rocks, striking north-south to northwest and dipping sub-vertically. Grab samples from Carumbe returned assays of 57.47, 20.72, 1.86 and 5.34 grams per tonne gold. Large Garimpeiro workings close to the Carumbe target enhance the potential of the area as all of the material (vein and encasing rock) has been processed for the recovery of gold.

The total extension of this anomaly could not be determined as the presence of soil overburden overlies an older erosional surface, which acts as a barrier to the migration of trace elements to the surface. Field observations identified two garimpeiro shafts positioned 150 meters apart indicating the presence of an ore body. This target is drill ready.

Samauma

The Samauma target is characterized by a large number of abandoned garimpeiro workings which are concentrated in local drainages. Amerix geologists have identified a 1 meter thick quartz vein associated with sulfides, striking NNW and dipping sub-vertically and vertically. The encasing rock is of dioritic to granitoid composition similar to Nova Brasilia.

The laboratory results of the 320 samples, collected from a 200 x 25 meter grid covering an area of 1.28 square kilometres, are not yet available.

Amerix geologists have been able to identify an important target in a geologic environment (structure and hydrothermal activity) indicating of a promising mineralized zone. MVPR will base its exploration program on this particular target upon the geochem results. Amerix expects to carry out an auger drilling program on this zone.

Inferno Verde:

The main mineralized zone of this target is covered by water. The geology of the area consists of acid, densely milonitized rocks (granites) presenting hydrothermal alterations such as carbonatization and sulfidization, striking NNW and dipping vertically and sub-vertically.

The soil geochem identified an anomalous zone which presented strong values (0.28, 0.76, 0.07 and 0.09 ppm of Au). Amerix intends to drill beneath the garimpeiro pit to prove the mineralization for this target.

In addition, MVPR plans to carry out a geophysics program in this area to determine the main structural influences for the zone and to identify the sulfide zone. An auger drilling program will be carried out by the MVPR exploration team to establish the main drilling targets for the initial phase of the exploration program. Two other potential zones of mineralization separated by a 500 metre mined out alluvial deposit are indicative of two additional drill targets as they are possibly the source of the placer deposit. These zones are also representative of two district mineralized zones as they are not aligned along strike.

Mercedes and Araujo:

This is the least explored MVPR target, since MVPR has not yet completed a geochem program in this area. However, Amerix geologists were able to identify strong evidence to support a drilling program as it presents granitic rocks oriented NNW, dipping sub-vertically and vertically. These rocks showed a strong area of intense hydrothermal activity.

Amerix geologists are preparing a 200 x 25 meter sampling program which will cover an area of 1,500 x 1,000 metres on these two targets. This program will be accompanied by an auger-drilling and ground geophysics program to establish the guides for the core drilling program. MVPR will conduct a scout drilling program under the garimpeiro workings to test the mineralized zone.

Sale of Santo Domingo interest

Amerix also announces that it has completed the sale of its 50% interest in the Santo Domingo Project in central Mexico to Stroud Resources Ltd. The consideration for the 50% interest was Cdn$1.8 million, satisfied as to Cdn$1.5 million in cash and Cdn$0.3 million by the offset of a payable owing to Stroud. In addition, Stroud granted to Amerix a royalty equal to 5% of the net proceeds from the sale of minerals from the project, to a maximum of Cdn$1.0 million.

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 43-101. 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 44.8 million shares outstanding and 52.8 million fully diluted.

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