Amerix Precious Metals Corporation
TSX VENTURE : APM
FRANKFURT : NJG

Amerix Precious Metals Corporation

February 27, 2007 00:01 ET

Amerix Reports Drill Results and Update on VPR Gold Property, Brazil

TORONTO, ONTARIO--(CCNMatthews - Feb. 27, 2007) - Amerix Precious Metals Corporation (TSX VENTURE:APM)(FRANKFURT:NJG) (the "Company) is pleased to provide an update on the Vila Porto Rico Property (VPR), located in the Tapajos Gold District, Para State, Brazil, and to report encouraging drilling results from the Ouro Roxo Project. The Vila Porto Rico property contains 670 square kilometres of mining rights (100% APM), located in the Tapajos District, one of the largest gold producing districts in Brazil. The property contains extensive hydraulic mining areas, placer mining operations, and mine shafts, from which gariempeiros have produced gold since 1958. The property contains the small mining communities of Vila Porto Rico and San Jose, where local miners have produced an unconfirmed amount of gold (reported to be in excess of 2 million ounces), over the past five decades.

The major gold-producing pits and shafts on the Vila Porto Rico Property are located within the N-S trending Ouro Roxo fault zone, which is 1-2 kilometres wide, and has been traced over a strike length of more than 25 kilometres. The fault zone and gold mineralization occur within Proterozoic-age metamorphosed intrusive and sedimentary rocks. Within the VPR property, the Company is exploring:

(1) four bedrock gold projects: Ouro Roxo, Nova Brasilia, Inferno Verde, and Carumbe;

(2) gold tailings deposits, hydraulic mine areas, and placer workings, covering more than 20 square kilometres;

(3) additional early stage exploration targets.

Vila Porto Rico was first explored by Rio Tinto from 1993-97, and they completed 26 core holes (4,840 m) at the Ouro Roxo Project area. Amerix also focused on the Ouro Roxo project, which contains the largest area of historic gold mining and known gold mineralization. The Company completed additional drilling in 2004-06 and prepared a NI 43-101 Assessment Report, which included an inferred resource calculation, announced in Q1 - 2006. The initial gold resource estimate was based on initial drilling within two small areas, at Ouro Roxo North and Ouro Roxo South, which are separated by a distance of 2 kilometres. The NI 43-101 resource estimate was completed by SRK Consultants and utilized 27 drill holes. SRK calculated an inferred gold resource of 1.336 Mt @ 5.8 g/t for 250,000 oz Au.

APM has completed 18 additional core holes (2,809.45 m) on the Ouro Roxo project area, for a total of 69 holes. Two of these additional holes were completed the Ouro Roxo North resource area. Eight holes were completed at the south end of the project, at the Ouro Roxo South resource area. Most importantly, eight holes were completed, to test the two kilometre long area between these two projects, now called Ouro Roxo Medio. Assay results have been received for four of the 18 new drill holes, including one hole, from Ouro Roxo North, and three holes from Ouro Roxo Medium. The following significant results were received:



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Project Area Drill Hole From (m) To (m) Interval (m) Grade-Au g/t
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Ouro Roxo
North AORN 29 NA
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Ouro Roxo
MEDIO AORM 35 15.00 19.00 4.0 1.61 g/t
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51.15 52.15 1.0 1.18 g/t
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92.00 94.00 2.0 3.63 g/t
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119.00 120.00 1.0 1.66 g/t
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AORM 36 118.00 126.00 8.0 6.38 g/t
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141.00 143.00 2.0 1.18 g/t
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AORM 38 68.00 69.00 1.0 1.63 g/t
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71.00 72.00 1.0 1.45 g/t
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153.00 155.00 2.0 2.95 g/t
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Sample intervals were calculated using a minimum 1 meter sample width, and a 1 gram per tonne low-grade cut-off. One interval of internal or adjacent dilution was allowed, below cut-off values. Drill core chemical analyses were performed by SGS Lakefield/Geosol of Belo Horizonte, Brazil, an ISO/IEC 17025 and ISO 9002 certified assayer.

Drill results from Ouro Roxo MEDIO (AORM 35, 36, and 38) demonstrate the continuity of the Ouro Roxo gold zone, for more than 3 kilometres, extending from Ouro Roxo North to Ouro Roxo South. The Ouro Roxo gold zone has now been traced continuously, with variable grades and widths, over a distance of three kilometres, with a total of 69 drill holes. This continuity indicates the potential to greatly increase the gold resource of the Ouro Roxo deposit. Additional assays are pending for 14 holes that have been completed, and will be reported in the future.

The Ouro Roxo Project also has a 1,600m by 200m wide tailings pond, containing tailings from historic and present day high-grade gold mines. APM completed an initial 37 holes drilling program in 2006, and identified large areas of multi-gram gold values in these tailings. These initial results indicate the tailings and placer mining areas have potential to contain large gold resources. More importantly, the Company is now evaluating the remaining 17 square kilometres of tailings and placer material, located to the north of Ouro Roxo.

In 2006, The Company completed 18 core holes at Nova Brasilia (3,096.43 m), 6 core holes at Carumbe (1,146.69 m), and 4 holes at Inferno Verde (784.98 m). The results from these projects will be reported, once the data has been properly assessed. The Company will utilize the additional drill hole data to produce an updated gold resource estimate. Additional drilling will be planned upon receipt and evaluation of all analyses from the completed drill programs.

The 2007 exploration program will include:

- drilling and resource expansion at Ouro Roxo;

- exploration and drilling at the Carumbe, Nova Brasilia, and Inferno Verde projects;

- evaluation and initial drilling of the total 20 square kilometres of gold tailings and placer material;

- initial evaluation of new target areas defined by historic workings and geochemical values on the Vila Porto Rico property.

About Amerix Precious Metals Corporation

Amerix Precious Metals Corporation is an Ontario company exploring for precious metals in Brazil. Amerix has two principal properties: Vila Porto Rico and Limao, which are located in the Tapajos Gold Province in Brazil. Both properties have multi-million ounce gold potential, as they contain historic and active gold mines that have produced over 2 million ounces from placer and bedrock mining operations. The properties are accessible by private aircraft and river barge. The Company's objective is to create value for shareholders through expansion of bedrock gold resources, and development of placer and tailings gold resources. The Company's experienced team is also seeking to acquire new properties and new discoveries. 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 Company has been active for more than 10 years.

The Corporation's shares trade on the TSX Venture Exchange under the symbol "APM" and at the Frankfurt Stock Exchange under the symbol "NJG." The technical and scientific information has been reviewed by Amerix's President & CEO, Keith A. Laskowski, a Qualified Person as described in NI 43-101, a geologist with more than 25 years of exploration experience.

Some of the statements in this news release contain forward-looking information, which involves inherent risk and uncertainty affecting the business of Amerix Precious Metals Corp. It is uncertain if further exploration will result in discovery of an economic mineral resource on any of the properties. Actual results may differ materially from those currently anticipated in such statements.

ON BEHALF OF THE BOARD OF DIRECTORS

Keith A. Laskowski MSc., President & CEO

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Contact Information

  • Amerix Precious Metals
    Keith A. Laskowski
    President and CEO
    (720) 272-6224
    or
    CHF Investor Relations
    Jeanny So
    Broker Relations Specialist
    (416) 868-1079, Ext. 225
    Email: jeanny@chfir.com