Amerix Precious Metals Corporation
TSX VENTURE : APM
FRANKFURT : NJG

Amerix Precious Metals Corporation

May 01, 2007 09:10 ET

Amerix Reports Strong Gold Results at Ouro Roxo Gold Project, Brazil

- AOR 43: 47.0 - 51.0 4.0 m @ 37.5 g/t Au - AOR 44: 51.0 - 57.0 6.0 m @ 7.6 g/t Au

TORONTO, ONTARIO--(CCNMatthews - May 1, 2007) - Amerix Precious Metals Corporation (TSX VENTURE:APM)(FRANKFURT:NJG) (the "Company") is pleased to announce encouraging drill results from the Ouro Roxo Gold Project in the Tapajos Gold District, Vila Porto Rico Property (VPR) Brazil. The Company completed 18 angle core holes on the project during the first quarter of 2007, bringing the total number of holes on the Ouro Roxo Project to 69. Results from the second group of nine holes further demonstrate the continuity of the gold mineralization for more than 3 km from the Ouro Roxo North zone to the Ouro Roxo South zones through the Ouro Roxo Medio zone. All assays greater than 1 m @ 1 g/t gold are listed below:



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Drill Hole From (m) To (m) Interval (m) Grade - Au g/t
Prefix AOR
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37 No Significant Assays NSA
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39 92.0 94.0 2.0 2.0 m @ 1.7 g/t
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101.0 104.0 3.0 3.0 m @ 10.2 g/t
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40 27.0 28.0 1.0 1.0 m @ 2.5 g/t
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41 No Significant Assays NSA
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42 21.0 22.0 1.0 1.0 m @ 1.1 g/t
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38.0 39.0 1.0 1.0 m @ 10.7 g/t
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54.0 57.0 3.0 3.0 m @ 1.7 g/t
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43 40.0 42.0 2.0 2.0 m @ 5.1 g/t
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47.0 51.0 4.0 4.0 m @ 37.5 g/t
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55.0 58.0 3.0 3.0 m @ 2.2 g/t
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117.0 118.0 1.0 1.0 m @ 1.0 g/t
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44 51.0 57.0 6.0 6.0 m @ 7.6 g/t
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70.0 73.06 3.06 3.06 m @ 1.6 g/t
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112.0 114.0 2.0 2.0 m @ 1.7 g/t
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45 26.0 28.0 2.0 2.0 m @ 8.5 g/t
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51.0 52.0 1.0 1.0 m @ 1.2 g/t
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54.0 56.0 2.0 2.0 m @ 1.1 g/t
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46 14.0 15.0 1.0 1.0 m @ 2.5 g/t
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The assays included here are the second group to be released from the 2007 drilling program. Assays are pending for five remaining holes (AOR 47 - 51). Drill holes 37, 39, 40, and 42 are from the central portion (Ouro Roxo Medio) of the 3.5 kilometres Ouro Roxo target area, and drill holes 42 - 46 are from the southern portion of the target area (Ouro Roxo South). Drill hole 38 was previously reported. Drilling in these areas is separated by an 800 metre wide zone that is yet to be drilled. See attached map.

Management's Discussion and Analysis : 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 provinces in Brazil. VPR contains extensive hydraulic mining areas, placer mining operations, and mine shafts, from which garimpeiros have produced an estimated +2 million ounces since 1958. Vila Porto Rico was first explored by Rio Tinto from 1993-97, and they completed 26 core holes (4,840 m) in the Ouro Roxo Project area. Gold mineralization occurs within the N-S trending Ouro Roxo fault zone, which is 1-2 kilometres wide, and has been traced along a strike length of more than 25 kilometres. The fault zone and gold mineralization occur within Proterozoic-age metamorphosed intrusive and sedimentary rocks. Gold mineralization is present in a variety of structures, however the best gold values have been found within faults, shears, and brecciated zones that dip moderately to the east at - 40 degrees to -50 degrees. The mineralized structures contain variable amounts of sulfides, and quartz-chalcopyrite-pyrite-gold veins. The Ouro Roxo Project is exploring a 3.5 kilometre long segment of this structural zone. Following Rio Tinto's work, the Company completed additional drilling in 2004-06 and SRK Consultants prepared a NI 43-101 Assessment Report which identified an inferred gold resource of 1.336 Mt @ 5.8 g/t for 250,000 oz Au. This resource was based on 27 drill holes from two small areas at Ouro Roxo North and Ouro Roxo South, which are separated by more than two kilometres of strike length.

Geological mapping, drill results, and the distribution of surface gold workings indicate that the gold mineralized structures are continuous between the Ouro Roxo North and South resource areas. The Company's 2007 drilling program was planned to partially evaluate this intervening area with the goal of identifying the distribution of gold mineralization and increasing the gold resource. This is being accomplished by extending the known mineralized zones at Ouro Roxo North and South, and by attempting to confirm the presence of mineralization between the two areas. Drill holes 42 - 46 were drilled on the north side of Ouro Roxo South, and produced excellent results, which indicate the gold zone extends northward. Results include:

- AOR 43: 47.0 - 51.0 4.0 m @ 37.5 g/t Au

- AOR 44: 51.0 - 57.0 6.0 m @ 7.6 g/t Au

The Company is awaiting additional assay results from holes 48 and 49, which were drilled 50-100 metres north of holes 43 and 44. Drill hole 46 produced low results, but may have been drilled west of the east-dipping mineralized zone. Drill holes 37, 39, 40, and 41 were drilled in the Ouro Roxo Medio area, located 800 - 1300 metres north of Ouro Roxo South. Drill hole 39 and 40 are widely spaced (250 m apart) and produced encouraging results, indicating that additional drilling will be necessary to determine the distribution of higher grades. Drill hole 37 produced low results and may have been drilled west of the east-dipping mineralized zone.

Additional analyses from the five remaining holes from the 2007 drilling program are expected within the next month. Results to date clearly indicate that the mineralized structures are continuous between Ouro Roxo South and Ouro Roxo Medio, and have grade and thickness potential to contain a significant gold deposit. Additional drilling is planned in the areas both north and south of Ouro Roxo Medio in order to determine if the gold mineralization is continuous. A drill contract has been established, to commence additional core drilling by July 1st, 2007.

QA/QC

Sample intervals were calculated using a minimum 1 metre 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.

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.

About Amerix Precious Metals Corporation

Amerix Precious Metals Corporation is an Ontario company exploring for precious metals in Brazil. The Company's objective is to create value for shareholders through expansion of bedrock gold resources at Vila Porto Rico, and to develop of placer and tailings gold resources that are present over 20 square kilometres within the Vila Porto Rico property. 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."

ON BEHALF OF THE BOARD OF DIRECTORS

Keith A. Laskowski MSc., President & CEO

To view a copy of the "Ouro Roxo Target" map, please visit the link below:

http://www.ccnmatthews.com/docs/ouro_roxo.pdf

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. We seek safe harbour.

Contact Information

  • Amerix Precious Metals Corporation
    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