Amex Exploration Inc.
TSX VENTURE : AMX

Amex Exploration Inc.
Visible Gold Mines Inc.
TSX VENTURE : VGD

Visible Gold Mines Inc.

March 04, 2009 16:12 ET

Amex Exploration Inc.: Agreement With Visible Gold Mines on Cameron Property and Private Investment

MONTREAL, CANADA--(Marketwire - March 4, 2009) - Amex Exploration Inc. ("Amex") (TSX VENTURE:AMX) is pleased to announce that it has entered into formal agreements with Visible Gold Mines Inc. ("Visible Gold") (TSX VENTURE:VGD) whereby:

1 - Visible Gold is granted an option to acquire an interest in the Cameron property (the "Option Agreement"); and

2 - Visible Gold completes an investment in Amex.

CAMERON PROPERTY AGREEMENT

Pursuant to the terms of the Option Agreement, Visible Gold shall have the option to acquire a 50% interest in the mining claims forming the Cameron property (the "Cameron Property") in consideration for: (i) a cash payment of $85,000 following a two-year payment schedule, of which $10,000 must be paid at closing; (ii) the issuance of 500,000 common shares on a two-year period, of which 100,000 common shares will be issued at closing; and (iii) a commitment to incur cumulative expenditures of $500,000 on the Cameron Property on a three-year period, of which $100,000 must be incurred during the first year of the Option Agreement.

The Cameron Property, comprising 13 contiguous claims covering 730.8 hectares is located 26 kilometres north of Lebel Sur Quevillon in the North Western Quebec and is underlain by volcanosedimentary rocks of the Abitibi-Sub province and is strategically located at the intersection of two major regional structures in the Northern Volcanic Zone, the Chieftain corridor of the Cameron Property deformation zone and the Wedding fault. The Cameron Property deformation zone is associated with important gold mineralization, including the Discovery, Flordin and Cartwright. The Cameron Property was acquired by Amex during 2008 for its gold potential. Trenching by SOQUEM, one of the previous owners, revealed the presence of gold-bearing quartz-eye rhyolite near the contact with a sheared mafic unit. Several samples were analyzed for gold and a few returned with values from 1 to 7.3 g/t Au. The Cameron Property also hosts previously-discovered IP anomalies, one of which is associated with the gold-bearing trench (Press release 0ctober 29, 2007). Jacques Trottier Ph.D., President and chief executive officer of Amex, is a Qualified Person in accordance with National Instrument (NI) 43-101, and is responsible for the geological information presented in this news release.

INVESTMENT IN AMEX

Visible Gold is contemplating an investment of $250,000 in the shares capital of Amex by way of a private placement. Subject to the approvals from the regulatory authorities, Amex will issue to Visible Gold, 1,000,000 common shares from its capital at $0.25 per share. The company will also issue to Visible Gold a total of 1,000,000 shares purchases warrants giving the right to purchase the same amount of shares at $0.35 per share for a period of 12 months. The issued shares will be restricted from trading for a period of 4 months and 1 day after closing.

CONCLUSION

The management of Amex is very pleased with the interest demonstrated by Visible Gold in Amex development programs and will work closely with his new partner to obtain the maximum results in the Cameron Property's exploration programs.

Amex is a junior mining exploration company listed of the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold and base metal deposits.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Contact Information

  • Amex Exploration Inc.
    514-866-8209
    514-866-8096 (FAX)
    or
    Amex Exploration Inc.
    Jacques Trottier, Ph.D.
    514-866-6286