Amex Exploration Inc.

Amex Exploration Inc.

March 03, 2014 09:30 ET

Amex Exploration Inc.: Drilling Has Resumed on the Perron Gold Property

MONTREAL, CANADA--(Marketwired - March 3, 2014) - Amex Exploration Inc. (TSX VENTURE:AMX) ("Amex" or the "Corporation") is pleased to report that Agnico Eagle Mines Limited (NYSE:AEM)(TSX:AEM) ("Agnico Eagle") has commenced a new drilling program on AMEX 100% owned Perron Gold property located at about 5km NW from Normetal mine-town in the Abitibi region of Quebec.

This drilling program is part of the Option Agreement ("OA") signed by Amex with Agnico Eagle last year (see PR dated June 21st, 2013) and is following up on the results obtained in their first phase of drilling announced earlier this year (see PR dated February 4th, 2014). According to the OA, Agnico Eagle must complete $4,500,000 of exploration expenses commitment over a three year period to earn a 51% interest in the property. So far, the first year commitment was completed with approximately $500,000 of work expenditures. The second year of the OA is underway with a plan to execute a 7,000 meter drilling campaign in three phases during the year with a budget of approximately $1,000,000.

The first phase of the drilling campaign is expected to consist of 5 drill holes of approximately 350 to 800 meters deep each, totalling 2,700 meters. These drills holes will be located near the discovery hole PE-2013-03 made by Amex last year and will test the potential rhyolite-andesite contact zone and the recently identified gold-anomalous bearing horizon located within the rhyolite unit (see PR dated February 4th, 2014). This first phase currently underway is planned to be completed by mid-April and results will be published as soon as they will be available.

Jacques Trottier, PhD, President and CEO of Amex Exploration comments, "We are very
pleased that Agnico Eagle has resumed promptly their work program on the Perron Gold property and we look forward to see the outcome. Personally, I do believe that this property has just begun to show its real potential and I am convinced that our partner has the skill and the experience to fully demonstrate it".

Amex Exploration Inc. is a junior mining exploration company listed on 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

  • Jacques Trottier, PhD
    President and Chief Executive Officer

    Pierre Carrier
    Chief Operation Officer