Amex Exploration Inc.

Amex Exploration Inc.

April 21, 2009 08:30 ET

Amex Exploration Inc.: First Resource Estimate at Perron

MONTREAL, QUEBEC--(Marketwire - April 21, 2009) - Amex Exploration Inc (TSX VENTURE:AMX) is pleased to report the first resource estimate, totaling close to 70,000 ounces of gold (inferred resources on Zone 3), of its Perron gold project, which is part of its 100% wholly-owned Normetal property in the Abitibi region of Quebec.

The estimate is calculated by the independent consultant and Qualified Person Jacques Marchand P. Eng. The resource of the Zone 3 is estimated using the polygonal method and is supported by 40 diamond drill hole intersections. The resource is calculated over a strike length of 1070 meters laterally and over a depth interval extending from 40 meters to 200 meters with an average thickness of 4.5 meters. The mineralized structure remains open in all directions and at depth. The table above shows that a total of 1.2 million tonnes with a grade of 1.86 g/t Au for a total of 69,907 ounces of gold in the inferred mineral resources category is estimated.

Resource Estimate of Zone 3
Mineral Blocks Cut-Off Tonnes Grade Gold
resources (grams/tonnes) (grams/tonnes) (ounces)
Inferred 0.5 1,166,987 1.86 69,907
Inferred 1.0 777,297 2.41 60,191
Inferred 1.5 580,049 2.82 52,678

The mineral resource is estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definitions Standards for mineral resources and reserves calculations and with the National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The final report will be submitted within 45 days of this press release.

The Zone 3 consists of a system of quartz veins mineralized in gold, pyrite, with some pyrrhotite and magnetite in an andesitic environment including some iron formations. The system dips 60 degrees to the NNE and is located near a gabbro and near the andesite - rhyolite contact. In the same area, there are more than five gold mineralized structures that are not included in this resource estimate due to insufficient information.

Dr Jacques Trottier, President and CEO of the Company comments: "We are very pleased with this first resource evaluation ever done on only one of the five zones outlined so far by drilling on the Perron mineralized gold structure. This 43-101 resource estimate clearly demonstrates that Zone 3 is very continuous over a strike length of at least one kilometer and open in all direction, indicating that this resource has a definite potential to increase significantly with additional drilling."

The resource estimation results justify the continuation of an exploration program to extend and upgrade the resources laterally and at depth. The program will consist of up to 5,000 meters of drilling and is programmed to start in the following weeks.

A map of the Perron gold project is available at the following address:

Jacques Marchand, P. Eng. Geo. and Nathalie Guillemette, Geo., are acting as Qualified Persons in compliance with National Instrument 43-101 with respect to this release and have reviewed the contents for accuracy.

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.

Caution regarding forward-looking information:

Statements contained in this document which are not historical facts are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the issue of permits, the size and quality of the company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the company. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market metal prices; impact of change in foreign currency exchange rates and interest rates; imprecision in reserves estimates; environmental risks including increased regulatory burdens; unexpected geological conditions; adverse mining conditions; changes in government regulations and policies, including laws and policies; and failure to obtain necessary permits and approvals from government authorities; and other development and operating risks.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that mineral resources will be converted into mineral reserves. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. The Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

We seek safe harbour.

Contact Information

  • Amex Exploration Inc.
    Jacques Trottier